FCMB Group Plc has announced intentions to the launch its N100bn Commercial Paper programme through one of its subsidiaries, First City Monument Bank Limited.

According to a notice filed by the firm to the Nigerian Stock Exchange, the bank is hoping to raise N20bn from the programme.

The commercial paper has a tenor date of 269 days. The aim is to raise money to support the Bank's short-term funding needs.

This is the bank's inaugural commercial paper programme.

First City Monument Bank Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.