MTN Plans N23bn Series 3 Commercial Papers Issuance

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MTN Nigeria Plc is ready to go back to the market to issue N23 billion in commercial paper, the third series under its N150 billion issuance programme to raise funds as it begins the deployment of its new 5G technology across Nigerian cities.

Uto Ukpanah, its company secretary said the third series is part of the company’s strategy to diversify its financing options, which will be deployed towards working capital and general corporate purposes.

The operating environment is toxic across sectors and the telecom giant is also affected by the myriad of economic challenges that have beset the country including the protracted energy crisis.

The company just kicked off an open 5G pilot ahead of commercial launch in seven cities in Nigeria and it will require huge funds to prosecute this. The cities include Lagos, Port Harcourt, Ibadan, Kano, Owerri, Maiduguri and Abuja.

In December 2021, after 11 rounds of bidding, Mafab and MTN Nigeria emerged as the two successful winners of the 3.5gigahertz (GHz) spectrum auction for the deployment of 5G technology in Nigeria.

In a statement last Wednesday, the telecom giant said customers will be able to connect to the new service with enabled devices in areas where coverage is available.

The company added that customers can access and enjoy the 5G network with compatible devices such as routers and mobile phones, adding that it can be pre-ordered sims from designated MTN walk-in stores and online via the MTN Nigeria website and e-marketplace.

Adia Sowho, chief marketing officer, MTN Nigeria, said the company will extend the reach and capacity of its data network and enable much faster speeds and lower latency.

“Every major technological evolution redefines what is possible — changing the way we live and the way we connect. MTN Nigeria has been at the forefront of every leap in telecommunications: from GSM to 2G, 3G, and 4G. 5G has the potential to change everything. It will allow us to connect, create, collaborate, and compete in ways we’ve not even begun to imagine,” she said.

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