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First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc (“FirstHoldCo”), has successfully redeemed its $350 million Eurobond upon maturity on October 27, 2025.
The Eurobond was issued in October 2020 as Senior Notes with an 8.625% coupon rate and semi-annual interest payments.
It was 70% oversubscribed at issuance as FirstBank’s strong market reputation bolstered investor confidence in its financial strength and governance.
According to the Group, proceeds from the 2020 issuance were utilized to support strategic customer projects and key national development initiatives, reinforcing FirstBank’s long-standing role in Nigeria’s economic growth.
With this redemption, FirstBank has now repaid a total of $1.275 billion across four Eurobond maturities since its inaugural issuance in 2007, strengthening its track record as a credible issuer in the international capital market.
Fitch Ratings recently affirmed FBN Holdings and FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded their National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, with a Stable Outlook. Similarly, S&P Ratings affirmed the Group and the Lead Bank’s ratings at B-/Stable.
FirstBank has also received multiple international recognitions, including “Best Bank for Corporates 2024” from Euromoney, Global Finance, and World Economic Magazine.
Commenting on the milestone, Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, said:
“This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior assets and liabilities management, its unrivalled franchise strength, and the continued confidence of the investment community.”
He reaffirmed FirstBank’s 131-year legacy as a leader in corporate banking across Nigeria and Sub-Saharan Africa and assured customers of continued excellence in transaction banking, treasury, and cash management services.
He added that the bank’s recent technological investments are aimed at streamlining processes and enhancing customer experience.
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