MTN Nigeria arranging naira funding as it prepares for listing

MTN Nigeria is arranging local currency financing, the telecoms company said in presentation to investors as part of its stock market listing.

MTN Nigeria, owned by South Africa’s MTN Group, said it has relied on local funding to reduce the impact of currency volatility on its business and that total debt rose 44% to 252 billion naira ($823.66 million) in the first quarter.

MTN said it targets a dividend payout ratio of at least 80% of net income in the medium term, it said in the investor presentation. ($1 = 305.9500 naira)