• Wednesday, July 24, 2024
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FCMB suspends proposed N30bn Commercial Paper issuance

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FCMB Group Plc has notified the Nigerian Stock Exchange (NSE) and its esteemed shareholders that the proposed Commercial Paper (CP) Issuance by one of its subsidiaries, First City Monument Bank Limited (the Bank) has been suspended.

“This is as a result of the Nigerian Treasury Bills auction of Wednesday, December 9, 2020, which distorted price discovery”, FCMB said in a recent notice.

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Recall that FCMB Group had last week said its banking subsidiary will undertake a Commercial Paper Issuance (CP) under its N100 billion CP programme.

The CP was meant to have a tenor of 260 days with the aim of raising up to N30billion to support the bank’s short term funding needs. The CP serves as an additional funding source for the bank.