FCMB Group Plc has notified the Nigerian Stock Exchange (NSE) and its esteemed shareholders that the proposed Commercial Paper Issuance (“CP”) by one of its subsidiaries, First City Monument Bank Limited has been suspended.
Recall that FCMB Group last week announced that First City Monument Bank Limited (the Bank) is undertaking a Commercial Paper Issuance (“CP”) under its N100 billion-naira CP programme. The CP has a tenor of 260 days with the aim of raising up to N30 billion to support the Bank’s shortterm funding needs. The Commercial Paper serves as an additional funding source for the Bank.
The suspension of the proposed Commercial Paper programme is as a result of the Nigerian Treasury Bills auction of Wednesday, 9 December 2020, which distorted price discovery.