Lagos, Nigeria – Sterling Financial Holdings Company Plc has confirmed that its banking subsidiaries—Sterling Bank and The Alternative Bank—are now fully recapitalised, meeting the Central Bank of Nigeria’s revised requirements ahead of the March 2026 deadline.
Okay News reports that the confirmation follows final regulatory approvals obtained in January 2026. The group completed its capital-raising programme between December 2024 and October 2025, positioning it well before the industry cut-off date.
Group CEO Yemi Odubiyi said the recapitalisation strengthens the group’s capacity to support economic growth. “This exercise goes beyond regulatory compliance. It positions us to expand credit responsibly, accelerate innovation, and provide sustained support to businesses and households,” he said. He noted that fully capitalising both banks reinforces the group’s dual-bank model, enabling it to serve both conventional and non-interest banking segments.
The group raised funds through a N75 billion private placement, a N28.79 billion rights issue, and an N88 billion public offer. In total, N153 billion was injected into the two banking subsidiaries. Sterling HoldCo also plans to inject N10 billion into its asset management subsidiary, SterlingFI Wealth Management, to meet SEC capital requirements.
The recapitalisation follows strong financial performance, with profit before tax rising 98.3 percent to N90.73 billion in 2025. Gross earnings climbed 46 percent to N476.50 billion, supported by improved yields and stronger non-interest income.
