Sterling Financial Holdings Company Plc has commenced the allotment of shares for its 2025 Public Offer, following final regulatory approvals from the Central Bank of Nigeria (CBN) and clearance by the Securities and Exchange Commission (SEC).
The offer, which involved 12.58 billion ordinary shares of 50 kobo each at ₦7.00 per share, closed significantly oversubscribed, reflecting strong investor appetite and sustained market confidence in the Group’s long-term growth strategy.
According to details released by the company, the Public Offer attracted 18,280 applications for 16.84 billion shares valued at approximately ₦117.88 billion. After verification, 18,276 valid applications were confirmed for 13.81 billion shares — translating to a subscription level of 109.79 per cent.
In line with the offer prospectus, Sterling HoldCo announced that all valid applications will be allotted in full. Applications that failed to meet stipulated conditions — including duplicate payments or subscriptions below the minimum threshold of 1,000 units and its multiples — were either partially rejected or not processed.
Refunds for excess or invalid applications, alongside applicable interest, will be paid via Real Time Gross Settlement (RTGS) or NIBSS Electronic Funds Transfer directly into applicants’ bank accounts. The process, to be handled by Pace Registrars Limited, will be completed on or before Tuesday, February 17, 2026. Successful shareholders will also have their shares credited electronically to their Central Securities Clearing System (CSCS) accounts by the same date.
The capital raise forms part of Sterling HoldCo’s broader multi-year recapitalisation and expansion strategy aimed at strengthening its subsidiaries, expanding responsible lending, accelerating innovation, and enhancing support for Nigerian businesses and households.
As part of this programme, the Group will inject ₦10 billion into SterlingFI Wealth Management Limited to meet the revised minimum capital requirements for Capital Market Operators introduced by the SEC in January 2026. The move is expected to bolster the subsidiary’s full operational rollout and support revenue diversification across the Group.
The recapitalisation of its core banking subsidiaries — Sterling Bank Limited and The Alternative Bank Limited — has already been completed, with both institutions now fully compliant with the CBN’s revised capital requirements as of January 2026.
Sterling HoldCo’s latest capital exercise comes on the back of strong financial performance. In its FY25 interim results, the Group recorded a 99 per cent increase in profit before tax, following a 102 per cent growth 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. The cost-to-income ratio also improved to 63 per cent from 72 per cent in the previous year.
Market analysts note that the broad participation of retail investors — including a significant number of first-time shareholders in a financial services company — signals deepening retail confidence in Nigeria’s capital market and in Sterling HoldCo’s growth trajectory.
With a strengthened capital base, diversified earnings structure, and expanded shareholder base, Sterling HoldCo says it is well positioned to drive sustainable growth, deploy capital responsibly, and deliver long-term value to investors and the wider economy.
