First Bank of Nigeria Limited (FirstBank), West Africa’s premier financial institution and a leading driver of financial inclusion, has announced the successful redemption of its $350 million Eurobond upon maturity on October 27, 2025.
Issued in October 2020 as Senior Notes at an 8.625% coupon rate with semi-annual payments, the Eurobond was 70% oversubscribed, reflecting strong investor confidence and FirstBank’s deep market access at the time of issuance.
According to the bank, proceeds from the 2020 issuance were used to finance several customer projects and strategic initiatives across key sectors of the economy, many of which were of vital national and economic importance.
The latest redemption, fully funded from the bank’s balance sheet, underscores FirstBank’s effective liability management strategy, robust foreign currency liquidity, and financial resilience. It also strengthens the bank’s position as a trusted and preferred issuer within the international investment community.
With this latest repayment, FirstBank has now successfully redeemed $1.275 billion across four Eurobond maturities since its debut issuance in 2007.
Speaking on the milestone, Olusegun Alebiosu, Chief Executive Officer, FirstBank Group, said the achievement reflects the bank’s financial strength and credibility:“This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior asset and liability management, unrivalled franchise strength, and the confidence that the investment community continues to repose in us.”
Alebiosu reaffirmed FirstBank’s 131-year legacy as a trailblazer in corporate banking across Nigeria and Sub-Saharan Africa. He assured customers of the bank’s continued commitment to delivering innovative transaction banking, treasury, and cash management services, driven by ongoing investments in cutting-edge technology to enhance customer experience.
In a related development, Fitch Ratings recently affirmed FirstBank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, both with a Stable Outlook—a testament to the bank’s strong credit profile and sound balance sheet quality.
Reinforcing its industry leadership, FirstBank was also named “Best Bank for Corporates” in 2024 by Euromoney, Global Finance, and World Economic Magazine, in recognition of its excellence in corporate and transaction banking services.
