MTN Nigeria Communications Plc said it has commenced Series III and IV Commercial Paper Issuance, under its N200 billion Commercial Paper (CP) Issuance Programme.
The proceeds from the offer will be applied towards MTN Nigeria’s working capital and general corporate purposes. The offer, according to the firm, is scheduled to close on Wednesday, March 19, 2021.
MTN Nigeria is the leading telecommunications operator in the largest telecoms market in Africa.
The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 76.5 million), active data users (c. 32.6 million), revenue (almost 50% of industry), and profit pool.
Nigeria offers an attractive telcom market proposition as Africa’s largest economy and most populous country. Mobile voice and data subscription continue to be a major part of consumer spending, largely driven by increased adoption by the young population.
It is important to note that in the prevailing COVID-19 environment, MTN Nigeria continues to sustainably strengthen its subscriber base, while customer’s voice and data usage remains resilient.
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