April 5, 2022/FSDH

FSDH announces that the MTN Nigeria Communications PLC (“MTN Nigeria”, or the “Company”) Series 1 and 2 Commercial Paper Offer, under its ₦150 billion Commercial Paper Issuance Programme (the “Offer”) is NOW OPEN and scheduled to close Thursday, 07 April 2022. 

MTN Nigeria is the leading telecommunications operator in Nigeria. The Company is the largest mobile operator and undisputed market leader in Nigeria, having approximately 50.8% market share in 2021 and over 68.5 million mobile subscribers. MTN Nigeria is well positioned for the long term with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network (90.01% 2G population coverage, 82.63% 3G population coverage and 70.75% 4G population coverage), largest fibre network (over 30,000km) and wide range of spectrum holdings.

The Company participated in the auction of the two (2) lots of 3.5 GHz spectrum band organization by the Nigerian Communications Commission and emerged one of the winners. This inclusion to MTN Nigeria’s spectrum license holdings makes the Company best placed to provide 5G services in the longer term. Also, in its commitment to the fulfilment of the financial inclusion agenda of the Central Bank of Nigeria (“CBN”) and Federal Republic of Nigeria, the Company applied for a Payment Service Bank license. An Approval in Principle was granted by the CBN on 04 November 2021, and the Company is working towards meeting the conditions leading to the granting of final approval by the CBN.

The Company is rated AAA by GCR, the highest possible long and short-term corporate rating, reflective of its strong competitive position, earnings and cash flows which have supported a robust financial profile. The Company is also rated Aa by Agusto. The ratings further reflect MTN Nigeria’s experienced and dedicated management team, and its beneficial relationship with the MTN Group.

The proceeds from the Offer will be used to support MTN Nigeria’s working capital and general corporate purposes.

Please see below summary of the terms of the Offer:

* Programme to be registered

For more information, please refer to the documents listed below, which can be accessed through this link for your appraisal of the Offer:

Commercial Paper Programme Memorandum

Series 1 Pricing Supplement

Series 2 Pricing Supplement

Series 1 Commitment Form

Series 2 Commitment Form

GCR rating report

Agusto rating report

Valid PenCom Compliance Certificate

MTN Nigeria FY 2021 Annual Report