MTN Nigeria has raised N125bn through issuance of commercial papers to boost its short-term working capital and funding requirements.

In a notice to the Nigerian Exchange Limited on Monday, the company said that it had completed the Series 4 & 5 Commercial Paper issuance under its N150bn Commercial Paper issuance programme.

The notice signed by Company Secretary, Ufo Ukpanat, revealed that MTN Nigeria sought to raise N100bn, and the transaction was 125 per cent subscribed, with N125bn raised.

The commercial papers included a 188-day CP at a yield of 11.00 per cent and 267-day commercial paper at a yield of 12.50 per cent.

The CP Issuance was completed on 1 March 2023.