Ecobank Nigeria has begun a tender offer for the remaining US$150 million of its US$300 million 7.125 percent Senior Note Participation Notes due in February 2026.
The offer opened on November 28 and allows eligible holders to tender their notes ahead of maturity. Accepted investors will receive US$1,000 for every US$1,000 principal, plus accrued interest. Settlement is expected on or before December 31.
The bank framed the move as part of ongoing liability management aimed at strengthening capital planning and maintaining a balanced debt structure amid volatile macroeconomic conditions. Participation is voluntary.
The action follows Ecobank Nigeria’s July redemption of the first US$150 million tranche, executed through a tender offer and exit consent. That buyback was supported by improved liquidity, higher loan recoveries, and early settlement of promissory notes from its parent, Ecobank Transnational Incorporated. Bondholders had previously approved the removal of a capital adequacy covenant after the bank’s CAR fell below regulatory minimums due to currency depreciation.
The new offer accelerates the retirement of the remaining notes by two months. Analysts expect this step to reduce refinancing risk in 2026 and reinforce investor confidence at a time of elevated global borrowing costs. The initiative also offers investors optionality to rebalance positions before year-end while helping the bank align its debt with its capital recovery programme.
The parent Group continues to post strong results. ETI grew pre-tax profit by 47 percent to N394.6 billion in Q3 2025 and maintained 48 percent post-tax growth despite higher impairment charges. For the nine-month period, pre-tax profit reached N1.01 trillion, while total assets expanded 11 percent to N47.97 trillion, supported by strong customer deposit growth.
