Sterling HoldCo Completes Full Recapitalization of Banks

Sterling HoldCo has confirmed the full recapitalization of its core banking subsidiaries, Sterling Bank and AltBank, after receiving approval from the Central Bank of Nigeria (CBN). The recapitalization aligns with the minimum capital requirements set by the CBN, with the capital raise program substantially completed by December 2024 and positioned ahead of the 2026 industry compliance deadline.

Sterling HoldCo raised ₦75 billion through a private placement, netting ₦73.86 billion, with ₦68.8 billion injected into Sterling Bank and ₦5 billion allocated to AltBank. Following a ₦28.79 billion rights issue, which was oversubscribed by ₦10.29 billion, regulatory approval in May 2025 enabled the allotment of ₦26.639 billion.

This restructuring allows AltBank to meet capital requirements for its non-interest banking license by October 2025. The group plans to inject ₦10 billion into SterlingFi Wealth Management to meet capital market operations by January 2026.

The recapitalization coincides with strong financial performance, including a 99% increase in profit before tax and a 46% rise in gross earnings.