Telecom

MTN Nigeria Raises N125bn via Commercial Paper Issuance

Published

2 years ago

March 8, 2023

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MTN Nigeria Communications Plc has informed the Nigerian Exchange and the investing public of the successful completion of its Series 4 and 5 commercial paper issuances under its N150 commercial paper issuance program (CP issuance).

MTN Nigeria sought to raise N100 billion, and the transaction was 125% subscribed, raising N125 billion in total.

Commercial paper is a promissory note that bears interest and is exchanged for capital. It is a credit instrument or a channel through which loans can be obtained from the securities market without having to approach a bank.

A commercial paper is issued by a corporate entity in need of funds for short-term financial obligations such as working capital and debt refinancing, among other things.

MTN Nigeria intended to borrow N100 billion through commercial paper, but it was oversubscribed, indicating that there was more demand for it among investors than anticipated.

As a result of the commercial paper issuance, MTN Nigeria raised N125 billion, allowing the company to use the funds for short-term working capital and funding needs.

“MTN Nigeria Communications PLC (MTN Nigeria) hereby notifies Nigerian Exchange Limited and the investing public of the successful completion of its Series 4 & 5 Commercial Paper issuance under its Nl50 billion Commercial Paper Issuance Programme (the CP Issuance).

“MTN Nigeria sought to raise N100 billion, and the transaction was 125% subscribed, with a total of A125 billion raised.

“MTN Nigeria issued 188-day commercial papers at a yield of 11.00% and 267-day commercial papers at a yield of 12.50%. The CP Issuance was completed on 1 March 2023.

“The CP Issuance is part of MTN Nigeria‘s strategy to diversify its funding options. The proceeds will be utilized for its short-term working capital and funding requirements,” the document reads.

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Ugo Onwuaso

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Telecom

Unforgettable Moments and Big Wins at the TECNO SPARK 30 City Tour

Published

42 mins ago

November 28, 2024

Ugo Onwuaso

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TECNO SPARK 30 city tour made a memorable stop at Ikeja City Mall on November 15th, bringing with it an infectious energy that electrified the entire city.

As the event unfolded, it was clear that this was more than just a product showcase – it was an immersive experience designed to thrill and delight.

The day’s festivities kicked off with the iconic TECNO SPARK 30 transformer bus, painted in bold red and blue hues, rolling into action.

The bus served as the hub for a games grotto, where fans immersed themselves in thrilling digital games and adventures.

Outside, the excitement spilled over, with attendees engaging in friendly competitions of Jenga, Monopoly, Ludo, and chess.

These games sparked laughter, playful banter, and a sense of camaraderie among strangers.

As the games heated up, so did the rewards. Purchasers of the TECNO SPARK 30 Pro enjoyed a N20,000 discount and a chance to win up to 100% cashback by participating in the games.

The atmosphere was electric, with cheers of victory, enthusiastic applause, and celebratory high-fives.

The excitement reached a fever pitch with the arrival of tech and lifestyle creator Kagan, accompanied by Big Brother Naija Season 9 stars Victoria and Ruthee.

The trio dove into the action, competing in games and claiming victory. They were awarded TECNO-branded gift items, earning cheers and applause from the thrilled crowd.

The event was an unforgettable experience, leaving a lasting impression on all who attended.

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Telecom

Sophos Report Highlights Cyber Risks During Holiday Shopping Season

Published

42 mins ago

November 28, 2024

Ugo Onwuaso

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With Black Friday and Cyber Monday around the corner, we’re entering a high-risk period for cybersecurity.

A recent Sophos report highlights that malicious emails were the second most common root cause of ransomware attacks in critical sectors, responsible for 25% of cases.

During peak shopping days, this threat intensifies.

Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.

This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.

To keep your organization safe, encourage your team to follow these simple tips:

• Use an ad blocker – Advertisements are not only tracking your every movement and collecting enough information on your habits to make the FBI blush, but they are also a major source of malicious links and deceptive content on the internet. Not only is your browsing safer, but also faster and uses less bandwidth. Two of our favorites are uBlock Origin and Ghostery.

• Use private browsing or incognito mode – To prevent your shopping habits and interests from following you around from site to site (and potentially revealing what gifts you might be purchasing to others using your device, bonus!), you should enable private browsing (Firefox) or incognito mode (Chrome). This will block tracking cookies and help the internet forget your travels as the waves wash away your footprints in the sand.

• Make your browser “privacy smart” – The Electronic Frontier Foundation (EFF) provides a browser extension called Privacy Badger designed to automatically make all the right choices around browsing whilst maintaining our privacy and blocking invisible trackers.

• Avoid using one account on multiple services – When logging into an e-commerce site it is often tempting to use the “Sign in with Facebook” or “Sign in with Google” button. While it takes a few more minutes to create a new login, it will provide more privacy as you are not sharing all of the sites you shop at with these tech giants.

• Use guest login when available – In addition to letting you use an account from other websites, many have an option to use a guest login rather than creating a new account. This is a great option if you don’t expect to need technical support or to do business on a recurring basis. Fewer passwords, fewer personal details, fewer problems if they get hacked.

• Don’t save card details – Many e-commerce sites will default to storing your credit card information in your profile for your “convenience” (or their hope you’ll shop there again). They can’t lose what they don’t have, so tell them not to store your credit card unless it is absolutely necessary.

• Use temporary card numbers – Many financial institutions now offer temporary or one-time use credit card numbers. You can open the app on your phone or in your browser and get a single-use disposable credit card number preventing card fraud and tracking when merchants share card processors. Sometimes you’re even able to specify a card limit per temporary number to further protect your account.

• Use credit, not debit – All of us need to be wary of overspending during the holidays, but it is best to leave the debit card at home. Credit cards offer significantly more protection against online fraud, and you are in the power position in a dispute. You can simply not pay your bill while disputing the charge, rather than having criminals directly drain your bank account of your hard-earned cash.

• Beware of direct messages via social media/chat apps – With modern generative AI technology it is almost trivial to create an entire fake online store and lure people to share their personal information and payment data with you. It’s safest to shop at established sites or those personally recommended to you by friends and family. Many unsolicited messages lead to data collection or theft.

• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.

This season, small steps can make a big difference in protecting against cyber threats.

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Telecom

MTN Nigeria Shops for N50Bn Commercial Paper to Boost Working Capital

Published

1 day ago

November 27, 2024

Comms Week

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MTN Nigeria Communications Plc has announced plans to issue up to N50bn in Series 13 and 14 Commercial Paper Notes under its N250bn Commercial Paper Issuance Programme.

MTN Nigeria Shops for N50Bn Commercial Paper to Boost Working Capital

This proposed issuance aligns with the company’s strategy to broaden its funding sources and strengthen its liquidity position.

The proceeds from the issuance are earmarked to support MTN Nigeria’s short-term working capital needs, enabling the company to sustain its operations and meet financial obligations effectively.

In a statement to the Nigerian Exchange Limited (NGX) and the investing public, MTN Nigeria emphasized its commitment to maintaining financial stability and operational efficiency.

According to the statement signed by Uto Ukpanah, company secretary, further details regarding the structure, pricing, and timeline of the issuance will be disclosed to the market in due course, as MTN Nigeria continues to engage with stakeholders and regulatory authorities.

MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250bn commercial paper issuance programme.

The telecom giant said it sought to raise N72.1bn and the offer recorded 149 per cent subscription with N72.1bn issued.

The 266-day commercial paper was issued on 29 November 2023 at a yield of 16 per cent.

The CP issuance aligns with MTN Nigeria’s strategy to continue diversifying its funding sources and reducing its average cost of debt. The proceeds will be applied towards short-term working capital requirements.

Karl Toriola, chief executive officer, MTN Nigeria said. “We are pleased with the support received from the investor community, having recorded a 149 per cent subscription from a broad range of investors. This reflects NTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates”

Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited. Chapel Hill Denham Advisory Limited, Coronations Marchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital &Investments Limited, Rand Marchant Bank Limited, and Vetiva Capital Management Limited played the role of Joint Dealers on the transaction.

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