By Modupe Gbadeyanka
On Wednesday, October 25, 2017, FMDQ approved the registration of the First City Monument Bank (FCMB) Limited N100 billion Commercial Paper (CP) Programme on its platform.
Commercial papers are mainly unsecured, short-term debt instruments issued by companies, usually for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial papers rarely range any longer than 270 days.
With the registration of this CP programme, FCMB will be able to easily raise short-term finance from the debt capital markets (DCM), within its respective programme limit, to support its business operations as at when required in the future.
According to FMDQ, the approval is well in line with its aspiration to support institutional growth and stimulate continuous development of the Nigerian economy at large.
FMDQ continues to exert commendable efforts in aligning the Nigerian financial markets to international standards, and has, through the promotion of product innovation and the championing of key market development initiatives, ensured that opportunities abound for the markets under its purview.
FMDQ further said it approved the registration following all due diligence and also to maintain its support for the development of the Nigerian debt capital markets.
FCMB is a full service banking group, headquartered in Lagos, with the vision ‘to be the premier financial services group of African origin.’
Adedapo Adesanya