Sterling HoldCo Completes Recapitalization of Banks

Sterling HoldCo has announced the full recapitalization of its banking subsidiaries, Sterling Bank and Altern Bank, in line with the Central Bank of Nigeria's revised minimum capital requirements. The recapitalization process received final regulatory approval in January 2026 and is set to be completed by December 2024.

The group raised ₦75 billion through a private placement, with net proceeds amounting to ₦73.86 billion, of which ₦68.8 billion is allocated to Sterling Bank and ₦5 billion to Altern Bank. Additionally, a ₦28.79 billion rights issue was oversubscribed, enabling the allotment of ₦26.639 billion.

This recapitalization aims to strengthen the capital base of both banks and ensure compliance with regulatory standards. Yemi Odubiyi, the Group Chief Executive Officer of Sterling Financial Holdings Company Plc, emphasized that the recapitalization will enhance the group's ability to support economic activities and maintain financial resilience, while also allowing for disciplined expansion opportunities.