Yemisi Izuora
Nigeria’s first credit Rating Agency and a pan African leader in credit reports, Agusto & Co. limited has assigned an Aa+” rating to MTN Nigeria Communications Plc.
The rating assigned to MTN Nigeria Communications Plc. is hinged on the Company’s very strong financial condition, which is characterized, by very good profitability, strong cash flow, low leverage and experienced and stable management team. The rating takes into cognisance MTN’s market leadership, its extensive network coverage and growing voice subscribers as well as active data users.
The rating agency, however, noted that MTN Nigeria is prone to regulatory interference, which has led to volatility in its profitability in recent years.
MTN Nigeria is a member of the MTN Group – Africa’s leading cellular telecommunications company with strong presence in 21 countries and over 237 million subscribers.
MTN Nigeria Communications Plc. is the largest mobile operator in Nigeria, with over 60 million subscribers and 20.3 million active data users, controlling about 42 per cent of the Nigerian telecommunications industry’s subscribers1.
In May 2019, MTN became a public limited liability company following its listing by introduction of 20,354,513,050 ordinary shares of ₦0.02 each on the Nigerian Stock Exchange to comply with regulatory requirements.