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.

Margrethe Vestager, the Executive Vice President of the European Union disclosed this today Monday, 14th February 2022 during a working visit to Professor Isa Ali Ibrahim (Pantami), the Minister of Communications and Digital Economy, at the Digital Economy Complex in Abuja.

According to Uwa Suleiman, spokesperson to Pantami, Vestager while extolling the exemplary leadership style of the Minister, noted that the need for stronger partnerships has brought global attention to the country’s Digital Economy sector.

She enumerated the Union’s intervention in the sector to include; Digital Infrastructure Investments, Digitalisation of Public Services, Digital Entrepreneurship, Digital Skills and Digital Governance.

“Nigeria has immense potential for digitalization and  with a combination of One Hundred and Sixty Million Euros in grants and Six Hundred and Sixty Million Euros in loans, the European Union aims to comprehensively support Nigeria’s digitalization strategy” she emphasized.

In his response, Pantami while expressing his delight and appreciation for the intervention reiterated the Federal Government’s willingness to partner with the European Union. “Africa has always looked up to Europe in the area of technological advancements and this partnership is a welcome development that will project the digitalization aspirations of our country.

Pantami was particular about digital entrepreneurship and the immense impact it will bring to bear on the nation’s economy.

“This partnership with regards to digital entrepreneurship, will address the challenge of unemployment and un-employability alongside the Nigeria Startup Bill which also aims to address a myriad of issues within the ecosystem.”

The Minister further informed the delegation that Nigeria hopes to achieve the paperless office by the year 2030 and it is on track, taking into cognizance the rate at which public institutions are embracing the digital economy drive.

The European Union intervention is in alignment with the Nigeria Digital Economy Policy and Strategy (NDEPS), a digital roadmap initiated and championed by Pantami towards the economic digitalization drive of President Muhammadu Buhari (GCFR).