Sterling Financial Holdings Company PLC has made substantial progress in its recapitalisation efforts, with the Central Bank of Nigeria (CBN) approving an additional ₦75 billion capital raise.
Eko Hot Blog gathered that this approval is the final stage of the private placement successfully completed in September 2024, demonstrating Sterling’s commitment to growth and development.
Following the private placement, Sterling launched a Rights Issue in October 2024, offering existing shareholders an exclusive opportunity to increase their stake in the company and share in its success.
The Rights Issue received strong interest and participation, reflecting the confidence and trust that Sterling has cultivated among its shareholders over time.
Regulatory approval for the Rights Issue is currently in progress, further advancing the recapitalisation process.
Looking ahead, the public eagerly anticipates Sterling’s upcoming Public Offer, which will allow individuals to invest in the company and contribute to its growth trajectory.
The Public Offer is expected to be completed early next year, enabling broader participation from the public and reinforcing Sterling’s dedication to shared value creation.
Group Chief Executive, Yemi Odubiyi described the capital injection and the approvalas 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.
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,” he stated.
Odubiyi emphasised the company’s evolution from its origins as a merchant bank to its current status as a diversified financial holdings company.
Powered by cutting-edge technology and a flexible operational model, the company has consistently demonstrated its ability to navigate market difficulties and seize growth opportunities.
Reflecting on Sterling’s accomplishments, Odubiyi acknowledged the instrumental role of stakeholders, including regulators, investors, and customers. “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,” he added.
The capital boost follows a year marked by robust financial performance and significant strategic achievements for Sterling.
As at the last week in December 2024, Sterling witnessed a 19% surge in stock price, contributing to a remarkable three-year growth of 287.42%.
In the first half of 2024, the company recorded a 51% increase in profit before tax compared to the same period in 2023 and achieved a 20% growth in total assets.
These results demonstrate Sterling’s resilience and ability to deliver superior outcomes despite the complexities of Nigeria’s economic landscape, marked by high inflation and currency volatility.
As Sterling HoldCo 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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