Joy Agwunobi
Sterling Financial Holdings Company PLC has unlocked a $50 million war chest, catapulting its subsidiaries closer to satisfying the Central Bank of Nigeria’s (CBN) recapitalisation demands in a single, game-changing manoeuvre.
The firm announced that it had successfully completed a private placement, raising approximately N75 billion from a consortium of domestic investors and ultra-high-networth groups in Lagos.
The infusion, achieved via a private placement, is set to position the company to meet the recapitalisation requirements set by the CBN. The capital injection is currently in the final stages of regulatory approvals, paving the way for Sterling Financial Holdings Company PLC to strengthen its financial position and competitiveness within the Nigerian financial sector.
Speaking at the private placement ceremony, Yemi Odubiyi, the group chief executive Officer of Sterling Financial Holdings Company, remarked on the capital infusion, stating that the capital raise demonstrates the market’s confidence in its vision and potential as a business enterprise.
Addressing the decision of investors to allocate capital to Sterling HoldCo, Odubiyi highlighted the company’s drive to innovate and redefine norms in the Nigerian financial services sector.
The Sterling HoldCo’s CEO also reflected on the company’s evolution from a humble merchant bank to a pioneering financial services enterprise, pointing out the company’s agility and commitment to innovation.
“Our vision, performance, and journey continue to be rewarded with the highest form of investor confidence – more capital. This infusion of funds not only reflects the trust our investors place in us, but also serves as a powerful endorsement of our strategy and future potential. With it, we reaffirm our commitment to driving social, sector, and economic growth beyond banking.
“By investing in and incubating new subsidiaries, we will prioritise value creation that stimulates and sustains growth for both the enterprise and the nation’s economy. Our investment strategy is anchored in sustainable practices that will deliver long-term value for society and consistent returns for investors,” he concluded.
