FirstBank of Nigeria Limited, the flagship banking subsidiary of FirstHoldCo, under the leadership of Nigerian billionaire Femi Otedola, has fully redeemed its 350 million subordinated Eurobond due in October 2025, a move that reaffirms its liquidity strength and financial stability under the leadership of Nigerian billionaire Femi Otedola.
The Eurobond, issued in 2020 at a coupon rate of 8.625 percent, was repaid from the banks balance sheet without resorting to refinancing. In a filing with the Nigerian Exchange on Wednesday, the bank said the redemption reinforces its capacity to meet international obligations and maintain investor trust.
FirstBank redeems 1.275 billion Eurobonds