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MTN Nigeria’s N100bn Commercial Paper Oversubscribed By 400%

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…Largest Debut CP Issuance by a Nigerian Corporate

BY Linda Jacobs

MTN Nigeria today said it successfully completed the issuance of N100 billion Series I & II Notes under the debut N100 Billion Commercial Paper (CP) Programme which was oversubscribed by 400 per cent.

MTN Nigeria priced the Series I 180 day CP at an effective yield of 4.90 per cent for a N20 billion size and the Series II 270 day CP sized at N80 billion cleared at an effective yield of 5.95 per cent.

MTN initially set out to issue up to N50 billion under the N100 billion CP Programme but, at the conclusion of the book build, the CP Issuance was 400 per cent subscribed.

Given the significantly over-subscribed book, MTN Nigeria opted to issue up to the N100 billion limit of the registered CP Programme, with active participation from a diverse orbit of eligible individual and institutional investors, which include pension fund administrators, asset managers, corporates and other financial institutions.

The level of interest in MTN Nigeria’s debut in the Nigerian Debt Markets (as measured by the volume and value of bids), is a strong reflection of investor confidence in MTN Nigeria’s ability to continue to deliver on its strategic objectives and maintain market leadership, as well as the strong credit profile that supports the Company’s ability to meet its debt service obligations.

Commenting at the closure of the Book Build Ferdinand Moolman, Chief Executive Officer, said: “The N100 Billion issued is the largest debut Commercial Paper issuance by a Nigerian corporate. It allows us to broaden our sources of funding and combines our established lines of credit with access to capital market funding, which will lower our overall cost of borrowing.”

The proceeds from the CP Issuance will be applied towards MTN Nigeria’s working capital and general corporate purposes. The Series I & II Notes will be listed on the FMDQ Securities Exchange.

Chapel Hill Denham acted as Arranger and Dealer on this debut Commercial Paper transaction.

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Nigeria DigitalSENSE forum @15 Gets June Date

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The date for the 2024 Nigeria DigitalSENSE Forum on Internet Governance for Development (IG4D) has been unwrapped for Thursday, June 27, by organisers, ITREALMS Media group.

Disclosing this, the Lead Consulting Strategist, DigitalSENSE Africa and Group Executive Editor, ITREALMS Media, Mr. Remmy Nweke, said that this year’s edition marks the 15th edition of Nigeria DigitalSENSE Forum on IG4D series and comes with the theme “IG4D: Innovative Digital Economy & Safer Civic Space in Nigeria” at the prestigious Welcome Center Hotels, International Airport Road, Lagos.

Nweke recalled that in 2009, the Nigeria DigitalSENSE Forum (NDSF) series on Internet Governance for Development made a debut and ever since has been steadfast in rallying stakeholders to take discourse on Internet access, openness, affordability, connectivity and ICT infrastructure among others.

This year, he also said, as NDSF marks 15th years of impacting various Nigeria’s economic sector with yet another series on the theme: IG4D: Innovative Digital Economy and Safer Civic Space in Nigeria.

“It will also be a time for recognition of corporates and individuals for their contributions in deepening Internet penetration, improving access and affordability as well as technological adaptation that begets digital sense in our society,” Nweke said.

NDSF series on IG4D, powered by ITREALMS Media group is hosted by DigitalSENSE Africa, an At-Large Structure (ALS) certified by the Internet Corporation for Assigned Names and Numbers (ICANN), in collaboration with relevant stakeholders including Internet Society (ISOC), Nigeria chapter, Nigerian Communications Commission (NCC), Internet Exchange Point of Nigeria (IXPN) among others.

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TechEconomy Publisher, Peter Oluka Joins NiRA Board

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Peter Oluka (@peterolukai), the Editor of TechEconomy has joined the Nigeria Internet Registration Association (NiRA) Executive Board of Directors (EBoD).

Peter, a multi-award winner practicing ICT Journalist was elected at the 15th Annual General Meeting (AGM) cum election held in Lagos on Friday at The Zone, Lagos where Mr. Adesola Akinsanya and Mr. Murtala Abdullahi emerged the new President and the Vice President respectively.

They took over from Mr. Mohammed Rudman and Mr. Toba Obaniyi in that order. Other members elected into NIRA Executive Board of Directors (EBoD) at the meeting are; Mr. Ebenezer Dare of Hostlag Limited, and Seun Kehinde of QServers Networks Limited.

Meanwhile, five members have been elected to the Board of Trustees of NiRA. They are; Mrs Ibukun Odusote; Publisher of ITRealms, Mr. Remmy Nweke; former Financial Secretary of NiRA, Mr. Biyi Oladipo; former NIRA president, Mrs. Mary Uduma and Executive Director Centre for Information Technology and Development (CITAD) Mr. Yunusa Zakari Ya’u.

Peter Oluka has been a .ng Domain Name Brand Ambassador since 2015). He actually started his mainstream journalism in 2010 working with the Nigerian NewsDirect Newspaper. His penchant for newsworthy events and stunts registered NewsDirect’s presence in the league of Property & Environment and Labour pious media outfits.

He also Co-founded GrassRoots.ng, a news platform rooted in Speaking for the Global Citizen. He also Co-founded Njalo.ng; an online marketplace for ‘Easy sell & Easy Buy’ or new and used products. 

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Nigerian Active Phones Tops 209m

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The Executive Vice Chairman of the Nigerian Communications Commission, Professor Umar Danbatta disclosed this while delivering the Keynote Address at the dinner hosted by the Board of Trustees of the Nigeria Media Merit Award, NMMA, to flag-off the commemoration of the 30th Anniversary of NMMA as Africa’s foremost media excellence recognition institution, at the Lagos Sheraton Hotel on Tuesday night.

“This represents a teledensity of 109.47%. Besides, basic Internet subscriptions have also grown from zero in the pre-liberalisation era to over 152 million. It is also gratifying that the broadband subscriptions now stand at 85 million, representing a 44.49% penetration,” Danbatta said.

Dwelling on the topic, “The NCC New Strategic Vision (Implementation) Plan (SVP) 2021-2025: A Transformation Agenda”,which signposts thedirection of the Nigerian telecom industry in the next five years,Danbatta recalled the trajectory of the evolution of telecoms in Nigeria.

Represented by the Director, Public Affairs of the NCC, Mr. Reuben Muoka, the CEO of NCC, he recalled the nation’s showing of a paltry 18,724 telephone lines at independence in 1960 to serve a population of 40 million people, translating to a teledensity of 0.5 at that time.

Today, “the Information and Communication Technology (ICT) sector contributed 18.44 per cent to the nation’s Gross Domestic Product (GDP) in the second quarter of 2022. From this figure, telecommunications sector alone contributed 15 per cent,” Danbatta said to place on record the unprecedented contribution of the telecom and ICT industry to GDP.

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