In the coming weeks, Sterling Financial Holding Company Plc will be at the capital market to raise additional funds for its flagship banking segment, Sterling Bank.
A statement from the financial institution disclosed that investors would be wooed to close the N53 billion recapitalisation gap of Sterling Bank.
In addition, proceeds of the fresh capital raising, which would be through a public offer, would be used to further strengthen the institution’s capacity for sustained growth across its diversified income streams.
It was stated that the public offer is the first phase of the $400 million capital raising programme approved by shareholders of Sterling Holdco at the Annual General Meeting (AGM) held on June 30, 2025.
Recall that the firm concluded a successful private placement and rights issue, with about N100 billion raised, and proceeds used for the full recapitalisation of Alternative Bank and strengthening of the capital base of Sterling Bank.
In recent time, the organisation has been investing in renewable energy, healthcare, and community development, highlighting its role as a catalyst for positive change across Nigeria’s critical sectors.
The company says as it forges ahead with its plans for the second half of the year, it remains resolute in its pursuit of sustainable growth, continuous innovation, and the creation of enduring value for all stakeholders.
“As we continue to diversify our income streams and invest in operational efficiency, we remain steadfast in our commitment to responsible growth, prudent risk management, and sustainable impact.
“Looking ahead to the next phase of our capital programme, we see tremendous opportunity to deepen our footprint in Nigeria’s growth sectors and to catalyse meaningful progress for our customers, communities, and the broader economy,” the chief executive of Sterling HoldCo, Mr Yemi Odubiyi, stated.
Not too long ago, Sterling HoldCo released its financial statement for the first half of 2025 and it impressed with profit after tax of N41.8 billion, which is about 157 per cent higher than the N16.3 billion recorded in the corresponding period of 2024.
The gross earnings rose by 39.7 per cent to N212.6 billion from N152.2 billion in H1 2024, as the interest income increased by 38.3 per cent to N167.16 billion, and non-interest income jumped by 45 per cent to N45.45 billion, attesting to its strategic focus on revenue diversification.
“Our outstanding half-year results are the product of clear strategic focus and a relentless drive to create lasting value for our stakeholders.
“Our performance reflects not just robust growth in core income lines, but also our success in building a resilient and agile business model, capable of delivering superior returns even in a dynamic macroeconomic environment,” Mr Odubiyi noted.