Sterling Financial Holdings AGM: Share Consolidation & $400M Capital Raise

Sterling Financial Holdings Company Plc (STERLINGNG) filed resolutions passed at its 3rd Annual General Meeting held virtually on 9 June 2026. Shareholders approved the company's Audited Financial Statements for the year ended 31 December 2025.

On corporate governance, Ms. Aisha Bashir and Mr. Abubakar Suleiman were re-elected as directors by rotation. Non-Executive Directors' aggregate fees for the year ending 31 December 2026 were fixed at ₦191,134,000.

The most significant resolutions were special in nature. Shareholders approved a 10-for-1 share consolidation, which will reduce the total issued ordinary shares from 68,502,331,708 to 6,850,233,171 shares of ₦0.50k each. This consolidation requires Federal High Court confirmation for the associated capital reduction. The resulting issued share capital will stand at ₦3,425,116,585.50. Any fractional share entitlements arising from the consolidation will be rounded down and proceeds distributed to affected shareholders.

Shareholders also authorised the company to raise up to $400,000,000 or its naira equivalent through debt instruments, bonds, preference shares, ordinary shares, global depositary receipts, or a combination thereof, in Nigerian and international capital markets, subject to regulatory approvals.