Sterling HoldCo Completes Full Recapitalization of Sterling Bank

Sterling HoldCo has confirmed the full recapitalization of its core banking subsidiary, Sterling Bank, in compliance with the Central Bank of Nigeria's (CBN) revised minimum capital requirements. This recapitalization follows the final regulatory approval received in January 2026 and is part of a capital raising program that was substantially completed by December 2024.

The group raised ₦75 billion through a private placement, with ₦73.86 billion net proceeds allocated to Sterling Bank and ₦5 billion to the alternative bank. Additionally, a ₦28.79 billion rights issue was oversubscribed by ₦10.29 billion, with regulatory approval expected by May 2025.

This initiative aims to strengthen the capital base of both institutions, enabling them to meet the capital requirements for non-interest banking. Yemi Odubiyi, the Group Chief Executive Officer of Sterling Financial HoldCo, stated that the recapitalization will enhance the group's ability to support economic activities and maintain financial resilience while expanding credit and innovating services.

The group reported a 99% increase in profit before tax and a 46% rise in gross earnings for FY 25.