MTN Nigeria returns to FMDQ Exchange for additional N73.51bn CP

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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) has announced the approval and admission for quotation of the MTN Nigeria Communications Plc 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 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 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.”

Speaking on the recent CP quotation, the Managing Director of Chapel Hill Denham Advisory Limited – a Registration Member (Quotation) of FMDQ Exchange – Mrs. Kemi Awodein, revealed that “Chapel Hill Denham Advisory Limited is honoured to have worked with MTN Nigeria as Sole Arranger and Dealer on the Series 3 and Series 4 CP issuances to raise an aggregate amount of N75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market. This issuance represents the largest CP issuance this year and its success demonstrates the Issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects.”

As part of its mandate to organise and govern markets within its purview, and promote credibility and transparency in the Nigerian debt capital market space, FMDQ Exchange has stated that it will continue to provide an innovative and efficient platform targeted at supporting the aspirations of institutions and governments, and making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse, in line with FMDQ Group’s ‘GOLD’ Agenda, with a view to achieving its full potential of driving growth and development in the nation.