SEC Approves MTN Nigeria’s N89.99Bln Series II Bond

The Securities and Exchange Commission (SEC) has granted MTN Nigeria approval to launch its series II 10-year Fixed Rate Bond (Series II Bond),

In a notice by its Company Secretary, Mrs Uto Ukpanah, on Friday, MTN explained that the transaction was under its debut N200bln issuance shelf programme announced on September 21.

“In addition, the bond issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources.

“MTN Nigeria will launch the book build in respect of the series II Bond on Oct. 8,” it said.

Meanwhile, according to the data from the Nigerian communications commission (NCC), MTN Nigeria gained the highest number of users migrating from other network providers in August through the sim porting mechanism.

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The report said MTN Nigeria gained 2,014 users in one month. This is followed by Airtel with 1,089 and 9mobile with 244. Interestingly, the number of users porting from one network to another increased by over 450% from July (734 to 3,327).

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