MTN Nigeria plans to issue N50bn commercial paper

MTN Nigeria Communications Plc has said it plans to issue commercial paper of up to N50 billion.

The telecommunications company disclosed this in a notice on Friday to the Nigerian Stock Exchange and the investing public on its proposed Series I and II Commercial Paper Issuance.

“Having already received FMDQ Securities Exchange Plc approval for the registration of its N100 billion Commercial Paper Programme, the issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards working capital and general corporate purposes,” it said.

MTN Nigeria said further details on the initial issuance as well as subsequent issuances would be communicated to the market.