MTN Nigeria Plc has announced a plan to raise more than N72 billion to fund its working capital, according to its regulatory filing.
MTN Nigeria

MTN Nigeria Plc has announced a plan to raise more than N72 billion to fund its working capital, according to its regulatory filing.

In a statement, the telecom giant notified the Nigerian Exchange it seeks to sell series 1o commercial paper notes worth N72.1 billion in an effort to diversify funding sources.

The amount planned to be raised from the investing public is part of its N250 billion commercial paper programme currently in place.

“The issuance is part of the company’s strategy to diversify funding sources with the funds being deployed towards short-term working capital requirements”, the statement signed by its company secretary Uto Ukpanah reads.

MTN Nigeria recently wiped off a large amount owed by its customers due to glitches in its operation. Analysts believe if not correct, the size of the sum which runs into a trillion of naira could impact its performance.

The telecom company market valuation has steadied below N5 trillion as investors discounted its earnings strength in the third quarter of 2023. # MTN Nigeria to Raise N72bn from Debt Market Gold Hits $2,008 as US Dollar Weakens