By Jemimah Wellington, JKNewsMedia Reporter
THE CENTRAL Bank of Nigeria (CBN) has approved an additional ₦75 billion capital injection for Sterling Financial Holdings Company PLC, marking a significant milestone in its recapitalisation efforts.
This approval finalises the capital raised through a private placement completed in September 2024.
Following this success, the company launched a Rights Issue in October 2024 to deepen shareholder stakes.
The initiative received overwhelming participation, reflecting strong investor confidence in Sterling’s strategic vision.
Regulatory approvals for this phase are currently underway, and the company plans to conclude the recapitalisation process with a Public Offer early next year.
Yemi Odubiyi, Group Chief Executive, described the development as a validation of Sterling’s operational excellence.
He stated, “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 and drive sustainable growth across critical sectors of the Nigerian economy.”
Sterling’s transition from its roots as a merchant bank to a diversified financial holdings company has been marked by its ability to adapt and innovate.
Powered by advanced technology and a flexible operational model, the company has maintained its resilience in navigating Nigeria’s economic complexities.
The capital injection comes on the back of a stellar financial performance by the bank in 2024.
Sterling witnessed a 19% surge in its stock price by the last week of December, contributing to an impressive three-year growth of 287.42%.
Additionally, the company recorded a 51% increase in profit before tax during the first half of 2024 compared to the same period in 2023, along with a 20% growth in total assets.
Sterling’s recapitalisation journey underscores its commitment to innovation and value creation.
The forthcoming Public Offer will open the doors for broader public participation, further solidifying its position as a leader in Nigeria’s financial services sector.
As the company continues to grow, it remains focused on sustainability and transformative opportunities, aiming to set new standards of excellence and impact across key sectors of the Nigerian economy.
