Sterling HoldCo’s N75bn capital boost approved by CBN

The Central Bank of Nigeria (CBN) has approved Sterling Financial HoldCo’s additional N75bn capital, a move set to reshape the firm’s strategic trajectory and bolster Nigeria’s financial landscape.

This latest capital injection, achieved through a private placement in September 2024, marks a critical step for Sterling HoldCo as it aligns with the CBN’s new capital requirements. Following the placement, the company launched a Rights Issue in October 2024, offering existing shareholders an exclusive opportunity to deepen their investments. The initiative, which garnered substantial interest, reflects the confidence shareholders have in Sterling’s operational model and growth potential.

Group Chief Executive Yemi Odubiyi lauded the approval as a testament to the company’s vision and resilience. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond. Our enhanced capital base empowers us to pursue transformative opportunities, deliver sustainable value to all stakeholders, and drive impact across critical sectors of the Nigerian economy,” Odubiyi stated.

Sterling HoldCo’s journey from a merchant bank to a diversified financial holdings company has been marked by innovation, agility, and a commitment to excellence. Powered by technology, the firm has consistently navigated market challenges, achieving significant milestones in the process.

The planned public offering in 2025 is set to solidify Sterling’s capital structure further, positioning it to execute ambitious growth strategies and meet evolving regulatory standards. The firm’s focus remains on innovation, sustainability, and value creation, aiming to redefine benchmarks for Nigeria’s financial services sector.

Sterling’s achievements are underpinned by a strong financial performance. As of late December 2024, the firm’s stock price surged by 19 percent, contributing to a remarkable three-year growth of 287.42 percent. In the first half of 2024 alone, Sterling recorded a 51 percent increase in profit before tax and a 20 percent growth in total assets compared to the same period in 2023.

Odubiyi credited these achievements to the unwavering support of stakeholders, saying, “We are grateful for the unwavering support and trust in our strategy, which has been pivotal to our journey. This recapitalisation strengthens our ability to unlock new opportunities, create value, and drive economic growth.

“As Sterling looks ahead, its focus remains firmly on innovation, sustainability, and value creation. With a fortified capital structure, the company is well-positioned to execute its ambitious growth plans, deepen its impact across critical sectors, and set new benchmarks for excellence in Nigeria’s financial services industry.

“This latest milestone marks a transformative chapter for Sterling Financial Holdings Company Plc as it continues to redefine the future of financial services in Nigeria and beyond.”

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