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MTN Nigeria raises N90b bond
MTN Nigerian Communications Plc has launched book building to raise N89.999 billion in the second tranche of its N200 billion bond issuance programme.
The commencement of the book building at the weekend followed approval of the N89.999 billion Series II 10-Year Fixed Rate Bond by the Securities and Exchange Commission (SEC). The second tranche marks the completion of the N200 billion bond issuance programme. MTN Nigeria had earlier raised more than N110 billion under the first tranche.
MTN Nigeria stated that the bond issuance continues to reinforce its strategy of diversifying its funding sources.
MTN Nigeria plans to invest $1.5 billion or about N640 billion over the next three years on expansion of its broadband access in all parts of Nigeria.
The planned investment is at the core of MTN Group’s strategic plan known as “Ambition 2025: Leading Digital Solutions for Africa’s Progress”. It also aligns with Federal Government’s 2020-2025 National Broadband Plan.
Group President and Chief Executive Officer, MTN Group, Ralph Mupita, had described Nigeria as one of the company’s most important markets.
He said the company’s plan to sell 14 per cent equity stake to Nigerian investors was at an advanced stage.
“Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,” Mupita said after a three-day visit to Abuja and Lagos.
He reiterated the telco’s support for Nigeria’s desire to secure 90 percent broadband population coverage by 2025.
He added that MTN Nigeria plans to build a new flagship headquarters in Lagos to mark its 20th anniversary in Nigeria.
