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Sterling HoldCo Begins Share Allotment in Oversubscribed Public Offer

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Sterling HoldCo Begins Share Allotment in Oversubscribed Public Offer

Sterling Financial Holdings Company Plc, Sterling HoldCo has commenced the allotment of shares under its 2025 Public Offer of 12.58 billion ordinary shares at ₦7.00 per share, following final approvals from the Central Bank of Nigeria, CBN and clearance from the Securities and Exchange Commission, SEC.

The offer, which opened on September 15, 2025, recorded strong investor participation, attracting 18,280 applications for 16.84 billion shares valued at about ₦117.88 billion. After verification, 18,276 valid applications were confirmed for 13.81 billion shares, representing a subscription level of 109.79 per cent.

The Group stated that in line with the offer prospectus, all valid applications will be allotted in full, while a small number of applications were rejected or partially processed due to non-compliance with stipulated requirements, including duplicate payments and failure to meet the minimum subscription threshold.

Sterling HoldCo said the capital raise forms part of a multi-year strategy aimed at strengthening its balance sheet, expanding credit responsibly and accelerating innovation across its subsidiaries.

As part of the programme, the Group will inject ₦10 billion into SterlingFI Wealth Management Limited to meet the revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026. The injection is expected to support the full commencement of operations and deepen revenue diversification.

Refunds for excess or rejected applications, including applicable interest, will be processed by Pace Registrars Limited via Real Time Gross Settlement or NIBSS Electronic Funds Transfer on or before February 17, 2026.

Successful shareholders will have their allotted shares credited electronically to their accounts with the Central Securities Clearing System by the same date.

Sterling HoldCo also announced that its core banking subsidiaries, Sterling Bank Limited and The Alternative Bank Limited, have been fully recapitalised and are compliant with the CBN’s revised minimum capital requirements, having received final regulatory approvals in January 2026.

In its FY25 interim results, the Group reported a 99 per cent increase in profit before tax, following a 102 per cent growth recorded in 2024. Gross earnings rose by 46 per cent to ₦476.5 billion, while total assets expanded to ₦3.92 trillion. Customer deposits grew by 18 per cent to ₦2.98 trillion, and shareholders’ funds increased by 39 per cent to ₦424 billion.

Sterling HoldCo said the strong financial performance, combined with a diversified structure spanning conventional banking, non-interest banking and wealth management, positions the Group to sustain growth, deploy capital responsibly and support economic development.

The Group welcomed new shareholders, noting that a significant proportion of subscribers were first-time investors in a financial services company, reflecting growing retail investor confidence in its long-term strategy.

Oyo/Osun Customs Strengthens Collaboration with DSS, NDLEA, NAFDAC

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Oyo/Osun Customs Strengthens Collaboration with DSS, NDLEA, NAFDAC

The Nigeria Customs Service, Oyo/Osun Area Command, has intensified efforts to strengthen inter-agency collaboration with key security and regulatory bodies in Oyo State.

Acting Customs Area Controller (CAC), DC Moses Adewole, led his management team on a series of courtesy visits between February 17 and 19, 2026, aimed at reinforcing partnerships in intelligence sharing, joint operations and national security coordination.

On February 17, the team visited the Department of State Services (DSS), Oyo State Command, Ibadan, where they were received by the State Director, Mr. Rahim Adelakun. Adewole commended the DSS for its role in safeguarding lives and property, stressing the need for sustained collaboration.

In his response, Adelakun described the Customs Service as a critical institution in Nigeria’s economic development and border protection, assuring continued support through intelligence sharing, joint operations and capacity-building initiatives.

The following day, the Customs Area Controller paid a courtesy visit to the National Drug Law Enforcement Agency (NDLEA), Oyo State Command.

The State Commander, Oluwarotimi Lawal, lauded the Customs Service for its strategic role in curbing illicit trafficking and pledged maximum cooperation. Adewole reaffirmed his commitment to strengthening the existing partnership.

On February 19, the delegation visited the Southwest Zonal Office of the National Agency for Food and Drug Administration and Control (NAFDAC) in Ibadan. The Zonal Coordinator, Dr. Isaac Anjorin Kolawole, highlighted the importance of inter-agency synergy in protecting public health and national interest.

Kolawole commended the Customs Service for its contributions to revenue generation, anti-smuggling operations and border security, assuring sustained cooperation.

The visits, according to the Command, underscore its commitment to fostering stronger partnerships with sister agencies to enhance operational efficiency, strengthen national security and support socio-economic development.

Ogun Police Clarify Handling of Alleged Ogijo Incident, Deny Arrest of Victim

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Ogun Police Dismiss Curfew Rumours, Assure Residents of Safety

The Ogun State Police Command has clarified its handling of an alleged incident reported in the Ogijo area of the state, confirming that the victim was not arrested at any time.

In a statement, the Command explained that the victim initially reported at the Ibafo Police Division on Wednesday, informing officers that the alleged incident occurred in Ogijo.

She was promptly taken for medical assessment before being transferred to the Ogijo Division, which has jurisdiction over the area where the incident reportedly took place.

According to the Police, upon arrival at Ogijo Division, it was confirmed that the victim was not in a stable condition to provide further details about the incident. She was immediately taken for a comprehensive medical check-up, and her health is currently being closely monitored.

The Command emphasised that the wellbeing of the victim remains a top priority and stressed that at no point was she placed under arrest.

The Police further urged members of the public to verify information through official channels before circulating reports, assuring that the matter is being handled professionally.

Tinubu, Army Chief, Others Honour Murtala Muhammed at 50th Anniversary Wreath-Laying

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Tinubu, Army Chief, Others Honour Murtala Muhammed at 50th Anniversary Wreath-Laying
From left: Representative of the Angolan President, Dr Dionisio Manuel Da Fonseca; Son of late General Murtala Muhammed, Risqua Muhammed; Secretary to the Government of the Federation (SGF), Senator George Akume; the Chief Executive Officer, Murtala Muhammed Foundation, Aisha Muhammed-Oyebode; and Chief of Administration, Nigerian Army, Major General I. M. Abdullahi representing of the Chief of Army Staff, during the official Wreath-Laying ceremony in honour of Late General Murtala Muhammed, held in Abuja, recently.

President Bola Tinubu has led other dignitaries to pay tribute to Nigeria’s former Head of State, Murtala Muhammed, during a wreath-laying ceremony marking the 50th anniversary of his assassination.

The president was represented by the Secretary to the Government of the Federation, Senator George Akume at the solemn event, held at the Abuja Geographic Information Systems (AGIS) grounds in the Central Business District, Garki, on Friday.

The wreath-laying, led by President Tinubu’s representative, was preceded by a minute of silence in a ceremony marked by reflection and reverence.

Also present at the ceremony was the President of Angola, João Lourenço, represented by his Special Envoy, Dr. Dionisio Manuel Da Fonseca, Executive Minister and Chief of the Civil House of the President.

Speaking on behalf of the family, Risqua Muhammed described his father as “an unrelenting patriot who believed Nigeria can be stronger than the divisions that hold us back.”

He noted that the commemoration was a reminder of the quality of leadership the late Head of State embodied.

“General Murtala Muhammed ruled for just 200 days, yet he is still remembered. What matters is not how long you stay in office, but what you do and how your legacy affects the lives of others,” he said.

In a tribute delivered on behalf of the Nigerian Army, the Military Secretary, Major General Evaristus Okoro, described the late leader as a soldier-statesman whose legacy continues to challenge institutions to uphold professionalism and accountability.

“Remembrance must translate into responsibility. This tribute is an opportunity for us to recommit to disciplined service, national unity, and the ideals of leadership that place country above self,” he stated.

The commemorative activities concluded with a special Juma’at prayer at the Abuja National Mosque, where clerics, members of the Muhammed family, senior government officials and invited guests prayed for the repose of the late Head of State and for national unity.

Wema Bank to Host 2026 International Women’s Day Event March 4

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Wema Bank to Host 2026 International Women’s Day Event March 4

Wema Bank has announced plans to host its 2026 International Women’s Day, IWD Grand Event on March 4, 2026, as part of activities marking this year’s global celebration of women.

The bank said the event, inspired by the 2026 IWD theme, “Give To Gain,” will focus on the sub-theme “When Women Gain, We Grow,” highlighting the importance of supporting women and amplifying the impact of collective efforts toward gender inclusion.

In a statement, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, reaffirmed the institution’s commitment to promoting gender equality and women’s empowerment.

“Wema Bank has never been one to pay lip service and when it comes to gender inclusion; we walk the talk with pride. A society where women are left out is one that is crippled, and as a Bank, we have made it a priority to never relent in providing tailored opportunities for women, celebrating their growth and supporting their journey, towards building a society where every woman can thrive,” Oseni said.

He noted that the bank’s women-focused proposition, SARA by Wema, launched in 2019, reflects its dedication to advancing the fifth Sustainable Development Goal on gender equality.

According to Oseni, this year’s theme resonates strongly with the bank’s long-standing commitment to women-focused initiatives.

“As a Bank that continues to give to women, we have seen firsthand the unique potential that lies within women both personally and professionally. This year for us is about impact, spotlighting, celebrating and encouraging it,” he added.

The event is expected to convene leading women across various industries alongside everyday women navigating career and life challenges. It will provide a platform for networking, knowledge-sharing and access to opportunities.

Key highlights of the event include the SARA Gives to Empower Her Award, which will provide grants to women who have made significant impact in supporting other women; the employee-focused He For She Award recognising male staff members who champion women’s advancement; the Wema Knight Gives initiative aimed at supporting women across Nigeria; and the launch of the Wema Bank Girl Child Journal, featuring insights from 80 contributors across diverse sectors.

Interested participants can register to attend the event physically or virtually via the bank’s website.

Lagos Fanti Carnival 2026 Set to Hold at Tafawa Balewa Square

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Countdown Begins for Africa’s Biggest Afro-Brazilian Street Experience in Lagos

Lagos is set to host the 2026 edition of the Lagos Fanti Carnival, described by organisers as Africa’s biggest Afro Brazilian street experience, on Monday, April 6, 2026.

The cultural street carnival will take place at Tafawa Balewa Square, bringing together thousands of participants and spectators to celebrate heritage, rhythm, and creativity.

The Lagos Fanti Carnival is known for its vibrant Afro Brazilian inspired performances, elaborate costumes, music, and street processions that showcase the rich cultural connections between Brazil and Lagos Island communities.

The event is expected to feature breathtaking dance displays, colourful parades, and immersive cultural exhibitions.

Organisers say the carnival aims to promote cultural tourism, preserve historical heritage, and provide a platform for artistic expression within Lagos.

Tickets and access passes for the event are available online at lagosfanti.com.

LSCCC, FRSC Move to Enhance Road Safety, Emergency Response in Lagos

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LSCCC, FRSC Move to Enhance Road Safety, Emergency Response in Lagos

The Lagos State Command and Control Centre has deepened its strategic collaboration with the Federal Road Safety Corps, FRSC to improve road safety enforcement and emergency coordination across Lagos State.

During a courtesy visit to the FRSC Sector Commander on Tuesday, February 17, 2026, the General Manager of LSCCC, Femi Kennedy Giwa, commended the Corps for its professionalism and commitment to traffic regulation and crash response management within the state.

Giwa stated that as Lagos State’s central emergency coordination hub, the Centre remains focused on enhancing real time incident monitoring, improving inter agency communication, and strengthening rapid response activation among emergency service providers.

He highlighted ongoing technological advancements at the Centre, including the deployment of the Local Emergency Response and Management System, LERMS I and II, designed to improve decentralized emergency reporting and coordinated response operations.

In his response, FRSC Sector Commander, Kehinde Ganiyu Hamzat, welcomed the delegation and stressed the importance of synergy among safety and emergency management institutions in safeguarding lives and property.

He emphasized that coordinated efforts would enhance public confidence in emergency service delivery.

Both agencies reaffirmed their commitment to strengthening intelligence sharing, operational coordination, and joint response strategies, particularly in traffic incident management and public safety awareness initiatives.

As part of the renewed collaboration, the institutions agreed to integrate designated FRSC personnel within the LSCCC to enhance traffic incident monitoring and ensure seamless multi agency emergency response coordination.

The engagement underscores efforts by both agencies to build a more integrated and technology driven safety architecture aimed at improving timely intervention and service delivery for residents of Lagos State.

Aliko Dangote Foundation Supports 3,704 Students in Refinery, Fertiliser Host Communities

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Aliko Dangote Foundation Supports 3,704 Students in Refinery, Fertiliser Host Communities
ADF staff with pupils during the distribution of school uniforms, bags and writing materials to primary school pupils in Ibeju Lekki.

The Aliko Dangote Foundation, in collaboration with Dangote Petroleum Refinery and Dangote Fertiliser Limited, has provided educational materials to pupils in host communities in Ibeju Lekki, Lagos State, as part of its education support programme.

During the first phase of the five day distribution exercise, 1,323 primary school pupils, including children with special needs, received school uniforms, bags, sandals and writing materials.

Beneficiary schools include Local Government Primary School, Ilege; Okunraye Community Primary School; Idotun Community Primary School; Olomowewe Community Primary School; and Lekki Community Primary School.

The intervention will extend to secondary schools, bringing the total number of beneficiaries to 3,704 students. In addition, 443 students will receive scholarships, including 33 in tertiary institutions and 410 secondary school students. Vocational training programmes are also being provided for youths within the host communities.

Managing Director and Chief Executive Officer of the Foundation, Zouera Youssoufou, said the initiative reflects the vision of the Foundation’s founder, Aliko Dangote, to invest in education and nurture future leaders.

Youssoufou stated that education remains a powerful tool for transforming lives and communities, noting that the intervention aims to reduce the burden on parents while creating equal learning opportunities for children in the host communities.

She added that the Foundation’s commitment to education is long term and focused on sustainable impact.

Speaking on the broader scope of the initiative, Head of Social Performance at Dangote Petroleum Refinery and Petrochemicals, Mojisola Ogunleye, said education remains a core pillar of the company’s community development strategy.

She disclosed that 3,704 students across four secondary schools and five primary schools are benefiting from the first phase, while the second phase will include scholarship awards and the distribution of additional textbooks and learning materials.

Ogunleye further revealed that 22 youths with Senior School Certificate qualifications have been upskilled through the City and Guilds Certification Programme in Electrical Engineering Levels 1, 2 and 3, with certificates issued by the London based institution.

The Head Teacher of Local Government Primary School, Ilege, Mrs Adenigba Margaret Aderemi, commended the Foundation, stating that many pupils previously struggled with inadequate materials and worn out uniforms.

She noted that the intervention is expected to boost enrolment and classroom participation, as some pupils had dropped out due to financial challenges.

The programme also created economic opportunities for residents. A local tailor, Ms Aminat Aderonke Salabu, who was engaged to produce uniforms, said the contract significantly improved her income and enabled her to advance her personal building project.

The initiative underscores the Foundation’s continued investment in education, youth empowerment and community development within the refinery and fertiliser host communities.

NCC Invites Stakeholders’ Submissions on National Telecommunications Policy Review

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NCC Expresses Optimism Over Efforts to Improve Telecom Service Quality Amid Ongoing Network Expansion

The Nigerian Communications Commission, NCC has called on industry stakeholders and the general public to submit written inputs as part of the ongoing review of the National Telecommunications Policy 2000.

NCC announced that interested stakeholders are to forward their submissions on or before Friday, March 20, 2026, addressed to the Executive Vice Chairman and Chief Executive Officer of the Commission or via the dedicated email channel provided for the consultation.

The consultation paper has been published on the Commission’s official website.

The review is being conducted in line with the provisions of the Nigerian Communications Act, particularly Section 24(1), which mandates public consultation prior to the formulation or review of general policy for the communications sector.

The process marks the first stage of a broader public engagement framework aimed at replacing the subsisting National Telecommunications Policy 2000.

The review follows the inauguration of a Ministerial Steering Committee and a Ministerial Technical Committee by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, to commence the policy update process.

The exercise is also aligned with the Minister’s Strategic Blueprint focused on accelerating prosperity through technical efficiency, addressing key issues such as spectrum management, broadband penetration, universal access, net neutrality, and quality of service.

Executive Vice Chairman of the NCC, Aminu Maida, stated that the consultation will lead to the development of a first draft of the National Telecommunications Policy 2026, which will replace the existing policy after 25 years of implementation.

Maida noted that the NTP 2000 played a pivotal role in transforming Nigeria’s telecommunications landscape from about 500,000 connected lines to nearly 180 million active mobile connections as of December 2026.

He explained that the revised policy aims to address emerging challenges, particularly the increasing demand for data services and related industry developments.

According to him, the current consultation represents the first phase of stakeholder engagement, with additional rounds of consultations planned before the final draft is subjected to statutory approval and validation processes.

The Commission stated that the consultation is open to licensees, consumers, government agencies, international partners, civil society organisations, and other interested stakeholders.

Feedback received will guide the review and amendment of the policy to ensure it reflects current sector realities and aligns with the expectations of the Nigerian Communications Act 2003.

Unity Bank, Providus Bank Merger Advances as Integration Gains Momentum

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Unity Bank, Providus Bank Merger Advances as Integration Gains Momentum

The proposed merger between Unity Bank Plc and Providus Bank Limited has progressed significantly following overwhelming shareholder approval and key regulatory endorsements, signaling that the transaction remains firmly on course.

The merger, which recently secured backing at a Court Ordered Meeting and subsequent Extraordinary General Meetings of both institutions, has received critical regulatory support from the Central Bank of Nigeria and a no objection clearance from the Securities and Exchange Commission.

Analysts reviewing the ongoing banking sector recapitalisation programme describe the approvals as major milestones toward meeting the apex bank’s new capital requirements within the stipulated timeline.

The regulatory backing includes financial accommodation from the Central Bank to facilitate the transaction, reinforcing broader efforts to strengthen Nigeria’s banking system, enhance capital adequacy, and mitigate systemic risks.

With a combined capital base exceeding N200 billion, the enlarged institution meets the minimum threshold required to retain a national banking licence under the CBN’s recapitalisation framework.

The development positions the merged entity among the 21 banks that have satisfied the new capital benchmark for national operations.

Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the merger as a defining milestone for the institution.

He said the complementary strengths of both banks would enhance capital capacity, operational efficiency, and strategic positioning in the market.

Kolawole stated that the merger underscores the bank’s commitment to building a stronger and more resilient financial institution capable of delivering greater value to customers and stakeholders.

He added that the combined entity would be better positioned to support economic growth and provide innovative financial solutions across Nigeria.

The bank clarified that contrary to media reports suggesting a delay, the merger process has not stalled. According to the institution, major regulatory steps have been completed, with only final formalities, including court sanction, pending.

Integration activities between both banks are currently underway. Upon completion, the Unity Bank and Providus Bank merger is expected to produce a stronger, more competitive, and customer focused institution with the scale and innovation capacity to reshape retail and SME banking in Nigeria.

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