Sterling Financial Holdings Company (Sterling Holdco) Plc, has commenced a public offer worth over N87 billion as part of the plan to beat the March 2026 recapitalisation set by the Central Bank of Nigeria.
The holdco, the parent company of Sterling Bank, said it’s offering 12.581 billion ordinary shares of 50 kobo each at N7 per share, to the public between September 17 and September 30 this year to raise the capital.
Speaking on the offer, Yemi Adeola, Chairman of the financial service provider, said the public offer was in line with shareholders approval, saying “I am pleased to report that we have completed two rounds of capital raise. In 2024, we completed a N75 billion private placement and N28.79 billion right issue, which was significantly oversubscribed by our shareholders.”
He stressed that the two banking arm in the holdco, have taken bold steps to comply with the capital requirement. According to him, Alternative Bank has already met its regularoty capital requirement while Sterling Bank requires N43 billion to meet CBN’s recapitalisation requirement.
According to Adeola, the company has also raised over N10 billion from a Special Placement which is awaiting CBN and other regulatory approval to become working capital.
“The net proceeds from the offer will be applied towards the full recapitalization of Sterling Bank Limited, with a focus on expanding digital banking channels, strengthening and upgrading our technology infrastructure, and driving business growth across the Retail & SME, Commercial, and Corporate segments. A portion of the funds will also be allocated to the capitalization of our new asset management subsidiary, SterlingFI Wealth Management to support its business expansion, while the remaining will be deployed towards better positioning the Holdco to pursue further strategic expansion and revenue diversification, he said”
Adding that “While the Nigerian economy continues to present both challenges and opportunities, we are confident in our ability to navigate volatility while capturing growth given our proven board and management capability, diversified business model, and disciplined risk culture.
“Our strategy remains focused on deepening market share in key segments, enhancing customer experience through technology and service excellence, and maintaining prudent capital and liquidity buffers.”
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