Modupe Gbadeyanka
By Modupe Gbadeyanka
Mid-level lender, First Monument Bank Limited, is planning to raise fresh funds through the sale of commercial papers to investors.
The parent company of the firm, FCMB Group Plc, informed the investing public through the Nigerian Stock Exchange (NSE) of this latest development.
A statement from the company’s scribe, Mrs Olufunmilayo Adedibu, stated that the commercial papers, which have a tenor of less than 12 months, would serve as an additional funding source for the bank.
The financial institution disclosed that it intends to raise about N20 billion, adding that the exercise is under its N100 billion CP programme launched sometimes ago.
According to Mrs Adedibu, the CP specifically has a tenor of 269 days. She stated that proceeds from the issuance would be used to support the bank’s short-term funding needs.
“FCMB Group Plc hereby notifies the Nigerian Stock Exchange (NSE) and its esteemed shareholders that one of its subsidiaries, First City Monument Bank Limited, is undertaking its inaugural Commercial Paper Issuance (CP) under its N100 billion-naira CP programme.
“The CP has a tenor of 269 days with the aim of raising up to N20 billion to support the bank’s short-term funding needs.
“The CP serves as an additional funding source for the bank,” the notice from the Company Secretary explained.
