FirstBank Displays Solid Management with Eurobond Payback

First Bank of Nigeria Limited (FirstBank), West Africa’s premier financial institution and a key driver of financial inclusion, has successfully redeemed its $350 million Eurobond upon maturity on October 27, 2025, marking another milestone in the Bank’s legacy of financial strength and credibility.

The Eurobond, issued in October 2020 as Senior Notes with an 8.625% coupon rate and semi-annual interest payments, was oversubscribed by 70% at issuance — a testament to investors’ trust in the Bank’s brand, governance, and market position. Proceeds from the bond were used to finance critical customer projects of national and economic significance.

According to FirstBank, the full redemption was funded entirely from its balance sheet, reflecting its strong foreign currency liquidity, prudent liability management strategy, and robust financial health. The bank highlighted that with this latest redemption, it has now successfully redeemed $1.275 billion across four Eurobond maturities since its first international debt issuance in 2007.

Commenting on the development, Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, said the redemption underscores the Bank’s sound asset and liability management practices and reaffirms its position as a trusted institution among global investors.

“This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior financial management, unrivalled franchise strength, and the confidence that the international investment community continues to repose in us,” Alebiosu stated.

He further emphasized FirstBank’s 131-year legacy as a leader in corporate and transaction banking across Nigeria and Sub-Saharan Africa. Alebiosu assured customers that the Bank remains committed to delivering advanced treasury and cash management solutions, powered by modern digital technology investments that enhance efficiency and customer experience.

The Bank’s strong financial standing has also been recognized by international rating agencies. Fitch Ratings recently affirmed FirstBank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Ratingto ‘A+(nga)’ from ‘A(nga)’, both with a Stable Outlook — signaling sustained confidence in its financial stability and risk profile.

In addition, FirstBank’s excellence in corporate and transaction banking has earned it multiple international awards, including “Best Bank for Corporates 2024” from Euromoney, Global Finance, and World Economic Magazine, solidifying its reputation as Nigeria’s most trusted corporate financial partner.