As businesses and institutions adjust to the new ‘normal’, corporate entities have continued to seek innovative and capital effective ways to source funding to finance their institutional needs. In keeping to its commitment of providing a reliable and credible platform to support capital formation, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) is pleased to announce the approval and admission for quotation of the MTN Nigeria Communications PLC (“MTN Nigeria” or “the Issuer”) N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Papers under its N200.00 billion Commercial Paper Issuance Programme on its platform.
MTN Nigeria Communications PLC (“MTN Nigeria”) is Nigeria’s premier provider of connectivity, communication and collaboration solutions, and the largest privately owned mobile operator in Africa, Europe, and the Middle East. The company serves over sixty-one (61) million subscribers with national coverage and a fibre network that reaches every state in the nation. The Chief Financial Officer, MTN Nigeria, Mr. Modupe Kadiri, stated “MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian financial markets. The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business. By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes”.