MTN Nigeria has generated N125 billion through the issue of commercial papers series 6 and 7 under its N250 billion Commercial Paper Issue Program.

MTN Nigeria made the announcement on Wednesday in a statement signed by its company secretary, Uto Ukpanah.

The firm stated that it hoped to raise N100 billion. The offer received 146% subscription, with N125 billion raised over both series.

The series featured a 181-day commercial paper yielding 13% and a 265-day CP yielding 13.50% with an issue date of August 23, 2023.

The proceeds from the CP issuances, according to the company, would be used to meet its short-term working capital needs.

The Chief Executive Officer of MTN Nigeria, Karl Toriola, stated, “We are pleased with the support received from the investor community, having recorded a 146% subscription.”

“This highlights MTN Nigeria’s strong financial capability, brand strength, and industry leadership,” he concluded.