• Thu. Feb 9th, 2023

CBN Backs FCMB to Seek Local Investors

ByJustice Godfrey Okamgba

Jan 25, 2023
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Read Time:1 Minute, 13 Second

The First City Monument Bank (FCMB) Group’s management aims to boost the company’s liquidity for operating financing.

The capital market regulator, the Securities and Exchange Commission (SEC) has given FCMB the go-ahead to approach the local capital market for a N30 billion loan.

The N30 billion will be obtained through a bond issuance program under its N300 billion debt issuance program, leaving room for the company to request additional funding as needed.

The financial institution commenced the book build in respect of the Series I Bond on Tuesday, January 24, 2023, after receiving the Central Bank of Nigeria (CBN) approval for the fundraising.

The N30 billion is a Series I Perpetual Fixed Rate Resettable NC5.25 Additional Tier 1 Bond, according to a document issued to the investment community on Wednesday.

“FCMB Group Plc (“FCMB Group”) has completed the registration of its N300 billion debt issuance program with the Securities and Exchange Commission (“the Commission”) and received the Commission’s approval to launch the Series I up to N30 billion perpetual fixed rate resettable NC5.25 billion additional tier 1 bond (“the issuance” or “Series I bond”) thereunder.

“The issuance represents the first non-sharia local currency AT1 instrument to be issued in Nigeria and has received the CBN’s no-objection.”

“FCMB Group will commence the book build in respect of the Series I Bond on January 24, 2023,” the document signed by FCMB’s Company Secretary, Funmi Adedibu, reads.

 

AIT
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