Sterling HoldCo Gets Shareholders’ Nod To Raise $400 Million, Approves Share Consolidation

June 17, () — Sterling Financial Holdings Company Plc has secured shareholder approval to raise $400 million in fresh capital as it seeks to strengthen its capital base and expand its operations across Nigeria’s financial services sector.

The approval was granted at the company’s third Annual General Meeting (AGM), according to a disclosure signed by the Company Secretary, Sunny Kanabe.

Under the resolution passed by shareholders, Sterling HoldCo is authorised to raise $400 million, or its equivalent in naira or other currencies, through a combination of debt, equity, or hybrid instruments. The fundraising may be executed in one or multiple tranches through the issuance of bonds, ordinary shares, preference shares, convertible or non-convertible debt instruments, global depositary receipts, or a mix of these securities.

The company said the capital could be sourced from both domestic and international markets through public offers, private placements, rights issues, or any other structure approved by the Board and relevant regulators.

Sterling HoldCo noted that the new mandate is separate from earlier capital-raising authorisations approved by shareholders at its AGM held in July 2025.

Shareholders also approved a 10-for-1 share consolidation and capital reduction aimed at optimising the company’s capital structure ahead of the fundraising exercise. Under the arrangement, the company’s 68.5 billion ordinary shares of 50 kobo each will be consolidated into 6.85 billion ordinary shares of the same nominal value.

The restructuring will result in the cancellation of about 61.65 billion issued shares and reduce the company’s issued share capital to ₦3.43 billion, subject to approval by the Federal High Court.

The approval comes on the back of a strong financial performance in 2025. Sterling HoldCo reported a profit before tax of ₦86.78 billion, up 89.2% from ₦45.86 billion in 2024, while gross earnings rose 44.4% year-on-year to ₦486.8 billion, underscoring the Group’s growth ambitions and strengthening the case for fresh capital.