FCMB eye N20 billion capital raise through commercial paper launch

FCMB Group Plc has announced intentions to the launch its N100bn Commercial Paper programme through one of its subsidiaries, First City Monument Bank Limited.

According to a notice filed by the firm to the Nigerian Stock Exchange, the bank is hoping to raise N20bn from the programme.

The commercial paper has a tenor date of 269 days. The aim is to raise money to support the Bank's short-term funding needs.

This is the bank's inaugural commercial paper programme.

First City Monument Bank Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.