FCMB Group Plc, one of Nigeria’s leading tier II financial institutions, has perfected plans to raise N30 billion from the debt market via bond issuance.
The group disclosed this in a statement signed by Funmi Adedibu, Company Secretary on Tuesday, January 24, 2023, and obtained by Investors King.
The N30 billion series I bond is an additional bond under the bank’s N300 billion debt issuance programme. The announcement was done after the group completed the registration of its N300 billion debt issuance programme with the Securities and Exchange Commission and received approval.
Debt issuance is a method used to raise funds by both the government and public companies through the sale of bonds to external investors.
In part, the statement reads, “the Issuance represents the first non-sharia local currency AT1 instrument to be issued in Nigeria and has received CBN’s no-objection.”
“FCMB Group will commence the book build in respect of the Series I Bond on January 24, 2023.”
First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.