MTN to Borrow N150bn from Local Investors Via CP Sales

Image

By Dipo Olowookere

One of the leading GSM network providers, MTN Nigeria, has run to the Nigerian capital market to source about N150 billion from local investors through the sale of commercial papers.

In a notice, the subsidiary of MTN Group said the funds raised from the exercise would be used “for working capital and general corporate purposes.”

Business Post reports that subscription for the CP sales commenced on Tuesday, April 5, 2022, and will come to an end on Thursday, April 7, 2022.

The company is issuing the papers in two series under its N150 billion Commercial Paper Issuance Programme.

Details of the exercise indicated that series 1 has a tenor of 186 days and a discount rate of 6.5255 per cent and an implied yield of 6.7500 per cent, while series 2 has a tenor of 256 days and a discount rate of 7.3505 per cent and an implied yield of 7.7500 per cent.

The offer, which comes with applicable taxes, including a withholding tax payment and VAT, has a minimum subscription of N5 million and N1 million thereafter.

MTN Nigeria is a market leader in the telecommunications industry in the country, with extensive network coverage, a solid brand, high profitability, strong cash flow and a stable management team.

The company commenced business in 2001 and today boasts 74.93 million subscribers, controlling 37.89 per cent of the total market share.

It has a presence in about 4,000 towns across the country, with its fibre network infrastructure covering approximately 30,000km, the largest in the country.

MTN Nigeria provides a wide range of service offerings to customers, including mobile voice, data, digital, and fintech services.

Share
Related Stories
Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

More Stories
Image
20-October-2021

What You Need to Know About Education Trust

By FBNQuest There is no doubt that the joy of parenting beats the responsibility of raising children. However, poor planning can make this obligation harder than it needs to be. Planning for your child’s future can be expensive. Paying for necessities, school fees, hobbies, family vacations, and unexpected events in life quickly adds up. If you are a parent, then these expenses are either in your present or your future. Putting a child through formal education often represents regular rising fee payments over about 16 years if they enrol in a tertiary institution. To limit the stress related to financing

Image
19-May-2021

IBM Launches New AI to Boost Business Productivity

By Adedapo Adesanya Global technology giant, IBM, has launched Watson Orchestrate, a new interactive Artificial Intelligence (AI) capability designed to increase the personal productivity of business professionals across sales, human resources, operations and more. This was announced by IBM Chairman and Chief Executive Officer, Mr Arvind Krishna at the company’s Think 2021 conference. Requiring no Information Technology (IT) skills to use, Watson Orchestrate enables professionals to initiate work in a very human way, using collaboration tools such as Slack and email in natural language. It also connects to popular business applications like Salesforce, SAP and Workday®. Watson Orchestrate uses a

Image
17-December-2023

SERAP Sues INEC Over Failure to Persecute Off-Cycle Elections Offenders

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Independent National Electoral Commission (INEC) after the body ignored its earlier call to prosecute electoral offenders at the three off-cycle state elections held on November 11, 2023. This was disclosed in a statement on Sunday by SERAP’s deputy director, Mr Kolawole Oluwadare, saying the group’s suit followed the alleged failure of the electoral body to “arrest and prosecute suspected perpetrators of grave electoral offences in the recently concluded off-cycle governorship elections in Kogi, Imo and Bayelsa states.” In the suit number FHC/ABJ/CS/1694/2023 filed last

Image
19-February-2018

UBA Issues 3m Contactless Cards, 10m Debit Cards

By Modupe Gbadeyanka Pan-African financial institution, United Bank for Africa (UBA) Plc, has again demonstrated its superiority in the Nigerian e-Banking space with the issuance of over three million Near Field Communication (NFC) technology enabled contactless cards to its teeming customers. UBA has revolutionised the payments landscape in Nigeria in 2015, with the introduction of contactless payment cards which enable customers pay with ease by leveraging the NFC technology. The NFC technology allows wireless communication between devices that are a few centimetres apart. The NFC payment Card uses microchips/antenna to transmit data via shortwave radio frequencies. Usually, when one NFC-enabled

Image
30-March-2022

Board Hires Adeoye Fadeyibi to Reposition AEDC for Efficiency

By Adedapo Adesanya The management of Abuja Electricity Distribution Company (AEDC) has poached the Managing Director of Eko Electricity Distribution Company (EKEDC), Mr Adeoye Fadeyibi, hiring him as its new Managing Director/Chief Executive Officer. The appointment was announced by the Chairman of the Board of AEDC, Mr Victor Osadolor in a statement issued in the capital city. Mr Osadolor said Mr Fadeyibi, a turn-around manager with more than 20 years of executive management experience, succeeds Mr Akinwumi Bada, who served as the company’s Interim Managing Director. He was also the pioneer Managing Director at Transcorp Power Ltd, Ughelli, Delta where

Image
22-January-2021

NSE: Profit-Takers Batter All-Share Index by 0.12%

By Dipo Olowookere Activities of profit-takers on the floor of the Nigerian Stock Exchange (NSE) battered the bourse by 0.12 per cent on Thursday. Most of the sell-offs occurred in the insurance, consumer goods and banking sectors, which made their respective index to decline by 6.70 per cent, 0.30 per cent and 0.23 per cent. It was observed that the gains recorded in the industrial and energy sectors, which rose by 0.27 per cent and 0.15 per cent respectively, could not extend the rally of the exchange. At the close of transactions, the All-Share Index (ASI) depreciated by 48.57 points

Image
24-December-2022

Nigeria in Group A of 2023 AFCON U-20

By Adedapo Adesanya The Flying Eagles of Nigeria will be gunning for their eighth triumph as African champions as they face the host nation, Egypt, in the group stage of the 2023 Africa U-20 Cup of Nations finals from February 19 – March 11. Nigeria and Egypt will battle for glory in Group A with the duo of Senegal and Mozambique, according to the draws held in Cairo on Friday evening. The draws also placed Uganda, Central African Republic, South Sudan and Congo in Group B, while The Gambia, Tunisia, Benin Republic and Zambia will slot it out in Group

Image
20-July-2020

EFCC Arraigns Woman for Fake N179m Investment Scheme

By Modupe Gbadeyanka A woman known as Ms Nkechi Mercy Ikogwe has been arraigned before Justice E.A Obile of the Federal High Court sitting in Port Harcourt, Rivers State. The suspect was brought before the judge on Monday, July 20, 2020, alongside Elites Finance Investment Limited and Efinc Global Investment Limited by the Economic and Financial Crimes Commission (EFCC) over an alleged fake investment scheme worth N179 million. They were accused of conspiring and obtaining money by false Pretence contrary to Section 1(1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006 and punishable

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent