First Bank of Nigeria Limited (FirstBank), the premier bank in West Africa and a leading financial inclusion service provider, has successfully redeemed its $350 million Eurobond upon maturity on October 27, 2025.
The Eurobond, issued in October 2020 as Senior Notes at a coupon rate of 8.625% with semi-annual interest payments, was 70% oversubscribed at the time of issuance — a reflection of strong investor confidence and the bank’s deep access to international capital markets.
In a statement, the bank said the successful redemption of the five-year bond underscores its financial strength, robust liquidity position, and unwavering commitment to meeting all obligations to investors.
“FirstBank’s redemption of the $350 million Eurobond at maturity demonstrates the institution’s prudent financial management and reinforces investor trust in our brand,” the statement read.
“We remain committed to maintaining our reputation as a leading and reliable financial partner in Nigeria and beyond.”
The 2020 Eurobond issuance was part of FirstBank’s strategic capital management initiatives aimed at enhancing its funding base and supporting long-term growth.
Industry analysts have commended the bank’s timely redemption, describing it as a testament to its resilience, operational soundness, and effective risk management amid global and domestic economic challenges.
With the redemption, FirstBank continues to solidify its position as a key player in Nigeria’s banking sector, maintaining a legacy of over 130 years of providing innovative and dependable financial services across Africa and beyond.
