FCMB Group lends N20.68 billion from the bond market to financial institutions, other finance corporates, Trustees and high net-worth individuals.Information Guide Nigeria

According to RIPPLES NIGERIA, the fund, raised under FCMB’s N300,000,000,000 Debt Issuance Programme in the Nigerian capital market, will be invested in the Group’s banking subsidiary – First City Monument Bank Limited – to enhance the Bank’s Tier 1 and total capital adequacy ratios.

The group will expand its support for the growth and development of the Nigerian economy, a statement obtained on Friday, but dated March 16, 2023, discloses.

Other Top Stories:

• FG Cautioned against Additional Borrowing from Central Bank
• CSO begs Wike to pay 7yrs salary arrears of Rivers teachers
• KADSUBEB explains February salary delay
• Brothers reportedly Kill Security Man, Son In Enugu

The statement addressed to shareholders and the investing public reads: “FCMB Group Plc (“FCMB Group” or “the Group”) has successfully completed the issuance of a N20,686,000,000 Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds (“the Series I Bond” or “the AT1” or “the Instrument”) under its N300,000,000,000 Debt Issuance Programme.NYSC Portal

“The Group’s AT1 Issuance is the first non-sharia local currency AT1 instrument issued in Nigeria and the Group’s maiden issuance of its N300 billion funding programme in the Nigerian Capital Markets to support its next phase of growth.

“The book build commenced on January 24, 2023, and closed on February 3, 2023. The offer was well received by the market with active participation from a diverse range of high-value investors, including Corporates, other Financial Institutions, Trustees and high net-worth individuals. The AT1 instrument was issued at a clearing coupon rate of 16.0% per annum.

“The successful Series I Bond issuance highlights the Group’s track record of innovation across a broad spectrum of the Nigerian financial service industry and is in line with the Central Bank of Nigeria’s desire for financial sector stability and well capitalized banks. The net proceeds from the Series I Bond will be invested in the Group’s Banking

“Subsidiary – First City Monument Bank Limited (“the Bank”) – enhancing the Bank’s Tier 1 and total capital adequacy ratios and enabling the Group and the Bank to expand its support for the growth and development of the Nigerian economy.”JAMB Result

Check JAMB Result

Check and Confirm: How much is Dollar to Naira