MTN Nigeria has announced a plan to raise up to N50 billion from commercial paper sales in the local debt capital market.
In an official statement, the telecom firm stated that its series 11 and 12 commercial paper issuance is part of its N250 billion commercial paper registered with the authorities.
Latest earnings report showed that MTN Nigeria’s shareholders fund has been damaged by huge net losses emanating from the devaluation of the Naira.
“The issuance is part of the company’s strategy to diversify financing options, with funding being deployed toward financing short-term working capital requirements,” MTN Nigeria said in a note.
