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.
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.
This was according to an exclusive press release made available to Nairametrics and signed by the Head of Corporate Affairs, FCMB Group, Diran Olojo.