MTN Nigeria is returning to the debt market to source N50 billion in commercial paper, the wireless operator said in a statement on Monday, its first since raising N72.1 billion last November.
“The issuance is part of the Company’s strategy to diversify its funding sources,” the company stated in a note to the Nigerian Exchange and hopes to use the cash to bridge the working capital gap in the short term.
The Nigerian operation of Johannesburg-based MTN Group, the continent’s largest wireless operator, is issuing commercial paper for the first time this year.
