Sterling Financial Holdings Company Plc, the parent entity of Sterling Bank and its subsidiaries, has approved a major capital-raising initiative and a final dividend at its 2nd Annual General Meeting (AGM) held virtually on July 11, 2025.
Shareholders unanimously endorsed a dividend of 18 Kobo per share, payable to members on the register as of July 1, 2025. The dividend payout reflects the group’s performance for the financial year ended December 31, 2024.
A key resolution passed at the meeting was a special authorisation to raise up to $400 million (or its Naira equivalent) via a Shelf Programme. The capital may be raised in tranches through various instruments, including bonds (convertible or non-convertible), commercial papers, sukuk, preference shares, and ordinary shares, either through public offers or private placements, and in both domestic and international markets.
According to the resolution, the capital raise is intended to strengthen Sterling’s financial position and support its long-term growth. The board was also empowered to list the new securities on the Nigerian Exchange, FMDQ, or other relevant exchanges.
To facilitate this capital programme, shareholders approved amendments to the company’s Memorandum and Articles of Association and gave the Board a two-year window to allot new shares and manage any resulting increase in share capital.
In board-related resolutions, shareholders ratified the appointment of Mr. Ashutosh Kumar as a Non-Executive Director and re-elected Ms. Eniye Ambakederemo and Mr. Shola Adekoya, both of whom were retiring by rotation. They were also designated as the company’s representatives on the Statutory Audit Committee, alongside shareholder-elected members Alhaji Mustapha Jinadu, Ms. Christie Vincent, and Mr. Idongesit Udoh.
The AGM also fixed the total annual remuneration for Non-Executive Directors at ₦191.13 million for the financial year ending December 31, 2025.
Sterling Financial Holdings noted that all actions arising from the capital raise, including regulatory approvals, professional appointments, and filings with the Corporate Affairs Commission, will be executed by the Board and Company Secretary as authorised.
