More Africa NewsMTN Nigeria Plans N100 Billion Commercial Paper Issuance for Working Capital and Funding

August 21, 2023by myles0

MTN Nigeria has unveiled its intention to generate N100 billion through the issuance of commercial paper notes, as part of the company’s strategy to expand its financing options. The announcement was made through a corporate notice submitted to the Nigerian Exchange Limited.

The telecommunications giant is aiming to diversify its funding avenues and allocate the raised funds towards bolstering short-term working capital and fulfilling funding requirements. The commercial paper notes are categorized as series 6 and 7 within MTN Nigeria’s ongoing issuance program.

Uto Ukpanah, the company’s secretary, emphasized that additional particulars about the issuance, as well as subsequent steps, will be communicated to the market as the transactions progress. This strategic move aligns with MTN Nigeria’s efforts to ensure flexibility and agility in its financial operations.

The commercial paper issuance approach allows corporations to raise funds quickly by selling short-term debt instruments to investors, facilitating their liquidity needs. MTN Nigeria’s endeavor highlights its commitment to optimizing its financial strategies to better address its operational demands and capitalize on emerging opportunities in the dynamic Nigerian market.

Source: Tech News Africa

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