First City Monument Bank Plc has unveiled a plan to raise N30bn from the local debt capital market, the group said in a regulatory filing.

In a public disclosure submitted to the Nigerian Exchange Limited and obtained on Wednesday, the bank said the book building for the issuance had commenced. It noted that the amount which the group planned to raise was part of its N300bn debt issuance programme.

The management hinted that registration of the bond issuance programmes had been duly completed with no objection.

The bank said, “FCMB Group has completed the registration of its N300bn debt issuance programme with the Securities and Exchange Commission and received the Commission’s approval to launch the Series I up to N30bn perpetual fixed rate Resettable NC5.25 Additional Tier 1 Bond.”

It noted that the issuance represented 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.