FirstHoldCo settles $350 million Eurobond

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 bank’s 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

Since 2007, FirstBank has issued and redeemed four Eurobonds totaling $1.275 billion, a track record the lender says reflects consistent performance and prudent management. Credit ratings agencies Fitch and Standard & Poor’s recently reaffirmed FirstHoldCo and FirstBank’s ratings with a stable outlook, citing the group’s improving governance and capital buffers.

“The redemption reinforces our strong financial fundamentals and the confidence our stakeholders have in the FirstBank brand,” said Chief Executive Officer Olusegun Alebiosu. He added that the bank will continue to pursue sustainable funding options to support growth across key sectors of the economy.

Otedola’s reforms steady Nigeria’s oldest bank 

Founded in 1894, First Bank has long been central to Nigeria’s financial system. But years of mismanagement and risky lending left it struggling until Otedola began building his stake in 2021, seeing long-term recovery potential rather than short-term profit. In September, he raised his holding in FirstHoldCo to 16.1 percent through a $1.35 million share purchase.

When he became chairman in January 2024, Otedola introduced firm cost-cutting and governance reforms. One of his first directives banned executives from billing the bank for private jet use, a symbolic but practical step toward accountability. Since then he has tightened oversight and emphasized efficiency across the group.

Improved financial performance and capital drive 

FirstHoldCo reported gross earnings of N1.65 trillion ($1.07 billion) for the first half of 2025—an 18 percent increase from the same period last year. The group also wrapped up a $125 million oversubscribed rights issue, the first step in its expansion under Otedola.
(Billionaires Africa)