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MTN Nigeria to Issue N50Bn Commercial Paper

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MTN Nigeria has proposed issuing up to N50bn series 11 and 12 commercial paper notes to raise funding for its operations, according to the company’s notice to the Nigerian Exchange Limited.

MTN Nigeria to Issue N50Bn Commercial Paper

The notes issuance is under the company’s N250bn commercial paper issuance programme.

According to the statement signed by Uto Ukpanah, company secretary, the issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital requirements.

MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250b commercial paper issuance programme.

Ukpanah, the telecom giant 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 of continuing to diversify its funding sources and reduce its average cost of debt. The proceeds will be applied to 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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Airtel Africa-UNICEF Partnership Connects 1,200 Schools, 1M Africa Children to Digital Education

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Airtel Africa, a leading provider of telecommunications and mobile money services across 14 African countries, has today announced that its five-year partnership with United Nations Children’s Fund (UNICEF), aimed at transforming education across the continent, has connected over 1,500 schools to the internet, trained 17,000 teachers, and reached nearly a million learners with quality digital education resources across 13 African countries.

The partnership was launched in 2021 as part of Airtel Africa’s $57 million commitment to support the development of education and bridge the digital divide for vulnerable children in remote communities in collaboration with African governments.

Since the commencement of the partnership, Airtel Africa has prioritised the accessibility of online learning resources, including zero-rated educational platforms and teacher training, to support equitable learning opportunities for Africa’s children.

Airtel Africa CEO, Sunil Taldar, speaking on the success of the partnership while marking this year’s World’s Children’s Day said: “Our mission is to transform lives, and through our collaboration with UNICEF, we are witnessing the profound impact that connectivity and digital resources can have on Africa’s children and teachers.

For every school we have connected and for each teacher trained on using these digital tools, we are taking tangible steps toward realizing our commitment to bridging the digital divide, advancing educational equality and restating our commitment to the relentless pursuit of a better future for African children on the continent.

According to Mr. Taldar, “by equipping these schools with internet connectivity and training teachers on how to use the digital tools, Airtel Africa and UNICEF are providing Africa’s children, particularly those in underserved and remote regions, with the digital tools and skills they need to thrive in a technology-driven world.

This is why we are celebrating with the children on this special occasion of World Children’s Day, specially dedicated to them and all the effort aimed at securing and improving their future.

The partnership has expanded digital learning to learners in 13 countries since its launch. The countries include Chad, Congo, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Tanzania, Uganda, and Zambia.

 


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Galaxy Backbone, Bauchi State Government Sign Landmark MOU to Enhance Digital Infrastructure and ICT Capacity

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In a significant step towards advancing digital transformation and fostering economic development, Galaxy Backbone (GBB) and the Bauchi State Government have signed a Memorandum of Understanding (MOU) to collaborate on deploying digital infrastructure and ICT-related services across the state.

The signing ceremony, held at the Government House of the Bauchi State Government, was graced by the Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, and the Governor of Bauchi State, His Excellency, Senator Bala Abdulkadir Muhammed.

This MOU establishes a collaborative framework between Galaxy Backbone and the Bauchi State Government, leveraging GBB’s world-class data center infrastructures in Abuja and Kano. The partnership is designed to enhance connectivity, build ICT capacity, provide consultancy services, and deliver hosted ICT services to improve governance and service delivery in Bauchi State.

The agreement was formalized by Professor Ibrahim A. Adeyanju and His Excellency, Governor Bala Abdulkadir Muhammed, symbolizing a shared commitment to transforming Bauchi State through ICT. It is expected that through this, it would lead to an enhancement of Bauchi State’s ICT Infrastructure, through GBB’s resources and expertise, deepen training and consultancy services, while, enhancing economic growth to attract investments, create jobs, and drive economic opportunities through improved digital connectivity and service delivery within the state.

Speaking at the event, Professor Ibrahim A. Adeyanju, MD/CEO of Galaxy Backbone, said: “This MOU underscores Galaxy Backbone’s commitment to supporting state governments in building resilient digital infrastructure and services ecosystems. Through this partnership, we aim to deliver cutting-edge ICT services that will drive digital transformation and economic growth in Bauchi State.”

His Excellency, Governor Bala Abdulkadir Muhammed, expressed his optimism for the collaboration, noting: “This partnership with Galaxy Backbone marks a pivotal moment for Bauchi State. By leveraging advanced ICT infrastructure and expertise, we are poised to transform our state into a hub of digital innovation, ensuring efficient governance and improved service delivery for our citizens.”

This collaboration aligns with Galaxy Backbone’s mission to extend its digital infrastructure footprint across Nigeria, providing state governments with the tools they need to thrive in the digital economy.


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Treepz Embarks on Global Expansion Journey with Trade Accelerator Program

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Treepz, a leading corporate mobility startup in sub-Saharan Africa renowned for its safe and convenient transport solutions, has been selected by the World Trade Center for the 2024 Trade Accelerator Program (TAP) in Toronto, Canada.

L-R: John Shaibu, Cofounder & Senior VP, Customer Engagement, Treepz, Johnny Enagwolor, Cofounder & President, Treepz & Onyeka Akumah, Founder & CEO, Treepz

This prestigious opportunity is in line with Treepz’s ongoing global expansion strategy to export its indigenous and innovative mobility solutions to new international markets.

The Trade Accelerator Program (TAP), organized in partnership with the Black Entrepreneurship Alliance, is designed to help high-potential small and medium-sized enterprises (SMEs) strategically scale their operations globally through personalized mentorship series, workshops and an unrivalled network of export advisors and world-class resources.

The program is expected to last for three months, with selected brands, including Treepz, undergoing various networking and mentorship programs.

Since its launch in 2019, Treepz has gathered momentum in the African mobility industry by providing cutting-edge solutions to address the prevalent transportation challenges across Nigeria, Uganda, Ghana and Kenya.

The startup has served over 5 million people with on-demand tech-enabled vehicle rental solutions such as guest transportation, school bus shuttling, and airport transfers, and currently operates in 16 cities across the continent.

Speaking on the program, Onyeka Akumah, Founder & CEO of Treepz, attributed the honours of the invitation to the team’s dedicated effort at Treepz to provide innovative solutions that meet the growing needs of diverse customers.

He noted that “The TAP Tech Toronto program is an invaluable opportunity for Treepz to further showcase new indigenous ideas we have for our customers on a global scale.” said Onyeka Akumah, Founder & CEO of Treepz.

“Additionally, this is a testament to our vision and goal to build a world-class mobility company. It is our time to say we are taking solutions built in Africa to the world. The solutions to transportation needs we’ve built in Africa have a global use case and we are set to take advantage of this opportunity to export African-grown solutions globally”.

“We would like to thank the World Trade Centre in Toronto for believing in our vision and selecting us for this prestigious program.

“We are confident that the experience from this program will be transformative for our startup, and we can’t wait to see where it takes us”, Onyeka added.

Recall that earlier this year, Treepz achieved significant milestones, including winning Best Startup Pitch in Africa at the 2024 African Union Conference in Zambia and becoming the first corporate mobility startup in Africa to complete an international cross-border rental trip.

The company has also secured key partnerships with many corporates to provide close to 10,000 daily employee transportation to companies like KingMakers (owners of BetKings) and Parallex Bank in Nigeria, SamaSource in Kenya, BrighterMonday in Uganda and several schools in Ghana.

This push continues to cement Treepz’s position as a leader in the African mobility landscape with more than 5 million customers served on the continent, reflecting Treepz’s commitment to driving innovative, scalable and indigenous solutions that meet the evolving transportation needs of Africa and beyond.


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