MTN plans to raise NGN200bn to expand operations

17 May 2019

Mergers, Acquisitions and Financial Results

MTN Nigeria, the country’s largest mobile operator by subscribers, plans to raise around NGN200 billion (USD552 million) this year to expand its operations and network coverage, Bloomberg cites Chief Financial Officer Adekunle Awobodu as saying.

The funds will be raised from a variety of sources, including bank loans and bonds. The MTN Group subsidiary is currently preparing to list its shares on the Nigerian Stock Exchange (NSE) by mid-year, as part of a settlement arrangement with the government regarding a NGN330 billion fine handed to the cellco in October 2015 for failing to disconnect around 5.1 million incompletely registered SIM cards.

Last year the listing was delayed by a repatriation dispute which was resolved in December.
Source: Bloomberg