MTN Nigeria IPO Investors Earned 9.9% Annualised Real Dollar Returns, Company Says

Investors who bought MTN Nigeria shares at the December 2021 public-offer price of ₦169 and reinvested their dividends earned an annualised, inflation-adjusted return of 9.9% in US dollar terms through September 2026, according to a company analysis. The analysis compared total returns, including reinvested dividends, with Nigerian sovereign Eurobonds and naira Treasury bills. MTN Nigeria’s Chief Financial Officer, Modupe Kadri, said a ₦1 million investment would have grown to a portfolio valued at about $4,545. The comparable figures were $3,433 for Eurobonds and $1,438 for Treasury bills. The company said the investment comparison showed returns of 3.6% for Eurobonds and -13.6% for Treasury bills. Kadri said the analysis was prepared after investors at a roadshow and a capital-markets event in South Africa asked how an investment in Nigeria had performed in real terms. The figures reflect the company’s comparison and its use of dividends to buy additional shares.

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