Sterling HoldCo Completes Full Recapitalization of Banks

Sterling HoldCo has confirmed the full recapitalization of its core banking subsidiaries, Sterling Bank and AltBank, in compliance with the minimum capital requirements set by the Central Bank of Nigeria (CBN). This confirmation follows the final regulatory approval obtained in January 2026.

The recapitalization program, which began in December 2024 and is set to conclude by March 2026, aims to strengthen the group's capacity to support economic growth and preserve financial stability. Group Chief Executive Officer Yemi Odubiyi noted that the recapitalization reinforces the group's dual bank model, enabling effective service in both conventional and non-interest banking segments.

The total capital injection of N153 billion includes N75 billion from a private placement and N28.79 billion from an oversubscribed rights issue. Additionally, Sterling HoldCo plans to inject N10 billion into Sterlingfi Wealth Management Ltd to meet revised capital requirements for capital market operations by January 2026.

The recapitalization milestone comes amid strong financial performance, with Sterling HoldCo reporting a profit before tax increase of 98.3% to N90.73 billion.