MTN Nigeria Communications PLC has formally notified the Nigerian Exchange (NGX) and the investing public of the successful completion of its Series 11 and Series 12 commercial paper issuances, raising a total of N75,183,859,000 (Seventy-five billion, one hundred eighty-three million, eight hundred fifty-nine thousand naira).
The announcement, published on the NGX disclosure platform and signed by the company’s secretary, Uto Ukpanah, revealed that the offering is part of MTN Nigeria’s N250 billion Commercial Paper Issuance Programme.
While the company initially targeted N50 billion, the offering recorded an impressive 150% subscription, bringing the final issuance to N75.18 billion.
In its statement, the company described the timing of the transaction as strategic, given the prevailing macroeconomic conditions.
“This represents a well-timed transaction for the company, as interest rates are expected to rise further following the outcome of the auction as monetary policy authorities continue to address interest and exchange rate pressures.”
The oversubscription was impressive despite the absence of pension funds, following PenCom’s decision to suspend their investments in commercial papers until the SEC releases new guidelines.
MTN Nigeria Communications PLC recently announced its intention to raise N50 billion through the issuance of commercial paper (CP) as part of its N250 billion Commercial Paper Issuance Programme.
Funds from this issuance will drive operational efficiency and growth initiatives, with a focus on expanding infrastructure, improving service delivery, and addressing the rising demand for telecommunications and digital services nationwide.