MTN issues $306.3 million commercial paper in Nigeria

MTN Nigeria, a part of MTN Group Ltd, based in Johannesburg, has announced the issuing of a N127 billion ($306.3 million) series 1 and 2 commercial paper on the Nigerian Exchange.

Nigeria’s central bank has granted Airtel Africa a super agent license.
MTN Nigeria characterized the commercial paper issuance in a regulatory filing reviewed by Business Insider Africa as part of a plan to diversify its financing choices.

MTN Nigeria’s N150 billion ($361.8 million) commercial paper program is responsible for the series 1 and 2 commercial paper issuance. The money raised would be used to increase the telco’s working capital as well as for general corporate reasons.

The Central Bank of Nigeria has given MTN Nigeria the final license to start operating Momo Payment Service Bank Ltd in the West African country. As a result, some operating money would be required to support the new venture.

“MTN Nigeria Communications Plc (MTN Nigeria or the Company) hereby notifies Nigerian Exchange Limited and the investing public of its N127 billion series 1 & 2 commercial paper issuance under its registered N150 billion commercial paper programme,” the press release noted in part.