FCMB Suspends Proposed N30Bn Commercial Paper Issuance

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FCMB Group Plc (FCMB) hereby notifies the Nigerian Stock Exchange (NSE) and its esteemed shareholders that the proposed Commercial Paper Issuance by one of its subsidiaries, First City Monument Bank Limited has been suspended.

This is as a result of the Nigerian Treasury Bills auction of Wednesday, 9 December 2020, which distorted price discovery.

The proposed Commercial Paper Issuance is 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.

First City Monument Bank (FCMB) Ltd is a banking group, headquartered in Lagos. As of December 2019, the bank’s total assets were valued at US$4.4 billion (NGN: 1.7 trillion).

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