Overview

CardinalStone Partners Limited is pleased to inform you that Offer for Subscription by Sterling Financial Holdings Company Plc (“Sterling Holdco” or the “Company”) of 12,581,000,000 ordinary shares at a fixed price of ₦7.00 per share (the “Offer”) is NOW OPEN to the general investing public, and will close on Tuesday, 30 September 2025. This Offer comes on the heels of a successful capital raising exercise in the first half, in which the group secured approximately N100 billion through a private placement and rights issue. The proceeds were used to recapitalise Alternative Bank and strengthen the capital base of Sterling Bank, its flagship subsidiary

Sterling Financial Holdings Company Plc is a leading provider of banking and financial services to both corporate and individual clients through its subsidiaries. With over 64 years of experience, the Company has evolved from its merchant banking roots, established in 1960, into a diversified financial holding group comprising three subsidiaries: 

  • Sterling Bank – offering conventional banking services through a nationwide network of over 160 branches.
  • The Alternative Bank – a specialized Non-Interest Bank guided by Islamic finance principles.
  • SterlingFi Wealth Management Services – a licensed fund and portfolio management company.

 Sterling HoldCo combines a strong physical footprint across all Nigerian states with innovative digital solutions, delivering accessible and customer-centric financial services. Its success is underpinned by a highly experienced management team with over 170 years of combined expertise in financial services and technology.

Sterling Financial Holdings Company Plc delivered a strong performance in H1 2025, with Profit After Tax (PAT) rising 157% year-on-year to ₦41.78 billion (H1 2024: ₦16.26 billion). Earnings Per Share increased to 89 kobo from 56 kobo, reflecting consistent value creation for shareholders.

Gross earnings grew 39.7% to ₦212.61 billion, driven by a 38.3% rise in interest income to ₦167.16 billion and a 45% increase in non-interest income to ₦45.45 billion. The cost-to-income ratio improved to 64.5% from 75.7%, highlighting ongoing cost optimisation.

Total assets rose 15.3% to ₦4.08 trillion (Dec. 2024: ₦3.54 trillion), while shareholders’ funds advanced 22.9%. Asset quality also improved, with the NPL ratio declining to 5.1% from 5.4% at year-end 2024.