Firstbank Showcases Strong Asset and Liability Management Through Successful Eurobond Redemption

First Bank of Nigeria Limited (FirstBank), a pioneer in West African banking and a leading provider of financial inclusion services, has announced the successful redemption of its $350 million Eurobond, which matured on October 27, 2025.

The Eurobond, issued in October 2020 as Senior Notes at 8.625% with semi-annual coupon payments, was 70% oversubscribed at issuance — a testament to the bank’s strong market credibility and investor confidence. Proceeds from the bond were utilised to support various customer projects, including those of significant national and economic impact.

The successful redemption underscores FirstBank’s prudent liability management strategy, solid foreign currency liquidity, and strong institutional franchise. It also reinforces the bank’s standing as a trusted issuer in the global financial market. With this latest redemption, FirstBank has now fully redeemed a total of $1.275 billion across four maturities since its first Eurobond issuance in 2007.

Group Chief Executive Officer, Olusegun Alebiosu, described the milestone as a reflection of the bank’s financial strength and commitment to excellence. “This redemption, fully funded from our balance sheet, highlights FirstBank’s strong asset and liability management, franchise strength, and the confidence investors continue to place in us,” he stated.

Alebiosu reaffirmed the bank’s 131-year legacy of leadership in corporate banking across Nigeria and Sub-Saharan Africa. He also reiterated FirstBank’s commitment to delivering exceptional transaction banking, treasury, and cash management solutions through innovative, technology-driven services designed to enhance customer experience.

Recently, Fitch Ratings affirmed FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded its National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with stable outlooks — further validating the bank’s financial resilience and credit quality.

In recognition of its leadership in corporate and transaction banking, FirstBank was honoured as the Best Bank for Corporates in 2024 by Euromoney, Global Finance, and World Economic Magazine