By Chioma Obinagwam
MTN Nigeria Communications Plc (“MTN Nigeria” or “the Issuer”) has received approval to quote ₦19.77 billion Series 3 and ₦53.74 billion Series 4 Commercial Papers (CPs) under its ₦200.00 billion Commercial Paper Issuance Programme on FMDQ Exchange.
FMDQ Exchange informed Confiance News in a statement on Monday.
MTN Nigeria Communications Plc (“MTN Nigeria”) 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.
Reacting to the listing of the CPs, the Chief Financial Officer (CFO), 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,” She continued.
Corroborating, the Managing Director (MD) 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 ₦75.1 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 shall continue 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.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.
