Sterling Financial Holdings Company Plc has commenced the allotment process for its 2025 Public Offer of 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share, confirming that the offer was oversubscribed.
In a statement issued on Wednesday, the company said the allotment followed final approval from the Central Bank of Nigeria and clearance by the Securities and Exchange Commission.
The Public Offer, which opened on September 15, 2025, attracted 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88bn.
After verification, valid applications were received from 18,276 shareholders for 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent.
The HoldCo confirmed that, in line with the offer prospectus, all valid applications will be allotted in full.
“Every investor who complied with the terms of the offer will receive all the shares for which they applied. A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples,” the company stated.
It added that refunds for excess or rejected applications, along with applicable interest, will be processed via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to investors’ bank accounts.
Successful applicants will have their shares electronically credited to their accounts with the Central Securities Clearing System. For those without CSCS accounts, shares will be temporarily held in a registrar-managed pool account pending completion of documentation with Pace Registrars Limited.
The public offer forms part of a broader capital-raising programme aimed at strengthening the capital buffers of its banking subsidiaries, Sterling Bank Limited and The Alternative Bank Limited.
The group also disclosed plans to inject N10bn into SterlingFI Wealth Management Limited to meet revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026.
According to the company, Sterling Bank Limited and The Alternative Bank Limited have fully complied with the CBN’s revised minimum capital requirements after receiving final regulatory approvals in January 2026.
Sterling HoldCo noted that The Alternative Bank has expanded its physical network to over 150 locations and is deploying capital into initiatives such as the Mata Zalla project and agricultural programmes in Plateau State.
The company added that the public offer attracted significant participation from first-time retail investors, broadening its shareholder base and deepening community engagement.
In its FY25 interim results, Sterling HoldCo reported a 99 per cent increase in profit before tax, building on 102 per cent growth achieved in 2024.
Gross earnings rose 46 per cent to N476.5bn, while total assets expanded to N3.92tn. Customer deposits grew 18 per cent to N2.98tn, and shareholders’ funds increased 39 per cent to N424.0bn.
The group said its performance reflects sustained profitability and balance sheet expansion across its diversified financial services structure.
