THE MTN Nigeria Communications Plc yesterday disclosed to the Nigerian Exchange Limited and the general public of its N150 billion commercial paper programme.
According to the company secretary, Uto Ukpanah FCIS, the company proposes the issuance of series 1 and 2 commercial paper of up to N150 billion.
The issuance is part of the company’s strategy to diversify its financing option, with the funds being deployed towards working capital and general corporate purposes. MTN Nigeria has initiated and successfully commended four series of issuances under its previous N200 billion commercial paper shelf programme.
The company said, further details on the issuance (as well as subsequent issuance) will be communicated to the market as the transaction(s) occur.
It would be recalled that the company recently bagged the best tax compliant organization in Nigeria. It was recognized as one of the top 20 tax payers by the Federal Inland Revenue Service (FIRS).
In 2021, MTN Nigeria’s total tax contribution to all government agencies including the FIRS amounted to N757.6 billion while FIRS collected a total of N6.4 trillion tax revenue in the year.
Specifically, MTN Nigeria paid a total of N618.7 billion in direct and indirect taxes to the FIRS in the 2021 tax year, representing approximately 3.5 percent of the total FIRS collected for the year.
