Sterling HoldCo Allots Oversubscribed Public Offer, Fully Recapitalizes Banking Subsidiaries

Sterling HoldCo Allots Oversubscribed Public Offer, Fully Recapitalizes Banking Subsidiaries

Lagos, Nigeria – February 19, 2026 – Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has commenced the allotment of 12.58 billion ordinary shares at ₦7.00 each from its 2025 Public Offer, following approvals from the Central Bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC).

The Public Offer, which opened on September 15, 2025, drew overwhelming interest from investors, receiving 18,280 applications for over 16.8 billion shares worth approximately ₦117.88 billion. After verification, 18,276 valid applications for 13.81 billion shares were approved, representing a subscription level of 109.79%. All compliant applicants will receive the full allotment of shares applied for, while a small number of non-compliant applications were rejected or partially processed.

The capital raising is part of Sterling HoldCo’s multi-year strategy to strengthen its balance sheet, expand credit responsibly, and support both businesses and households across Nigeria. In addition, the Group will inject ₦10 billion into SterlingFI Wealth Management Limited to meet the SEC’s revised minimum capital requirements for Capital Market Operators, supporting the commencement of full operations and revenue diversification.

Refunds for excess or rejected applications, along with applicable interest, will be remitted directly to investors’ bank accounts by Pace Registrars Limited no later than Tuesday, February 17, 2026. Successful allotments will be credited to shareholders’ Central Securities Clearing System (CSCS) accounts on the same date. Applicants without CSCS accounts will have shares temporarily held in a registrar-managed pool pending account completion.

The Public Offer attracted significant participation from first-time investors, broadening Sterling HoldCo’s shareholder base and reinforcing public confidence in its strategic vision.

The allotment follows a period of strong financial performance. In FY25 interim results, Sterling HoldCo reported a 99% increase in profit before tax, building on 102% growth in 2024. Gross earnings rose 46% to ₦476.5 billion, while total assets expanded to ₦3.92 trillion and customer deposits grew 18% to ₦2.98 trillion. Shareholders’ funds increased by 39% to ₦424 billion, and the cost-to-income ratio improved from 72% to 63%, highlighting operational efficiency and scalability.

The Group’s core subsidiaries—Sterling Bank Limited, The Alternative Bank Limited, and SterlingFI Wealth Management—have now been fully recapitalized and are compliant with CBN’s revised minimum capital requirements. The Alternative Bank has expanded its national presence to over 150 points, implementing programs like the Mata Zalla project for women electric tricycle drivers and an agricultural initiative in Plateau State, demonstrating tangible socio-economic impact.

Sterling HoldCo welcomes its new shareholders and reaffirmed its commitment to sustainable growth, responsible capital deployment, and supporting Nigeria’s economic development through innovative financial services.

About Sterling Financial Holdings Company
Sterling HoldCo is a leading Nigerian financial services group with a diversified portfolio including Sterling Bank Limited, The Alternative Bank Limited, and SterlingFI Wealth Management. The Group provides strategic direction, governance, and shared capabilities across its subsidiaries, advancing financial inclusion, innovation, and sustainable economic growth.