FirstBank of Nigeria Limited has successfully redeemed its $350 million Eurobond, showcasing strong assets and liability management as well as investor confidence in the bank’s financial strength.
The redemption, which was completed on October 27, 2025, marks another milestone in the bank’s long-standing reputation as one of Nigeria’s most reliable financial institutions.
The Eurobond, issued in October 2020 as Senior Notes at 8.625 percent, was 70 percent oversubscribed at the time of issuance, reflecting investors’ trust in the bank’s credibility and governance. The funds raised from the bond were deployed to finance various customer projects, including those critical to national and economic development.
In a statement, the Group Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, said the redemption was financed entirely from the bank’s balance sheet. “This redemption is entirely from the bank’s balance sheet, reflecting FirstBank’s superior assets and liabilities management and the unrivalled franchise strength that reinforces the confidence of the investment community,” he said.
Alebiosu added that the successful repayment demonstrated the bank’s robust foreign currency liquidity and strategic approach to liability management. With this milestone, FirstBank has now redeemed a total of $1.275 billion across four maturities since its first Eurobond issuance in 2007, further solidifying its reputation as a preferred issuer in the international investment market.
The FirstBank CEO reaffirmed the institution’s commitment to serving its customers through improved products and technology-driven banking services. “We remain dedicated to meeting our customers’ transaction banking, treasury and cash management needs through innovative solutions backed by modern technology,” he noted.
Recently, global credit rating agency Fitch affirmed FirstBank’s Long-Term Issuer Default Rating at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ with a stable outlook, confirming the bank’s solid balance sheet. The bank was also recognized as the “Best Bank for Corporates 2024” by Euromoney, Global Finance and World Economic Magazine, for its excellence in corporate and transaction banking.
