FCMB shares down six percent on first trading day of 2021

Shares belonging to First City Monument Bank (FCMB) posted losses in the early hours of trading on Monday, the first trading day of 2021.

Data made available on the Nigerian Stock Exchange website showed that the bank’s shares lost 0.20k from the N3.33k it closed at on Thursday, December 31.

This represents a loss of 6.01 percent.

The tier-2 bank, which has a market capitalisation of N65.94 billion, has 19.8 billion shares listed on the Nigerian Stock Exchange.

The bank was ranked top loser on the market as at 1:00pm on Monday.

The last time the bank’s share price suffered a decline of this magnitude was on November 13 when it suffered a 10 percent decline from N3.80 per share on November 12 to N3.42 per share on November 13.

Adam Nuru, FCMB managing director, was in the news over the weekend after a campaign calling for his dismissal on ethical grounds was launched.

The campaign called on the Central Bank of Nigeria (CBN) to dismiss Nuru over an alleged paternity scandal.

The spotlight had beamed on Nuru after friends of Tunde Thomas, who died on December 16, alleged that his demise was caused by the FCMB’s managing director in a petition.

The petition had claimed that Thomas died of depression after discovering that his two children with Moyo, his ex-wife and former employee of the bank, belong to Nuru.