First Bank of Nigeria Limited said it has successfully redeemed its $350 million Eurobond, reaffirming its liquidity and financial stability.
The parent company, First HoldCo Plc, disclosed this in a statement on Wednesday, October 29.
It noted that the Eurobond, issued in October 2020, matured on October 27, 2025.
It also noted that the Eurobond issued as Senior Notes at an 8.625 per cent coupon rate with semi-annual interest payments was 70 per cent oversubscribed at issuance.
According to the group, this reflects FirstBank’s strong market reputation and the enduring confidence of international investors in the institution’s stability and governance.
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The group stated that the proceeds from the issuance were deployed to support strategic customer projects and key national initiatives, reinforcing the bank’s pivotal role in Nigeria’s economic development.
“This redemption marks another milestone in the Bank’s disciplined liability management strategy, underscoring its robust foreign currency liquidity, prudent risk management, and sound balance sheet.
“With this, First Bank has now redeemed an aggregate of $1.275 billion across four Eurobond maturities since its inaugural issuance in 2007, further cementing its standing as a consistent and
credible issuer in global capital markets,” FirstHoldCo stated.
Reflecting its strong fundamentals, Fitch Ratings recently affirmed FirstHoldCo and 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 a Stable Outlook.
S&P Ratings also recently affirmed the ratings of the FirstHoldCo and FirstBank (Lead Bank) at B-/Stable.
The bank was recently named “Best Bank for Corporates 2024” by Euromoney, Global Finance, and World Economic Magazine.
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Commenting on the milestone, the Chief Executive Officer (CEO), First Bank Group, Olusegun Alebiosu, said, “This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior assets and liabilities management, the unrivalled franchise strength and reinforces the confidence that the investment community reposes in FirstBank.”
He reaffirmed FirstBank’s 131-year legacy as a leader in corporate banking in Nigeria and across Sub-Saharan Africa.
Alebiosu also assured customers of the Bank’s commitment to meeting their transaction banking, treasury and cash management needs, through differentiated product offerings, powered by recent cutting-edge technological investments aimed at further streamlining its processes and improving customer experience.
Pinnacle Daily can report that the group’s financial position stood at N27.2 trillion in total assets as of June 2025, while the company had N458.05 billion, with a net asset of N2.95 trillion and N428.38 billion, respectively.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
