Sterling Financial Holdings Company Plc (Sterling HoldCo) has received shareholder approval to raise up to $400 million in fresh capital as part of a broader strategy to strengthen its balance sheet, support expansion, and position the group for future growth opportunities.
The approval was granted during the company’s 3rd Annual General Meeting (AGM), according to a corporate disclosure signed by the Company Secretary, Sunny Kanabe.
Under the resolution passed by shareholders, Sterling HoldCo is authorized to raise up to $400 million, or its equivalent in naira and other currencies, through a mix of debt, equity, or hybrid financing instruments.
The fundraising may be carried out in one or several tranches through the issuance of bonds, convertible or non-convertible debt instruments, preference shares, ordinary shares, global depositary receipts, or a combination of such instruments.
The company stated that the capital could be sourced from both domestic and international markets through public offerings, private placements, rights issues, or other fundraising mechanisms approved by the Board of Directors and relevant regulatory authorities.
“Without prejudice to the existing capital raising authorisations obtained at the Annual General Meeting of the Company held on 11 July 2025, the Company be and is hereby authorized to raise up to US$400,000,000 (Four Hundred Million United States Dollars) or its equivalent in Naira or other currencies,” the disclosure stated.
Sterling HoldCo noted that the new approval is separate from previously granted capital-raising mandates secured at its July 2025 AGM.
As part of efforts to optimize its capital structure ahead of the planned fundraising exercise, shareholders also approved a 10-for-1 share consolidation and capital reduction.
Under the restructuring plan, the company’s existing 68.5 billion ordinary shares of 50 kobo each will be consolidated into 6.85 billion ordinary shares of the same nominal value. The process will lead to the cancellation of approximately 61.65 billion issued shares and reduce the company’s issued share capital to N3.425 billion, subject to confirmation by the Federal High Court.
Sterling Holdings 2025 Financials
The approval follows a strong financial performance in 2025. Sterling Financial Holdings reported a profit before tax of N86.78 billion for the year ended December 31, 2025, representing an 89.19 percent increase from the N45.86 billion recorded in 2024.
Gross earnings also rose significantly to N486.80 billion in 2025, up 44.37 percent from N337.19 billion in the previous year.
The strong earnings growth highlights the group’s continued momentum as it seeks to reinforce its capital position and expand its presence across Nigeria’s financial services sector.
