FirstBank Demonstrates Effective Assets and Liability Management with Eurobond Redemption
First Bank of Nigeria Limited (FirstBank), the premier bank in West Africa and a leading financial inclusion service provider, is pleased to announce that it has redeemed its $350 million Eurobond upon maturity on 27 October 2025.
The Eurobond was issued as Senior Notes in October 2020 at 8.625% with semi-annual coupon payments, which was 70% oversubscribed at the time, evidencing FirstBank’s deep market access and investor confidence.
The proceeds of the Senior Notes were used to, among others, finance various customer projects and activities, some of which were of vital national and economic importance.
This redemption reflects FirstBank’s effective liability management strategy and further demonstrates the Bank’s robust foreign currency liquidity and unrivalled franchise strength, while cementing the Bank as a preferred issuer in the international investment community. With this redemption, FirstBank has now successfully redeemed $1.275 billion over 4 maturities, since it 2007 vintage issue.
Commenting on the milestone, CEO, FirstBank Group, Olusegun Alebiosu, stated, “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.”
Mr. Alebiosu reaffirmed FirstBank’s 131-year legacy as a leader in corporate banking in Nigeria and across Sub-Saharan Africa. He also assured customers of the Bank’s commitment to meeting their transaction banking, treasury and cash management needs, through differentiated product offerings, powered by recent cutting-edge technological investments aimed at further streamlining its processes and improving customer experience.
Recently, Fitch affirmed FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded the bank’s National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with ‘Stable’ outlooks, further reinforcing the Bank’s credit capacity and excellent balance sheet quality.
In recognition of FirstBank’s leadership in corporate and transaction banking in Nigeria, the Bank was awarded the Best Bank for Corporates in 2024 by Euromoney, Global Finance and World Economic Magazine.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.
For over 13 decades, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually over 25 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
With over 43 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 300,000 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 41%:59%; and 37% women in management roles) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
Significantly, FirstBank’s Global Credit Rating was A+, while ratings by Fitch and Standard & Poor’s were A+(nga) and ngBBB+ respectively both with Stable outlooks as at September 2025. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
In 2024, FirstBank received notable international awards and accolades. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.
FirstBank has continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2025 which includes Best SME Bank in Nigeria 2025 and Best SME Bank in Africa 2025 by The Asian Banker; Best Private Bank in Nigeria 2025 and Best Private Bank for Sustainable Investing in Africa 2025 by Global Finance Awards; SME Financier of the Year in Nigeria 2025 by The Digital Banker Global SME Banking Innovation Awards; Best Retail Bank in Nigeria 2025 and Best Bank for Empowering Women Entrepreneurs in Nigeria 2025 all by The Annual Global Economics Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “To deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”
Olayinka Ijabiyi
Ag. Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited
