Onome Amuge
First Bank of Nigeria Limited (FirstBank) has fully redeemed its $350 million Eurobond upon maturity, reaffirming its reputation for disciplined financial management and strong investor confidence in the 131-year-old institution.
The Eurobond, issued as Senior Notes in October 2020, carried a coupon rate of 8.625 per cent with semi-annual payments and was 70 per cent oversubscribed at the time of issuance.
Proceeds from the bond were deployed to finance several strategic customer projects, including initiatives of national and economic importance, in line with the bank’s role in driving sustainable economic growth.
In a statement, FirstBank described the successful redemption as a testament to its effective asset and liability management strategy, solid foreign currency liquidity position, and consistent market credibility. The move marks another milestone in the bank’s history of honouring international obligations, further cementing its position as a trusted issuer in the global financial markets.
With this latest redemption, FirstBank has now successfully repaid a cumulative $1.275 billion across four Eurobond maturities since its first issue in 2007.
Speaking on the development, Olusegun Alebiosu, managing director and chief executive officer of FirstBank Group, said the redemption was funded 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, unrivalled franchise strength, and the confidence that the investment community continues to repose in FirstBank,” Alebiosu said.
He reaffirmed the Bank’s commitment to sustaining its leadership in corporate and transaction banking across Nigeria and Sub-Saharan Africa, while continuing to deliver innovative solutions that meet clients’ treasury, trade finance, and cash management needs.
According to him, FirstBank’s ongoing technological transformation, including major investments in digital infrastructure, is positioning the Bank to further enhance customer experience and operational efficiency.
The bank’s strong fundamentals have also been recognised by international rating agencies. Recently, Fitch Ratings affirmed FirstBank’s Long-Term Issuer Default Ratings (IDR) at ‘B’ and upgraded its National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with a Stable Outlook. The upgrade reflects improved credit quality and sound balance sheet fundamentals.
FirstBank’s performance and strategic direction have also attracted global recognition. In 2024, Euromoney, Global Finance, and the World Economic Magazine named it the Best Bank for Corporates in Nigeria, highlighting its dominance in corporate and institutional banking.
Founded in 1894, FirstBank remains West Africa’s oldest financial institution and a leading provider of financial inclusion and digital banking services across Africa. Its international operations span Africa, Europe, and Asia, with subsidiaries in Ghana, The Gambia, Guinea, Sierra Leone, Senegal, and the Democratic Republic of Congo, as well as offices in London, Paris, and Beijing.
Beyond domestic banking, the group facilitates cross-border trade flows between Africa, Europe, and Asia, positioning itself as a bridge for international commerce and investment into Nigeria and the broader continent.
