Ecobank Nigeria Limited has successfully completed a strategic tender offer, prepaying approximately $245 million of its $300 million Eurobond due February 2026, representing over 80 per cent of the total issuance. The prepayment reduces the outstanding principal to around $55.092 million and highlights the bank’s proactive approach to liability management and balance sheet optimisation.
The tender offer applied to the 7.125 per cent Senior Note Participation Notes, giving eligible bondholders the option to redeem their holdings before the original maturity date of 16 February 2026. The offer was launched on 27 November 2025, with early and late participation deadlines of 11 December and 29 December 2025, respectively. Bondholders who validly tendered their notes received cash consideration of $1,000 per $1,000 in principal, plus accrued interest from the last interest payment date to the final settlement on 31 December 2025.
The initiative reflects Ecobank Nigeria’s commitment to active liability management, allowing the bank to optimise its debt structure, reduce future interest obligations, and strengthen its balance sheet ahead of the new fiscal year. Analysts say such moves can enhance investor confidence, signalling financial prudence and long-term stability for both domestic and international stakeholders.
The tender offer was facilitated by Renaissance Capital Africa (Renaissance Securities Nigeria Limited) as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent. The original notes were issued by EBN Finance Company B.V., with limited recourse to the issuer, solely to finance the $300 million Senior Note issued by Ecobank Nigeria Limited.
Market observers note that the early prepayment also improves the bank’s liquidity position, enabling it to redirect capital towards growth initiatives, lending, and strategic investments. For investors and bondholders, the move provides certainty of cash returns ahead of the scheduled maturity, reducing exposure to market and interest rate risks.
Ecobank Nigeria’s proactive handling of its Eurobond is consistent with a broader trend among Nigerian banks and corporate issuers to optimise debt portfolios, particularly in an environment of evolving interest rates and increasing scrutiny on corporate governance and financial risk management. By completing the prepayment ahead of schedule, the bank positions itself as a disciplined market player, capable of balancing growth, risk mitigation, and shareholder value creation.
