• Ecobank Nigeria repaid about $245 million, or more than 80%, of its $300 million Eurobond due in February 2026.
• The early repayment reduced the outstanding amount to about $55 million.
• The move followed a November 2025 downgrade by S&P Global Ratings to “CC” with a negative outlook.

Ecobank Nigeria completed the early repayment of approximately $245 million out of the $300 million Eurobond due in February 2026, the bank said in a note published on Tuesday, January 6, 2026. The repaid amount represented more than 80% of the original issuance.

Following the transaction, about $55.1 million of bonds remain outstanding. The securities consist of senior unsecured participation notes carrying an annual interest rate of 7.125%. To execute the early repayment, Ecobank Nigeria launched a tender offer on November 27, 2025, covering half of the $300 million Eurobond.

Bondholders were able to participate in the offer until December 11, 2025, for the first deadline, and until December 29, 2025, for the second. Investors who accepted the offer received $1,000 in cash for each $1,000 bond in nominal value, plus accrued interest from the last coupon payment through December 31, 2025.

A signal sent to the market

The early repayment allowed Ecobank Nigeria to reduce its debt level, ease its 2026 repayment schedule, and rebalance its balance sheet structure. The initiative came at a time when investors were closely monitoring the bank’s financial position.

In a report published on November 18, 2025, S&P Global Ratings cut Ecobank Nigeria Ltd’s long-term credit rating to “CC” from “CCC-” and assigned a negative outlook. The agency cited a capital shortfall, a high ratio of non-performing loans, and an increased risk of default or restructuring of the Eurobond due in February 2026.

Despite the downgrade, Ecobank Nigeria chose to prepay a significant portion of its bond debt. The move signaled an effort to actively manage liabilities, reduce exposure to 2026 refinancing risks, and reassure investors of its capacity to meet its financial obligations.

Chamberline Moko