FirstBank of Nigeria Limited, a subsidiary of FBN Holdings Plc (FirstHoldCo), has successfully redeemed its $350 million subordinated Eurobond, which matured in October 2025.
The repayment marks another milestone in the bank’s consistent demonstration of financial discipline and market credibility.
Issued in 2020 with a coupon rate of 8.625%, the Eurobond reached maturity on October 23, 2025, and was fully repaid from the bank’s balance sheet — without the need for refinancing.
This move, according to a statement filed with the Nigerian Exchange Limited yesterday, highlights FirstBank’s strong liquidity position and robust risk management strategy.
Since 2007, FirstBank has issued and redeemed four Eurobonds worth a cumulative $1.275 billion, further establishing its reputation as a reliable player in the international debt market.
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The bank noted that the consistent repayment of its obligations reflects its commitment to investor confidence and long-term financial stability.
Both Fitch Ratings and Standard & Poor’s recently affirmed FBN Holdings and FirstBank’s credit ratings, maintaining a stable outlook on the group’s operations.
Commenting on the development, FirstBank CEO, Olusegun Alebiosu, described the successful redemption as proof of the bank’s solid fundamentals and stakeholder trust.
“This redemption reinforces our strong financial fundamentals and the confidence our stakeholders have in the FirstBank brand,” he said. Alebiosu added that the bank will continue to explore sustainable funding strategies to support growth and innovation across critical sectors of the Nigerian economy.
With this latest redemption, FirstBank strengthens its legacy as one of Nigeria’s most dependable financial institutions, maintaining a balance between profitability, stability, and sustainable impact.
