FCMB Set To Repay N82.6bn Debt Owed Proparco, AfDB, Others

First City Monument Bank Group Plc is warming up to repay N82.6bn maturing debt secured from four different financiers.

The debts were secured from Oikocredit Cooperative Society, Netherlands, Societe De Promotion et De Participation Pour La Cooperation Economique SA. (Proparco), African Export-Import Bank (Afrexim) and African Development Bank (AfDB).

This was revealed in the group’s Financial Statement for 2023 analysed by THE WHISTLER.

FCMB secured $10m from Oikocredit Cooperative Society, Netherlands and has an outstanding balance of N4.87bn maturing April 2026.

“The amount of N4,874,609,000 (31 December 2022: N3,727,422,000) represents an unsecured facility of $10mn granted by Oikocredit Cooperative Society, Netherlands repayable installmentally over a tenor of 5 years maturing 20 April 2026 with an interest rate of 6 months USD SOFR + 5.0 per cent,” the books revealed.

The group secured a loan amount of N28.31bn (31 December 2022: N16,170,632,000), representing an unsecured facility of $35m granted by Proparco.

The debt is repayable after a tenor of 5 years maturing 26 November 2026 with an interest rate of 6 months USD SOFR + 5.40 per cent.

FCMB also secured N23.3bn (31 December 2022: N27,665,668,000) which represents an unsecured facility of $100m granted by Afrexim Bank.

THE WHISTLER understands that the loan amount is repayable in installments over a tenor of 3 years maturing 30 June 2024 with an interest rate of 3 months USD SOFR + 5.65 per cent.

The books also revealed FCMB Group to another N26.1bn being an unsecured facility of $33m granted by AfDB. The loan is repayable after a tenor of 7 years maturing 1 August 2029 with an interest rate of 6 months USD SOFR + 4.75 per cent.

The group said it has not defaulted in the payment of principal or interest or “been in breach of any covenant relating to the liabilities during the year December 31, 2022.”