Sterling Financial Holdings Company Plc has announced its recapitalisation to meet the Central Bank of Nigeria’s national license requirements. The company raised approximately N75 billion through a private placement, with a consortium of domestic investors and ultra-high-net-worth groups. This capital infusion aims to strengthen its position in the Nigerian financial services sector.
Group CEO Yemi Odubiyi highlighted that this funding reflects investor confidence in Sterling’s innovative approach and vision. “Our journey from a merchant bank to a dynamic enterprise with embedded technology is being rewarded with the highest form of confidence—more capital,” he said.
Sterling’s performance continues to rise, with a 51% increase in profit before tax in H1 2024 and a 20% growth in total assets. The company’s HEART of Sterling strategy, focusing on healthcare, education, agriculture, renewable energy, and transportation, reinforces its commitment to sustainable growth and sectoral development.
Stay tuned to 9am News Nigeria for more Breaking News, Finance News, Sports updates And Entertainment Gists.
