MTN Nigeria raises N72.1 billion in Series 13 and 14 commercial paper issuance, reports oversubscription  

This achievement follows the company’s earlier notification to the NGX regarding the successful issuance of Series 11 and 12 Commercial Papers, which collectively raised N75.1 billion.

Building on this momentum, MTN Nigeria has disclosed the latest success of its Series 13 and 14 issuances in a formal notification signed by its Company Secretary, Uto Ukpanah FCIS, and published on the NGX disclosure platform.

According to the announcement, the Series 13 and 14 CP offerings were conducted under the company’s N250 billion Commercial Paper Issuance Programme.

Initially targeting N50 billion, the offering was oversubscribed by an impressive 144%, resulting in a final issuance of N72.18 billion.

Commenting on the development, MTN Nigeria’s Chief Executive Officer, Karl Toriola, expressed his delight and gratitude for the overwhelming support from the investor community.

He remarked, “We are pleased with the support received from the investor community, having recorded 144% subscription with participation from a broad range of investors.”   

Toriola went on to highlight that the remarkable level of subscription underscores the confidence investors have in MTN Nigeria’s financial stability, the strength of its brand, and its dominant position in the market.

He noted that achieving such results amidst challenging macroeconomic conditions further demonstrates the resilience and appeal of the company’s operations and growth strategy.