By; PETER NOSAKHARE, Kaduna
MTN Group Limited has said it is planning to raise 400 billion Naira through Bonds in Nigeria this year.
The move, the telecommunications firm said was part of its strategies to fund local investment and replace existing debt in Nigeria.
MTN Africa largest wireless Carrier by sales, plans to sell bonds and take out long-term loans.
The Company’s Chief Financial Officer, Mr. Ralph Mupita said in an interview with Bloomberg on Thursday that the company wants to raise as much as it can in Nigeria’s local currency.
“We want to gear up our debt on an operational level away from the holding structure” , the official said .
The Company CFO says MTN, based in South- Africa, plans to shift its focus from dollar- denominated debt to debt in local currencies where it operates.
It also recently raised money in local currency for its Ghana and Ivory Coast Operations, according to Bloomberg data.
Valued at 234 billion Rand the company’s net debt rose to 57 billion Rand (4.5 billion dollars) in 2017 from 52 billion Rand the previous year.
The carrier expects to list its Nigerian unit on the stock exchange in Lagos by the end of 2018.