Sterling Financial Holdings Company PLC Achieves Major Milestone in Recapitalization Efforts
Oru Leonard
Sterling Financial Holdings Company PLC has received approval from the Central Bank of Nigeria (CBN), for an additional ₦75 billion capital injection, marking a significant milestone in its recapitalization journey.
The approval follows a successful private placement in September 2024 and a Rights Issue in October 2024, which saw significant participation from existing shareholders. Regulatory approval for the Rights Issue is currently underway.
The recapitalization process is expected to be completed with a Public Offer early next year, allowing wider participation from the public. This development will further strengthen Sterling’s commitment to shared value creation.
Group Chief Executive, Yemi Odubiyi, described the capital injection and approval as a validation of the company’s strategic direction and operational excellence. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond,” he stated.
Sterling’s recapitalization efforts have been driven by its ambition to unlock transformative opportunities, deliver sustainable value to stakeholders, and drive impact across critical sectors of the Nigerian economy.