Nigeria’s leading tier-2 bank, First City Monument Bank (FCMB) recorded significant losses at the first trading session of 2020.
What you must know: At about 10.55 am, the tier-2 Banking stock was trading at N3.00, printing a decline of 9.91% at the Nigerian bourse.
READ: First City Monument Bank Ltd issues N20 billion commercial paper
However, it’s critical to note FCMB is still the best performing Nigerian bank stock with yearly returns at 70%.
What this means: The plunge in share price is largely attributed to growing concerns among investors on recent reports stating the Management of First City Monument Bank Limited (FCMB) had announced it is currently investigating the allegation involving its Managing Director, Adam Nuru.
READ: FCMB postpones issuance of its recently announced Commercial Paper worth N30 billion
This was according to an exclusive press release made available to Nairametrics and signed by the Head of Corporate Affairs, FCMB Group, Diran Olojo.
READ: 54gene partners FCMB, others to donate mobile laboratories to Lagos, Ogun States
Good evening, my name sake, I am Adesina by name too, I have interest in trading but I have lost a lot of money on it, still I have not gotten there. How can you bring me up to be expart too.