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.
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