Details of the Listing
The newly listed shares arose from Sterling HoldCo’s private placement of 16,666,666,667 ordinary shares of 50 kobo each, priced at N4.50 per share. With this listing, the company’s total issued and fully paid-up shares have increased from 28.79 billion to 45.46 billion ordinary shares of 50 kobo each.
The NGX bulletin, signed by Godstime Iwenekhai, Head of Issuer Regulation, stated, “Trading License Holders are hereby notified that an additional 16,666,666,667 ordinary shares of 50 Kobo each per share of Sterling Financial Holdings Company Plc were today, Monday, March 17, 2025, listed on the Daily Official List of Nigerian Exchange Limited.”
Regulatory Approval and Capital Raise
The Central Bank of Nigeria (CBN) has approved the additional N75 billion capital raised by Sterling Financial HoldCo, enabling the company to meet its new capital threshold. This move aligns with the CBN’s efforts to strengthen the financial sector by ensuring that institutions maintain robust capital bases.
Following the private placement, Sterling HoldCo launched a rights issue in October 2024, offering existing shareholders the exclusive opportunity to increase their stakes in the company and participate in its growth trajectory.
Strategic Implications
The successful listing and capital raise underscore Sterling Financial Holdings’ commitment to enhancing its financial stability and expanding its market presence. The additional shares not only provide the company with the necessary capital to meet regulatory requirements but also position it for future growth and investment opportunities.
As Sterling HoldCo continues to execute its strategic initiatives, the listing reinforces its position as a key player in Nigeria’s financial sector, with a strengthened capacity to deliver value to shareholders and stakeholders alike.