MTN is raising R8bn in Nigeria for expansion

Wed, 24 Jul 2019

MTN is raising R8bn in Nigeria for expansion

News24
14 May 2019, 17:43 GMT+10

MTN Group's Nigerian unit plans to raise about R8bn this year from a variety of sources including bank loans and bonds to expand operations in its biggest market.

The funds will enable Africa's largest wireless carrier to finance capital expenditure to increase the reach and efficiency of its network in Nigeria, Chief Financial Officer Adekunle Awobodu said by phone from Lagos. MTN has also started the process of listing its shares on the Nigerian Stock Exchange.

The company had announced plans to raise as much as 400 billion naira (about R15bn) last year, and later signed to a 200 billion naira (about R8bn) credit line with a group of banks. MTN is "currently arranging" for another 200 billion naira, according to Awobodu.

MTN Nigeria said to consider Lagos share listing next week

It registered 20.35 billion ordinary shares with the country's Securities and Exchange Commission last week, with about 20% expected to be listed on the Lagos bourse this week. MTN has 65.6 million subscribers in Nigeria, or 38% of the market, according to February data provided by the Nigerian Communications Commission.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.

More Information

International Business

IMF again trims global economic growth forecast

WASHINGTON, DC - The IMF has revised downward its projection for global growth, saying the world economy is becoming sluggish.In ...

For Syrians in Istanbul, fears rise as deportations begin

Turkey is deporting Syrians from Istanbul to Syria, including to the volatile northwest province of Idlib, according to people who ...

Why Zimbabwe is running on empty, again

Hunger, rocketing inflation, power blackouts, fuel queues - Zimbabwe has been here before, but it's been a decade since things ...

Briefing: For many Iraqis, post-war life remains a struggle

At a glance: Iraq's stalled recovery 1.6 million Iraqis remain displaced across the country; around one fifth are from the ...

Job hunting is not for 'sissies'

I guess I am a little more privileged than many other job seekers. I have high speed internet. I have ...

Energy department says IPP head ouster was done to stabilise office

The Department of Mineral Resources and Energy released a statement on Tuesday evening seeking to clarify the circumstances surrounding the ...

Mediterranean

Europe turning blind eye to humanitarian crisis, says MSF

NEW YORK, New York - The international medical humanitarian organization Doctors Without Borders/Medecins Sans Frontieres (MSF) is to resume lifesaving ...

For Syrians in Istanbul, fears rise as deportations begin

Turkey is deporting Syrians from Istanbul to Syria, including to the volatile northwest province of Idlib, according to people who ...

Briefing: For many Iraqis, post-war life remains a struggle

At a glance: Iraq's stalled recovery 1.6 million Iraqis remain displaced across the country; around one fifth are from the ...

Partner Of Ex-Trump Adviser Convicted Of Secretly Lobbying For Turkey

The former business partner of U.S. President Donald Trump's former national-security adviser, Michael Flynn, was convicted on July 23 of ...

France Stresses Need for Iran to Respect Nuclear Accord

PARIS - French authorities in a meeting Tuesday with an Iranian envoy stressed the need for Tehran to quickly respect ...

AP Fact Check: Trump Takes Falsehoods to Youth Audience

President Donald Trump on Tuesday told young people a number of falsehoods he's been relating to adults for months and ...

Movie Review

Free Solo