Sterling HoldCo Allots Shares in 109.79% Oversubscribed Public Offer, Fully Recapitalises Banking Subsidiaries
Lagos, Nigeria – Sterling Financial Holdings Company Plc (Sterling HoldCo) has commenced the allotment of shares in its 2025 Public Offer following a 109.79 per cent oversubscription, successfully concluding the recapitalisation of its two core banking subsidiaries in line with regulatory requirements.
The Group announced that the allotment process for its 12,581,000,000 ordinary shares of 50 kobo each at ₦7.00 per share has begun after receiving final approval from the Central Bank of Nigeria (CBN) and clearance from the Securities and Exchange Commission (SEC).
The Public Offer, which opened on September 15, 2025, attracted strong investor interest, receiving 18,280 applications for 16,839,524,401 ordinary shares valued at about ₦117.88 billion. After verification, 18,276 valid applications were confirmed for 13,812,239,000 ordinary shares, representing a 109.79 per cent subscription level.
Sterling HoldCo stated that, in line with the offer prospectus, all valid applications will be allotted in full. However, a small number of applications were rejected or partially processed due to non-compliance with offer terms, including duplicate payments and failure to meet the minimum subscription threshold of 1,000 units or multiples thereof.
The capital raise forms part of a multi-year strategy aimed at strengthening the Group’s capital base, expanding credit responsibly, accelerating innovation, and deepening support for businesses and households across Nigeria.
Beyond recapitalising its banking subsidiaries, the Group disclosed plans to 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 full operations and advance the Group’s revenue diversification strategy.
Refunds for excess or rejected applications, including applicable interest, will be processed through Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to investors’ bank accounts by Pace Registrars Limited on or before Tuesday, February 17, 2026. Successful shareholders will also have their allotted shares electronically credited to their accounts with the Central Securities Clearing System (CSCS) by the same date.
Applicants without CSCS accounts will have their shares temporarily held in a registrar-managed pool account pending completion of account-opening documentation.
The company noted that the Offer attracted significant participation from first-time retail investors in the financial services sector, broadening its ownership base and strengthening community engagement.
The allotment comes amid strong financial performance. In its FY25 interim results, Sterling HoldCo 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 18 per cent to ₦2.98 trillion, and shareholders’ funds increased 39 per cent to ₦424 billion.
The Group’s cost-to-income ratio improved to 63 per cent from 72 per cent in the previous year, reflecting improved operational efficiency and scalability.
Sterling HoldCo operates a diversified structure comprising Sterling Bank Limited, The Alternative Bank Limited, and SterlingFI Wealth Management. The recapitalisation of Sterling Bank Limited and The Alternative Bank Limited has been completed, with both institutions now fully compliant with the CBN’s revised minimum capital requirements following final approvals in January 2026.
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The Alternative Bank has expanded its footprint to over 150 points nationwide and continues to deploy capital into impact-driven initiatives, including the Mata Zalla project, which trains women as electric tricycle drivers and mechanics, as well as agricultural programmes in Plateau State.
With a strengthened capital base and diversified earnings streams, Sterling HoldCo said it is well-positioned to sustain growth, deploy capital responsibly, and support sustainable economic development across Nigeria.
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