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Sterling Financial Holdings Company PLC…

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…cements capital raise with full regulatory approval

 

Sterling Financial Holdings Company PLC has achieved another milestone with the approval of the Central Bank of Nigeria (CBN) recognising an additional ₦75 billion in its capital raise.

This approval represents the final leg of the

capital injection that was achieved through a private placement in September 2024.

Building on the private placement’s success, Sterling launched a Rights Issue in October

2024, structured to provide existing shareholders the exclusive opportunity to deepen their stakes in the company and share in its growth story.

The Rights Issue received significant interest and participation, highlighting the confidence and trust the company has cultivated among its shareholders over the years. Regulatory approval for the process is currently underway, marking another significant step in the recapitalisation journey.

The public is eagerly awaiting Sterling’s Public Offer, which will present an exciting

opportunity for individuals to invest in the company. It is anticipated that the

recapitalisation process will be completed with a Public Offer early next year, allowing wider participation from the public and further strengthening its commitment to shared value creation.

Group Chief Executive, Yemi Odubiyi described the capital injection and the approvalas a validation of the company’s strategic direction and operational excellence. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond. Our enhanced capital base empowers us to pursue transformative opportunities, deliver sustainable value to all stakeholders and drive impact across critical sectors of the Nigerian economy,” he stated.

Odubiyi emphasised the company’s evolution from its origins as a merchant bank to its current status as a diversified financial holdings company. Powered by cutting-edge technology and a flexible operational model, the company has consistently demonstrated its ability to navigate market difficulties and seize growth opportunities.

Reflecting on Sterling’s accomplishments, Odubiyi acknowledged the instrumental role of stakeholders, including regulators, investors, and customers. “We are grateful for the unwavering support and trust in our strategy, which has been pivotal to our journey. This recapitalisation strengthens our ability to unlock new opportunities, create value, and drive economic growth,” he added.

The capital boost follows a year marked by robust financial performance and significant strategic achievements for Sterling. As at the last week in December 2024, Sterling

witnessed a 19% surge in stock price, contributing to a remarkable three-year growth of 287.42%. In the first half of 2024, the company recorded a 51% increase in profit before tax compared to the same period in 2023 and achieved a 20% growth in total assets.

These results demonstrate Sterling’s resilience and ability to deliver superior outcomes despite the complexities of Nigeria’s economic landscape, marked by high inflation and currency volatility.

As Sterling looks ahead, its focus remains firmly on innovation, sustainability, and value creation. With a fortified capital structure, the company is well-positioned to execute its ambitious growth plans, deepen its impact across critical sectors, and set new benchmarks for excellence in Nigeria’s financial services industry. This latest milestone marks a transformative chapter for Sterling Financial Holdings Company PLC as it continues to redefine the future of financial services in Nigeria and beyond.

 

 

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Fidelity Bank Empowers SMEs With Business Management Systems  

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Small and Medium Enterprises (SMEs) have been encouraged to adopt digital tools to enhance their operations and drive sustainable growth.

This call was made during the Fidelity SME Empowerment Program 2025, held on Wednesday, July 23, 2025, at the bank’s dedicated SME Hub in Gbagada, Lagos.

The event, which drew a large turnout of entrepreneurs and stakeholders, marked the official launch of Fidelity Bank’s initiative to equip 100 growth-ready SMEs with ERPRev-enabled POS systems and business support tools—at no cost to the beneficiaries.

Welcoming guests, Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank Plc, represented by Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer, emphasized the bank’s commitment to SME development:

“At Fidelity Bank, we believe SMEs are not just the backbone of our economy—they are the architects of innovation, resilience, and inclusive growth. Through the Fidelity SME Empowerment Program (FSEP), we are providing 100 entrepreneurs with the tools, training, and support they need to thrive in today’s digital economy.”

Through the initiative, benefiting businesses will receive: a fully-installed POS desktop system, ERPRev business software, receipt printer and barcode scanner, inventory data input support, financial and bookkeeping training, branding and onboarding support, six months of post-installation monitoring; and a free Fidelity POS with instant settlement.

The three-day program features high-impact trainings, masterclasses, and networking opportunities designed to spark innovation, build partnerships, and unlock new markets.

 

L – R: Divisional Head, Product Development, Osita Ede; Executive Director -Lagos and SouthWest, Ken Opara (both of Fidelity Bank Plc); Chief Executive Officer, Manmark, Adaonah Kene-Uyawune; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; Deputy Director and Lagos State Manager of SMEDAN, Bunmi Kole-Dawodu; and Divisional Head, Brands and Communications, Fidelity Bank Plc, Meksley Nwagboh; at the Fidelity SME Empowerment Program 2025 in Lagos, recently.

Speaking at the event, Mrs. Adaonah Kene-Uyawune, CEO of Manmark -Fidelity Bank’s strategic partner, noted, “This digital transformation initiative is a game changer. It replaces manual bookkeeping with a unified system that simplifies accounting, inventory, HR, and profitability tracking. These tools are not handouts—they are instruments for long-term business success.”

According to the Nigerian Bureau of Statistics, SMEs make up 96% of all businesses in the country, employ over 80% of the workforce, and contribute nearly 50% to the national GDP. Despite their critical role in the economy, many still rely on manual processes that hinder efficiency and limit access to finance.

Fidelity Bank’s intervention is therefore both timely and strategic—providing SMEs with the digital tools and support they need to streamline operations, improve transparency, and unlock new growth opportunities.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

 

 

 

 

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Press Release

Polaris Bank Commits To continuous Investment In Journalism Excellence

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Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM.

This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.

Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.

The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.

Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.

Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.

Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.

 

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Press Release

Union Bank Strengthens Public-Private Partnership At Maiden International Civil Service Conference 

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Union Bank, one of the nation’s most respected financial institutions, reinforced its commitment to national progress as a proud partner of the inaugural International Civil Service Conference held on June 25 and 26, 2025 at the Eagle Square Arena, Abuja.

 

The conference, themed “Rejuvenate, Innovate & Accelerate,” convened civil servants, policymakers, and development partners to drive reforms and digital transformation in Nigeria’s public service.

 

Organised by the Office of the Head of Civil Service of the Federation and the Global Government Forum UK, the conference highlighted critical priorities such as strong inclusive leadership, fostering an agile and digital culture, and effective public service delivery structures that transcend organisational silos. These closely align with Union Bank’s expertise in delivering innovative digital banking solutions and supporting public sector efficiency.

 

In a statement to the media, Mannir Ringim, Executive Director, North and Public Sector, said: “At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our dedication to modernising Nigeria’s civil service through innovative financial solutions and digital platforms that foster transparency and efficiency.”

 

Union Bank’s participation reflects its leadership in public sector collaboration, and this support for the International Civil Service Conference attended by President Bola Ahmed Tinubu and senior public sector leaders from across Africa, reinforces the Bank’s role as a key enabler of Nigeria’s development and sustainable economic growth.

 

 

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