MTN is raising R8bn in Nigeria for expansion

Wed, 22 May 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 Perth Herald.

More Information

International Business

Thousands of jobs to go at Ford

DEARBORN, Michigan - Ford Motor Company is to slash its global workforce by about 10% over the next three months. ...

Real estate woes impacting banks in Qatar, sasy Fitch

DOHA, Qatar - The oversupply of real estate in Gulf countries which has seen a collapse in property prices, commensutate ...

Japanese automaker hits back at Trump declaration

TOPKYO, Japan - The Japanese automotive giant Toyota Motor Corporation has rejected U.S. President Donald Trump’s declaration that imported cars ...

Amid border wrangles, Eritreans wrestle with staying or going

An unexpected rapprochement last year between Ethiopia and Eritrea, and the subsequent opening of the border, seemed to offer hope ...

UK keeps limits on cash aid in Syria over counter-terror fears

Despite criticism, the UK has only partially reversed a cash aid freeze in northeastern Syria and is still suspending monthly ...

Iran Holds Talks with Muslim Envoys Ahead of OIC Summit

Iranian Deputy Foreign Minister for Legal and International Affairs has sat for talks with the ambassadors of Islamic countries in ...

Australia

Incumbent PM Scott Morrison snatches victory in Australian election

CANBERRA, Australia - In Australia, the Liberal-National Party Coalition has been re-elected in a shock result in which Labor lost ...

Shahzad century fires Afghanistan to World Cup warm-up win

Belfast - Mohammad Shahzad smashed a blistering 101 as Afghanistan fine-tuned their World Cup preparations with a 126-run thrashing of ...

Morgan has 'no regrets' as England go in search of World Cup glory

London - England captain Eoin Morgan believes the tournament hosts have done everything they possibly could to get themselves ready ...

Aussies flock to Kiwi migration site after election

The number of Australians making online queries about migrating to New Zealand has surged after conservative Prime Minister Scott Morrison's ...

The different faces of the women's rugby boom

London - Women's participation in rugby around the world is at an all-time high, with latest figures showing 2.7 million ...

Australia election triggers refugee suicide attempts

At least four refugees in Australia's offshore Pacific camps have attempted suicide since the conservative government's shock re-election on Saturday, ...

Movie Review

The Expendables [Blu-Ray]

Expendables