Sterling Financial Initiates Share Consolidation on NGX

Sterling Financial Holdings Company Plc has commenced a share capital reconstruction, consolidating every ten existing ordinary shares into one new ordinary share. This initiative aims to enhance capital-structure efficiency and bolster the Group's appeal to institutional and retail investors, following recent capital raises.

Trading in the Group's shares on the Nigerian Exchange Limited (NGX) was temporarily suspended on September 23, 2026, for a period of up to ten working days, concluding on October 7, 2026. This suspension allows the Central Securities Clearing System Plc and Pace Registrars Limited to reconcile holdings and update the shareholder register.

Shareholders approved the reconstruction at the Annual General Meeting on June 9, 2026, and the Federal High Court confirmed the share reduction exercise on September 22, 2026. The total issued ordinary shares will decrease from 68.502 billion to 6.850 billion, each maintaining a nominal value of 50 kobo.

This restructuring does not involve a fresh capital raise or cash distribution, and actual trading prices may fluctuate upon resumption.