FCMB announces issuance of Commercial Paper worth N30bn
First City Monument Bank (FCMB) Plc has announced with a notice to the Nigerian Stock Exchange (NSE) that one of its subsidiaries, First City Monument Bank Limited is undertaking a Commercial Paper Issuance under its N100 billion-naira CP programme.
The Commercial Paper is said to have a tenor of 260 days with the aim of raising up to N30 billion to support the bank’s short-term funding needs.
The bank said the CP will serve as its additional funding source.
FCMB Plc was established in 1977 from the entity of City Securities Limited by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat.
First City Merchant Bank was incorporated as a private limited liability company on 20 April 1982 and granted a banking license on 11 August 1983. FCMB is the first bank to be established in Nigeria without government or foreign support. The bank in 2001 changed its name from First City Merchant Bank to First City Monument Bank following the bank’s transformation to a universal bank, while in July 2004 FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004.
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