- To close June 03, 2025
The First City Monument Bank Limited N70 billion commercial papers in series I and 2 which opened on 27th May 2025, is scheduled to close on June 03, 2025, after a one week offer period.
First City Monument Bank Limited’s (“FCMB” or “the Bank” or “the Issuer”) lumched up to NGN 70 Billion Series 1 & 2 Commercial Paper Issuance (the “Issuance”, the “CP” or the “Offer”) under the NGN100 Billion Multi-currency Commercial Paper Issuance Programme. The Program, which is still open, is scheduled to close on Tuesday 3 June 2025.
FCMB is a subsidiary of FCMB Group Plc (the “Group”), a leading financial services group in Nigeria, with key operations in banking, consumer finance, investment management, investment banking, and financial technology. FCMB offers dependable financial solutions that contribute to the growth and success of individuals, businesses, and communities.
As part of the Group, FCMB leverages a robust network of financial expertise and innovative technology to deliver a wide range of products and services tailored to meet the diverse needs of its clients. This approach enables the Bank to remain agile and responsive in a dynamic financial landscape, ensuring consistent value creation for its customers across all segments. As of December 2024, the total assets of the Bank were NGN6.90 trillion, compared to the NGN4.31 trillion recorded in December 2023.
The net proceeds from the Issuances, according to the bank, will be used to shore up the Bank’s short-term capital needs and strengthen its capacity to lend to the private sector in order to stimulate economic growth.
The summary of the indicative terms of the offer, shows that the Issuers FCMB, under the CP program size of N100 billion, is offering issue size of N70 billion spread over series and series 2, with Cowry assets management limited as dealer.
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