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MTN, Dangote Cement Seek New Fund on Nigerian Capital Market

MTN Nigeria and Dangote cement, are heading to the stock market to raise funds for their operations.

In separate statements to the investing public, MTN Nigeria plans to raise 150 billion naira through commercial papers while Dangote will issue bonds.

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In its filing dated April 7, 2022 and addressed to the Nigerian exchange group, Dangote cement said “the proceeds of the bonds will go for funding expansion projects, refinance existing short-term debt and for general corporate purposes”.

MTN Nigeria on its part said the funds would be used to finance working capital and other operations.

The company had previously concluded 4 series of issuances under its previous 200 billion naira commercial paper shelf program.

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