MTN to raise R8 billion for Nigeria expansion

Jamie McKane

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MTN to raise R8 billion for Nigeria expansion

MTN Group Ltd.’s Nigerian unit plans to raise about 200 billion naira ($555 million) this year from a variety of sources including bank loans and bonds to expand operations in its biggest market.

The funds will enable Africa’s largest wireless carrier to finance capital expenditure to increase the reach and efficiency of its network in Nigeria, Chief Financial Officer Adekunle Awobodu said by phone from Lagos.

[Bloomberg]
 
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