Telecoms company, MTN Nigeria has raised N125bn through issuance of commercial papers series 6 & 7 under its N250bn Commercial Paper Issuance Programme.

MTN Nigeria disclosed this in a statement signed by its company secretary, Uto Ukpanah, on Wednesday.

The company said it sought to raise N100bn. The offer recorded 146 per cent subscription with N125bn raised across both series.

The series included a 181-day commercial paper at a yield of 13 per cent and a 265-day CP at a yield of 13.50 per cent with an issue date of August 23, 2023.

According to the company, the proceeds of the CP issuances would be applied to its short-term working capital needs.

Speaking, MTN Nigeria Chief Executive Officer, Karl Toriola, said, “We are pleased with the support received from the investor community, having recorded 146 per cent subscription. This reflects MTN Nigeria’s robust financial capacity, the brand’s strength and our leading role in the industry.”