Firstbank Completes Redemption Of $350 Million Eurobond

FirstBank of Nigeria Limited, a subsidiary of FBN Holdings Plc (FirstHoldCo), has fully redeemed its $350 million subordinated Eurobond due in October 2025, reaffirming its strong liquidity and financial resilience.

The Eurobond, issued in 2020 at an 8.625% coupon rate, matured on October 23, 2025, and was repaid in full from the bank’s balance sheet without any refinancing. This achievement highlights FirstBank’s solid capital position and disciplined risk management strategy.

In a statement filed with the Nigerian Exchange Limited on Wednesday, the bank noted that the successful redemption reflects its unwavering commitment to maintaining investor confidence and preserving its reputation in the global debt market.

Since 2007, FirstBank has issued and fully redeemed four Eurobonds, totalling $1.275 billion, underscoring its consistent financial performance and reliability in meeting international debt obligations. Recently, Fitch Ratings and Standard & Poor’s reaffirmed the credit ratings of both FBN Holdings and FirstBank, maintaining a stable outlook on the group’s operations.

Commenting on the development, FirstBank CEO Olusegun Alebiosu said the successful Eurobond redemption “demonstrates our strong financial fundamentals and the enduring trust of our stakeholders in the FirstBank brand.”

He added that the bank remains committed to pursuing sustainable funding options to drive growth and support key sectors of the Nigerian economy.