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MTN Nigeria Communications Plc announces N100 billion commercial paper issuance

MTN Nigeria notified the public of it proposed Commercial Paper Issuance under its N100 billion Commercial Paper (“CP”) Issuance Programme.   

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MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today

MTN Nigeria Communications Plc has notified the public of it’s proposed Commercial Paper Issuance (series 1 & 2 commercial paper issuance N50billion each) under its N100 billion Commercial Paper (“CP”) Issuance Programme.

The proceeds from the CP issuance will be used to support MTN Nigeria’s working capital and general corporate purposes. This issuance under the CP Programme represents MTN Nigeria’s debut in the domestic debt capital market.

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Highlights of the report are as follows:

Arranger: Chapel Hill Denham Advisory Limited

Minimum subscription: N5 million

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Issuance size: N100 billion (series 1 & 2 commercial paper issuance N50billion each)

Tax consideration: Free and clear of withholding Taxes

MTNN is the leading telecommunications operator in the largest telecoms market in Africa. The company is the largest mobile operator and undisputed market leader in Nigeria, as measured by total mobile subscribers (c. 70 million), active data users (c. 26.8 million), revenue (almost 50% of industry), and profit pool. 

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(READ MORE: Economy: Local corporates taking advantage of the low yield environment )

MTNN is well-positioned for the long term, with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 29,000km) that spans across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – and the exciting market opportunity Nigeria brings.

Nigeria offers an attractive telco market proposition as Africa’s largest economy and most populous country. Mobile voice and data subscription will continue to be a major part of consumer spending, largely driven by increased adoption by the young population.

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READ ALSO: First City Monument Bank Ltd issues N20 billion commercial paper

It is important to note that in the recent COVID-19 environment, MTNN has continued to sustainably add new subscribers, and customer voice and data usage remains resilient.

MTNN is rated Aa+ by Agusto & Co. which reflects the company’s history of strong financial performance – record revenue in excess of N1 trillion (largest revs by a listed corporate), stable and healthy operating profit metrics (+53% EBITDA margin), comfortably low leverage (0.4x Net Debt/EBITDA, 10.8x interest coverage) that is predominantly local currency, and strong free cash flow.

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Patricia

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Coronavirus

Covid-19: Oxford’s vaccine is the new frontrunner, to produce 2 billion doses in september

The human trials of the Oxford vaccine are expected to be through in September.

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EU, Health: Nigeria records first case of coronavirus

The University of Oxford’s vaccine trial is expected to present some positive results as it has been shown to be ahead of others. The positive news which was reported by a UK journalist is coming on the COVID-19 vaccine that the University of Oxford is developing with British-Swedish multinational pharmaceutical firm, AstraZeneca Plc. 

This is coming moments after it was revealed that Moderna Inc vaccine had recorded positive results in its first stage of the human trial, being able to produce antibodies in all patients in an early test. 

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According to a report from Bloomberg, ITV’s Robert Peston said in a tweet post, ‘’The vaccine is generating the kind of antibody and T-cell (killer cell) response that the researchers would hope to see.’’ 

He also added that details of the result will soon be released in a medical journal, The Lancet. 

The University of Oxford’s vaccine trial is led by Sarah Gilbert, who is profiled this week in Bloomberg Businessweek. The trial shot for the vaccine which is regarded as being months ahead of all other key vaccine candidates is already undergoing a third phase trial in Brazil, which ranks second with most infected cases in the world with 1,884,967 infections. 

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The human trials of the Oxford vaccine are expected to be through in September as AstraZeneca has lined up agreements to produce 2 billion doses. 

Kate Bingham, the Chair of UK government’s Vaccine Taskforce, told the parliamentary committee in early July that Gilbert’s team has gone ahead of other vaccine contenders to the point where it will likely finish vaccinating subjects in its big 10,000-person efficacy trial before the other vaccine candidates even start testing on that scale. 

It was earlier reported federal researchers said that the Moderna COVID-19 vaccine produced antibodies to the coronavirus in all the 45 patients that were tested in an initial safety trial, clearing a key milestone. 

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The US biotech firm’s breakthrough is one of the most promising development yet in the race to develop a vaccine against the virus that has crippled the global economy. 

These vaccine developments are part of several efforts working on a potential vaccine for COVID-19. The World Health Organization (WHO) had disclosed that over 100 vaccines for COVID-19 are currently under development globally. 

 

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Moderna’s shares gain over 16% as COVID-19 vaccine passes first human trial

Participants received two doses of the potential vaccine.

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Moderna COVID-19 vaccine passes safety test on animals

Moderna’s share price gained over 16% on Tuesday after the U.S drugmaker disclosed that its potential vaccine in containing the COVID-19 virus had produced a “robust” immune response in all the 45 patients in its first phase of the human trial, according to data released yesterday night in the peer-reviewed New England Journal of Medicine.

In a report credited to CNBC, about 45 patients produced neutralizing antibodies, which scientists believe is important for building immunity. It also provided more promising data that the vaccine may give some protection against the coronavirus. In the trial, each participant received a 25, 100 or 250 microgram dose, with 15 people in each dose group. Participants received two doses of the potential vaccine.

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READ ALSO: Remdesivir has received FDA’s emergency approval to treat COVID-19, according to Trump

“After two vaccinations, the COVID-19 vaccine generated a “robust” immune response in all participants in all dose cohorts,” Moderna said. The company also disclosed that the levels of neutralizing antibodies in patients in the high dose group were fourfold higher than in recovered COVID-19 patients.

“These Phase 1 data demonstrate that vaccination with mRNA-1273 elicits a robust immune response across all dose levels and clearly support the choice of 100 µg in a prime and boost regimen as the optimal dose for the Phase 3 study,” Moderna’s chief medical officer, Tal Zaks, said in a statement. “We look forward to beginning our Phase 3 study of mRNA-1273 this month to demonstrate our vaccine’s ability to significantly reduce the risk of COVID-19 disease.”

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Quick fact about COVID-19: Although for some individuals, the COVID-19 virus causes only mild illness, it can make other individuals seriously ill. The disease can be very fatal, especially among older individuals, and those with compromised immunities (such as diabetes, high blood pressure, or heart problems) appear to be more susceptible.

Recall that about a month ago, Nairametrics reported news of a series of tests carried on laboratory mice with Moderna Inc’s COVID-19 vaccine showing hope that it might not increase the risk of more serious diseases and that one dose might provide protection against the COVID-19 virus.

Moderna also disclosed that the COVID-19 vaccine was generally well-tolerated, though more than half of the participants reported mild or moderate symptoms such as fatigue, muscle aches, or pain at the injection site.

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Coronavirus

COVID-19 Update in Nigeria

On the 14th of July 2020, 463 new confirmed cases and 10 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 33,616 confirmed cases.

On the 14th of July 2020, 463 new confirmed cases and 10 deaths were recorded in Nigeria, having carried out a total daily test of 3,015 samples across the country.

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To date, 33,616 cases have been confirmed, 13,792 cases have been discharged and 754 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 186,309 tests have been carried out as of July 14th, 2020 compared to 183,294 tests a day earlier.

COVID-19 Case Updates- 14th July 2020,

  • Total Number of Cases – 33,616
  • Total Number Discharged – 13,792
  • Total Deaths – 754
  • Total Tests Carried out – 186,309

According to the NCDC, the 463 new cases were reported from 17 states- Lagos (128), Kwara (92), Enugu (39), Delta (33), Edo (29), Plateau (28), Kaduna (23), Oyo (15), Ogun (14), Osun (14), FCT (12), Ondo (9), Rivers (9), Abia (8), Bayelsa (5), Ekiti (3), Borno (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,711, followed by Abuja (2,687), Oyo (1,882), Edo (1,807), Rivers (1,397),  Delta (1,392), Kano (1,314), Ogun (1,105),  Kaduna (1,039), Ondo (747), Katsina (669), Ebonyi (616), Borno (593), Plateau (571), Gombe (533), Bauchi (521), Enugu (515), Kwara (422), Abia (413),  Imo (399).

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Jigawa state has recorded 321 cases, Bayelsa (318), Osun (276), Nasarawa (252), Sokoto (153), Akwa Ibom and Niger (145),  Benue (126), Adamawa (110), Anambra (101), Kebbi (87), Zamfara (76), Ekiti (66), Yobe (62), Taraba (30), Cross River (10) while Kogi state has recorded 5 cases only.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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