Nigeria: FCMB to Raise N30 Billion from Debt Market

FCMB Plc has announced a plan to raise about N30 billion from the local debt capital market, the group said in a regulatory filing submitted to the Nigerian Exchange.

According to the statement, book building for the issuance has commenced. It noted that the amount which the group plans to raise is part of its N300 billion debt issuance programme.

Management hints that registration of the bond issuance programmes has been duly completed; with no objection.

“FCMB Group has completed the registration of its N300 billion Debt Issuance Programme with the Securities and Exchange Commission and received the Commission’s approval to launch the Series I up to N30 Billion perpetual fixed rate Resettable NC5.25 Additional Tier 1 Bond”

It said the Issuance represents the first non-sharia local currency AT1 instrument to be issued in Nigeria. FCMB Group has however commenced the book build in respect of the Series I Bond on January 24, 2023.