By Aduragbemi Omiyale MTN Nigeria is offering N90 billion worth of bonds with 10 years maturity for sale to investors after obtaining regulatory approval for the exercise. The book build for the N90 billion series II bond is taking place on Friday, October 8, 2021, a notice from the telecommunications giant confirmed. Last month, MTN Nigeria, the largest telco in the country, informed the investing public that it was awaiting approvals from the regulators on the N90 billion bond sale. Today, the firm said that it \u201cwill launch the book build in respect of the Series II Bond on October 8, 2021.\u201d It stated that the issuance of the note is one of its strategies \u201cof diversifying its funding sources\u201d through the capital market, which offers a cheaper avenue for borrowing when compared with what is obtained at the financial institutions. MTN Nigeria had initially said it planned to take about N200 billion from the market through the sale of the papers in series. The exercise happening today is the second tranche. \u201cMTN Nigerian Communications Plc has obtained the approval of the Securities and Exchange Commission (SEC) to launch the Series II 10-Year Fixed Rate Bond announced on September 21, 2021. \u201cThe Series II Bond represents the completion of the N200 billion registered shelf programme. \u201cIn addition, the bond issuance continues to reinforce MTN Nigeria\u2019s strategy of diversifying its funding sources. \u201cMTN Nigeria will launch the book build in respect of the Series II Bond on October 8, 2021,\u201d the statement signed by the company secretary, Uto Ukpanah, stated.