Sterling Financial Holdings Company PLC has successfully completed its capital raise with full regulatory approval from the Central Bank of Nigeria (CBN), securing an additional ₦75 billion. This approval marks the final step in the capital injection process, which began with a private placement in September 2024.
Following the success of the private placement, Sterling launched a Rights Issue in October 2024, offering existing shareholders the opportunity to increase their stakes in the company and be part of its growth story. The Rights Issue received strong interest and participation, reflecting the trust and confidence the company has built with its shareholders over time.
The company is currently awaiting regulatory approval for its Public Offer, which will allow individuals to invest in Sterling. The recapitalization process is expected to be completed early next year with the Public Offer, enabling broader participation from the public and reinforcing its commitment to creating shared value.
Group Chief Executive, Yemi Odubiyi, expressed that the capital injection and approval validate the company’s strategic direction and operational excellence. He highlighted the company’s evolution from a merchant bank to a diversified financial holdings company, powered by technology and a flexible operational model.
Despite economic challenges in Nigeria, Sterling has shown resilience and impressive financial performance, with a 19% surge in stock price and a three-year growth of 287.42%. The company also recorded a 51% increase in profit before tax in the first half of 2024 compared to the same period in 2023, along with a 20% growth in total assets.
Looking ahead, Sterling remains focused on innovation, sustainability, and value creation. With a strengthened capital structure, the company is well-equipped to pursue its growth plans, expand its impact in critical sectors, and set new standards of excellence in the financial services industry.
This milestone signifies a transformative phase for Sterling Financial Holdings Company PLC as it continues to shape the future of financial services in Nigeria and beyond.
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