Sterling HoldCo announces recapitalisation of two subsidiaries

Sterling Financial Holdings Company Plc has announced that its core banking subsidiaries, The Alternative Bank (AltBank) and Sterling Bank, are fully recapitalised in line with the Central Bank of Nigeria’s (CBN) revised minimum capital requirements.

The company announced this in a statement issued on Monday, February 16, 2026, saying the recapitalisation followed final regulatory approvals received in January 2026.

Sterling HoldCo said the capital-raising programme was substantially completed between December 2024 and October 2025, noting that this positioned the Group well ahead of the 2026 industry deadline.

Sterling HoldCo stated that it completed a N75 billion Private Placement in December 2024, raising N73.86 billion in net proceeds.

Of this amount, the company disclosed that N68.8 billion was allocated to Sterling Bank and N5 billion to The Alternative Bank, strengthening the capital base of both institutions.

This, according to the firm, was followed by a N28.79 billion Rights Issue, which was oversubscribed by N10.29 billion.

It said regulatory approvals in May 2025 enabled the allotment of N26.639 billion under the Rights Issue, with the oversubscription restructured into a private placement, enabling AltBank to meet the capital requirement for non-interest banks with national licences.

Sterling HoldCo said it further strengthened its capital position through an N88 billion Public Offer in October 2025, which recorded an oversubscription.

Sterling HoldCo added that the CBN has cleared the full amount of N96.69 billion for recognition as additional capital, while the Securities and Exchange Commission (SEC) approved the allotment of 13,812,239,000 shares.

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“In total, the Group injected N153 billion into Sterling Bank and The Alternative Bank, bringing both institutions into full compliance with the revised capital requirements,” the company said.

Speaking on the development, the Group Chief Executive Officer of Sterling HoldCo, Yemi Odubiyi, said the recapitalisation strengthens the company’s ability to support economic activity while maintaining financial resilience.

“This exercise goes beyond regulatory compliance. It positions us to expand credit responsibly, accelerate innovation, and provide sustained support to businesses and households, while maintaining the discipline required in a challenging operating environment,” he said.

Odubiyi noted that fully capitalising both Sterling Bank and The Alternative Bank reinforces the Group’s dual-bank structure and its ability to serve conventional and non-interest segments.

“Our structure enables efficient deployment of capital across complementary markets and positions us to respond with agility to evolving customer needs,” Odubiyi said, adding that strong investor participation across the capital programmes reflects confidence in the Group’s governance and long-term strategy.

In addition to strengthening its banking subsidiaries, Sterling HoldCo also announced plans to inject N10 billion into SterlingFI Wealth Management Limited, its asset management subsidiary, in line with the revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026.

The company added that the capital injection will support the commencement of full operations and contribute to the Group’s revenue diversification objectives.

The Star