FCMB Bank Issues Commercial Paper to Finance Short Term Funding Needs

FCMB Group Plc on Thursday announced that one of its subsidiaries, the First City Monument Bank Limited (the Bank) is undertaking a Commercial Paper Issuance (“CP”) under its N100 billion-naira CP programme.

In a note to shareholders signed by Mrs. Olufunmilayo Adedibu, Company Secretary, FCMB Group, the N30 billion CP has 260 days tenor and the fundraising is to support the Bank’s short term funding needs.

It added that the CP serves as an additional funding source for the lender.

The note reads, “FCMB Group Plc (“FCMB”) hereby notifies the Nigerian Stock Exchange (“NSE”) and its esteemed shareholders that one of its subsidiaries, First City Monument Bank Limited (the Bank) is undertaking a Commercial Paper Issuance (“CP”) under its N100 billion-naira CP programme.

“The CP has a tenor of 260 days with the aim of raising up to N30 billion to support the Bank’s short-term funding needs. The CP serves as an additional funding source for the Bank.”