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FirstBank Redeems $350M Eurobond, Cementing Its Global Investment Clout.
First Bank of Nigeria Limited (FirstBank) successfully redeemed its $350 million Eurobond upon maturity yesterday, marking another milestone in the bank’s strong record of liability management.....KINDLY READ THE FULL STORY HERE▶
The Eurobond, issued as Senior Notes in October 2020 at an 8.625 per cent coupon rate with semi-annual payments, was 70 per cent oversubscribed at the time, reflecting robust investor confidence and FirstBank’s deep market access. The funds from the issuance were deployed to support diverse customer projects, including initiatives of significant national and economic impact.
FirstBank Group Chief Executive Officer, Olusegun Alebiosu, described the redemption as a testament to the bank’s effective liability management, strong foreign currency liquidity, and enduring franchise strength. He noted that the move further solidifies FirstBank’s position as a preferred issuer in the international investment community.
According to Alebiosu, the bank has now successfully redeemed a total of $1.275 billion across four Eurobond maturities since its inaugural 2007 issuance. He emphasized that the redemption was fully financed from FirstBank’s balance sheet, highlighting the bank’s superior assets and liabilities management and reinforcing investor confidence.
Alebiosu also reaffirmed FirstBank’s 131-year legacy as a leading corporate bank in Nigeria and across Sub-Saharan Africa. He assured customers of the bank’s continued commitment to providing transaction banking, treasury, and cash management solutions, leveraging innovative technologies to enhance efficiency and customer experience.
Fitch Ratings recently affirmed FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded its National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with stable outlooks, underscoring the bank’s credit strength and solid balance sheet. In recognition of its leadership, FirstBank was named Best Bank for Corporates in 2024 by Euromoney, Global Finance, and World Economic Magazine.
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“I Was Offered Dollars To Alter My Content – Governor Amuneke Reveals Shocking Bribe Attempt”.
Nigerian skit maker Kevin Chinedu, popularly known as Kevinblak or Governor Amuneke, has alleged that he was offered money in dollars by members of a political party to alter the message of his satirical skits, which often criticise politicians and governance.....KINDLY READ THE FULL STORY HERE▶
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“Kachikwu Not Our Member, He Was Expelled – Ex-ADC Chairman Nwosu Declares”.
The founder and pioneer National Chairman of the African Democratic Congress (ADC), Ralph Nwosu, has spoken on the ongoing internal crisis in the party, blaming it on internal conflicts and disruptive individuals.....KINDLY READ THE FULL STORY HERE▶
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“Bala Mohammed’s Alleged Defection Sends Shockwaves Through Political Circles”.
Supporters and loyalists of Bauchi State Governor, Bala Mohammed, are facing growing uncertainty over his possible defection from the Peoples Democratic Party (PDP), following ongoing consultations and mixed political signals.....KINDLY READ THE FULL STORY HERE▶
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