First Bank of Nigeria Limited (FirstBank) has reinforced its financial strength and investor confidence by successfully redeeming its $350 million Eurobond upon maturity, a milestone that underscores the bank’s effective asset and liability management strategy and robust liquidity position.

The Eurobond, issued in October 2020 as Senior Notes at 8.625 per cent with semi-yearly coupon payments, was 70 per cent oversubscribed at the time, reflecting strong investor appetite and confidence in the bank’s creditworthiness. The proceeds were deployed to finance several customer projects, including ventures of significant national and economic importance.

According to the bank, the full redemption was made entirely from its balance sheet, highlighting what it described as the strength of its franchise and sound liquidity management. With this latest milestone, FirstBank has now redeemed a cumulative $1.275 billion across four Eurobond maturities since its first international debt issuance in 2007.

Commenting on the development, Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the redemption demonstrates the bank’s robust financial capacity and strategic balance sheet management.

He 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.”

Alebiosu reaffirmed the bank’s 131-year legacy as a leader in Nigeria’s corporate banking space, assuring customers of its continued commitment to meeting transaction banking, treasury, and cash management needs through innovative solutions powered by recent technology investments designed to enhance customer experience.