FirstBank Redeems $350 Million Eurobond, Showcasing Financial Strength and Market Leadership
In a powerful demonstration of financial discipline and balance sheet resilience, First Bank of Nigeria Limited (FirstBank) has successfully redeemed its $350 million Eurobond upon maturity on October 27, 2025 — a milestone that underscores the bank’s effective assets and liability management strategy and long-standing investor confidence.
A Testament to Strong Market Confidence
The Eurobond, issued in October 2020, carried an 8.625% coupon rate with semi-annual payments and was 70% oversubscribed at issuance — a clear sign of the deep trust and global market access FirstBank enjoys.
The funds raised through the Senior Notes were used to support a range of customer projects and nationally significant economic activities, contributing meaningfully to Nigeria’s financial and developmental landscape.
By fulfilling its repayment obligations seamlessly, FirstBank has once again proven its position as a credible and disciplined issuer within the international investment community.
$1.275 Billion Redeemed Across Four Eurobond Issues
This latest redemption brings FirstBank’s total Eurobond redemptions to an impressive $1.275 billion, spanning four maturities since its first issue in 2007.
The achievement reflects years of sound financial management, strategic foresight, and an unwavering commitment to maintaining investor trust.
CEO Reaffirms Legacy of Stability and Leadership
Speaking on the milestone, Mr. Olusegun Alebiosu, CEO of FirstBank Group, expressed pride in the bank’s accomplishment, emphasizing that the redemption was entirely funded from the bank’s balance sheet — a strong indicator of FirstBank’s superior liquidity position and effective risk management.
“This redemption reflects FirstBank’s superior asset and liability management, its unrivalled franchise strength, and reinforces the confidence that the investment community reposes in us,”
— Mr. Alebiosu stated.
He also reaffirmed the bank’s 131-year legacy of financial leadership across Nigeria and Sub-Saharan Africa, pledging continued dedication to delivering innovative transaction banking, treasury, and cash management solutions.
Alebiosu noted that the bank’s recent technology-driven transformation will continue to enhance operational efficiency and elevate customer experience across all channels.
Endorsement from Fitch and Industry Recognition
Adding to this success, Fitch Ratings recently affirmed FirstBank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’, with a Stable Outlook.
This upgrade reinforces the bank’s strong credit profile, excellent balance sheet quality, and consistent ability to meet financial obligations — key indicators of institutional health and investor reliability.
In recognition of its exceptional corporate banking capabilities, FirstBank was also honored as the “Best Bank for Corporates in 2024” by Euromoney, Global Finance, and World Economic Magazine — affirming its leadership in Nigeria’s financial services landscape.
⚙️ A Strategic Future Ahead
As FirstBank closes another successful chapter with the Eurobond redemption, it continues to strengthen its role as a pillar of stability in the Nigerian financial system.
With its proven foreign currency liquidity, robust governance framework, and ongoing investments in digital transformation, the bank is well positioned to lead the next era of inclusive financial growth and cross-border expansion.
Key Takeaway for Investors
FirstBank’s Eurobond redemption is not just a financial milestone — it’s a statement of confidence, credibility, and capability.
It signals that Nigeria’s oldest bank remains financially strong, globally trusted, and strategically focused on delivering value to its stakeholders and the wider economy.
In summary:
Strong leadership + disciplined balance sheet + investor trust = enduring financial excellence.
In a powerful demonstration of financial discipline and balance sheet resilience, First Bank of Nigeria Limited (FirstBank) has successfully redeemed its $350 million Eurobond upon maturity on October 27, 2025 — a milestone that underscores the bank’s effective assets and liability management strategy and long-standing investor confidence.
A Testament to Strong Market Confidence
The Eurobond, issued in October 2020, carried an 8.625% coupon rate with semi-annual payments and was 70% oversubscribed at issuance — a clear sign of the deep trust and global market access FirstBank enjoys.
The funds raised through the Senior Notes were used to support a range of customer projects and nationally significant economic activities, contributing meaningfully to Nigeria’s financial and developmental landscape.
By fulfilling its repayment obligations seamlessly, FirstBank has once again proven its position as a credible and disciplined issuer within the international investment community.
$1.275 Billion Redeemed Across Four Eurobond Issues
This latest redemption brings FirstBank’s total Eurobond redemptions to an impressive $1.275 billion, spanning four maturities since its first issue in 2007.
The achievement reflects years of sound financial management, strategic foresight, and an unwavering commitment to maintaining investor trust.
CEO Reaffirms Legacy of Stability and Leadership
Speaking on the milestone, Mr. Olusegun Alebiosu, CEO of FirstBank Group, expressed pride in the bank’s accomplishment, emphasizing that the redemption was entirely funded from the bank’s balance sheet — a strong indicator of FirstBank’s superior liquidity position and effective risk management.
“This redemption reflects FirstBank’s superior asset and liability management, its unrivalled franchise strength, and reinforces the confidence that the investment community reposes in us,”
— Mr. Alebiosu stated.
He also reaffirmed the bank’s 131-year legacy of financial leadership across Nigeria and Sub-Saharan Africa, pledging continued dedication to delivering innovative transaction banking, treasury, and cash management solutions.
Alebiosu noted that the bank’s recent technology-driven transformation will continue to enhance operational efficiency and elevate customer experience across all channels.
Endorsement from Fitch and Industry Recognition
Adding to this success, Fitch Ratings recently affirmed FirstBank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’, with a Stable Outlook.
This upgrade reinforces the bank’s strong credit profile, excellent balance sheet quality, and consistent ability to meet financial obligations — key indicators of institutional health and investor reliability.
In recognition of its exceptional corporate banking capabilities, FirstBank was also honored as the “Best Bank for Corporates in 2024” by Euromoney, Global Finance, and World Economic Magazine — affirming its leadership in Nigeria’s financial services landscape.
⚙️ A Strategic Future Ahead
As FirstBank closes another successful chapter with the Eurobond redemption, it continues to strengthen its role as a pillar of stability in the Nigerian financial system.
With its proven foreign currency liquidity, robust governance framework, and ongoing investments in digital transformation, the bank is well positioned to lead the next era of inclusive financial growth and cross-border expansion.
Key Takeaway for Investors
FirstBank’s Eurobond redemption is not just a financial milestone — it’s a statement of confidence, credibility, and capability.
It signals that Nigeria’s oldest bank remains financially strong, globally trusted, and strategically focused on delivering value to its stakeholders and the wider economy.
In summary:
Strong leadership + disciplined balance sheet + investor trust = enduring financial excellence.