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Sterling HoldCo Commences Allotment Of Public Offer Shares

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… Achieves 109.8% Subscription

 

Sterling Financial Holdings Company Plc (“Sterling HoldCo” or “the Group”) has announced the commencement of the allotment process for its 2025 Public Offer of 12,581,000,000 ordinary shares of 50 kobo each at ₦7.00 per share. 

 

This follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities & Exchange Commission.

 

The allotment process, which begins

immediately, marks the continuation of a disciplined, multi-year capital-raising programme that has positioned the Group as one of the fastest-growing financial institutions in the region.

 

The Public Offer, which opened on September 15, 2025, attracted strong participation from the investing public, with the Company receiving 18,280 applications for 16,839,524,401 ordinary shares valued at approximately ₦117.88 billion.

 

Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares. This represents a subscription level of 109.79% and reflects sustained confidence in Sterling HoldCo’s strategic direction, governance, and long-term growth prospects.

 

In line with the guidelines set out in the offer prospectus, the Group confirmed that 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, as stipulated in the offer documents.

 

The Public Offer forms part of a broader capital-raising programme designed to enable Sterling HoldCo expand credit responsibly, accelerate innovation, and provide sustained support to businesses and households across Nigeria.

 

In addition to strengthening the capital buffers of its banking subsidiaries, Sterling HoldCo will inject ₦10 billion into SterlingFI Wealth Management Limited, its asset management subsidiary, in line with the revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026.

 

The capital injection will support the commencement of full operations and contribute to the Group’s revenue diversification objectives.

 

The Group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.

 

These payments will be processed by the Registrars, Pace Registrars Limited, not later than Tuesday, 17 February 2026.

 

Simultaneously, the electronic allotment of shares will be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) by the same date.

 

For applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.

 

The Offer attracted significant participation from a new generation of investors, with data from the application process showing that a substantial proportion of successful applicants were first-time shareholders in a financial services company. This broadening of the ownership base reflects growing retail investor belief in Sterling HoldCo’s vision and strengthens the Group’s connection to the communities it serves.

 

The allotment announcement follows a period of strong financial momentum for Sterling HoldCo. In its FY25 interim results, the Group reported a 99% increase in profit before tax, building on the 102% growth achieved in 2024. Gross earnings rose 46% to ₦476.5 billion, driven by growth across both interest and non-interest income streams, while total assets expanded to ₦3.92 trillion. Customer deposits grew by 18% to ₦2.98 trillion, and shareholders’ funds increased by 39% to ₦424.0 billion, reflecting sustained profitability and balance-sheet expansion.

 

The Group’s cost-to-income ratio improved to 63% from 72% in the prior year, underscoring the scalability of the Group’s platforms and the resilience of its business model.

 

This performance is supported by a diversified financial services structure that spans multiple segments of the market. Its core businesses include Sterling Bank Limited, its conventional banking subsidiary; The Alternative Bank Limited, its non-interest banking arm; and SterlingFI Wealth Management, which provides investment and wealth advisory services.

 

This diversified structure enables the Group to serve a broader customer base, reduce concentration risk, and generate income across multiple revenue streams.

 

The recapitalisation of the Group’s core banking subsidiaries is already complete. Sterling Bank Limited and The Alternative Bank Limited are fully compliant with the CBN’s revised minimum capital requirements, having received final regulatory approvals in January 2026.

 

The Alternative Bank, in particular, has emerged as a national non-interest bank with aphysical network now surpassing 150 points, deploying capital to solve real-world challenges through initiatives such as the Mata Zalla project, which trains women as electric tricycle drivers and mechanics, and an agricultural programme in Plateau State designed to secure economic futures.

 

These outcomes demonstrate that the capital raised is already being put to work in ways that create tangible impact.

 

Sterling Financial Holdings Company Plc warmly welcomes its new shareholders and thanks all investors for their participation.

 

With a strengthened capital base, increasing deposits, a diversified earnings mix, and residual capacity for further investment, the Group is wellpositioned to sustain growth across its subsidiaries, deploy capital responsibly, and support sustainable economic activity.

 

 

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Union Bank Of Nigeria Marks International Women’s Month 2026 With Inclusion-First “Give to Gain” Campaign

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In observance of International Women’s Month 2026, Union Bank of Nigeria reaffirms its commitment to gender equity through a focused initiative centred on women living with disabilities and women raising children with disabilities.

Aligned with the global theme “Give to Gain,” the Bank’s campaign “Give to Gain: Creating Pathways for Inclusion and Endless Opportunities” centres the lived experiences of women living with disabilities and underscores the need for intentional systems of support for social and economic advancement.

Throughout March, Union Bank will implement targeted initiatives to expand access, foster inclusion, and unlock sustainable opportunities. Activities include a flagship event which held at

The Stable, its multipurpose venue in Surulere, Lagos, on Saturday. The event convened women with disabilities, caregivers, supporting organisations, and advocates for dialogue, mentorship, and resource sharing.

L-R: Chief Talent Officer, Union Bank of Nigeria, Omayuli Wale-Ajayi; Head, Corporate Banking, Union Bank of Nigeria, Ali Kadiri; Head, Retail and SME Business, Union Bank of Nigeria, Vivian Imoh-Ita; Founder/Executive Director, Deaf International Foundation, Funmilola Ogunro; MD/CEO, Union Bank of Nigeria, Yetunde Oni; SouthWest Coordinator, Nigeria Association of the Blind, Adenike Olorundare; Women Leader, Lagos Chapter, Nigeria Association of the Blind, Olubukola Salako; Executive Director, Corporate Bank & Business Banking Lagos & West, Union Bank of Nigeria, Taiwo Shote; Chief Brand and Marketing Officer, Union Bank of Nigeria, Olufunmilola Aluko; Regional Executive, Business Banking SouthWest and Lagos, Union Bank of Nigeria, Emmanuel Aihevba, and Lead Innovation, Events and Platform Management, Union Bank of Nigeria, Chiamaka Moses during the Bank’s commemoration of International Women’s Day 2026 at the Stable, Surulere, Lagos recently.

Complementary efforts include outreach to disability support facilities and collaboration with educational institutions to distribute learning materials to female students with disabilities. Tailored mentorship programmes will build confidence and capability in education, entrepreneurship, and careers. Through its women’s banking proposition alpher and strategic partnerships, the Bank will also deliver business sustainability training specifically designed for women living with disabilities and women raising children with disabilities.
Internally, Union Bank will activate WeHub — its employee-led women’s network — to strengthen inclusive culture and support professional growth across the organisation.

These actions reflect Union Bank’s long-standing commitment to advancing equity for underserved communities — and align with the United Nations Sustainable Development Goals 5 (Gender Equality) and 10 (Reduced Inequalities). For Union Bank, these are not frameworks to cite; they are commitments to live out.

Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank of Nigeria, stated that “At Union Bank, inclusion is not an abstract ideal; it is a deliberate choice. While many conversations around women’s empowerment are important and necessary, women living with disabilities and women raising children with disabilities are too often left out entirely. This year’s theme, ‘Give to Gain,’ reflects exactly what we believe: that when we intentionally open access, support, and opportunity to these women, the value created extends to families, communities, and society at large.”

Union Bank’s IWD 2026 campaign is a statement of intent: that true inclusion requires us to go further, reach deeper, and serve those who have waited longest for a seat at the table. In 2026, Union Bank is committed to ensuring that a seat exists — and that it is built to last.

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Just In: Dangote Refinery Announces Petrol, Diesel Price Reduction

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The Dangote Petroleum Refinery officially reduced its gantry prices for petrol (PMS) and diesel (AGO) following a series of price hikes earlier in the week.

According to a new pricing template released by the refinery on March 10, 2026, the gantry price of petrol has been reduced by N100, dropping from N1,175 to N1,075 per litre.

The refinery also stated that the price of PMS for coastal supply will now be N1,050 per litre. The difference in price reflects additional costs linked to maritime distribution.

Similarly, the price of Automotive Gas Oil (diesel) has been reduced to N1,430 per litre at the gantry, down from the previous N1,620 per litre. This represents a decrease of N190 per litre.

The refinery noted that these gantry prices do not include regulatory charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Meanwhile, JomogNews earlier reported on Monday that Dangote Petroleum Refinery raised its gantry PMS price to N1,175 per litre — the third upward adjustment in seven days

The refinery communicated the new ex-depot price to marketers and depot operators, up ₦180 from the N995 per litre announced last week Friday, an 18.1 per cent increase in three days.

 

 

 

 

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Drama At Rivers Assembly Over Nominee’s ‘I don’t pay tax’ Statement

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A video circulating online has captured a tense moment during the screening of commissioner nominees submitted by Governor Siminalayi Fubara to the Rivers State House of Assembly.

The footage seen shows the Speaker of the Assembly, Martin Amaewhule, questioning one of the nominees, Charity Deemua, over the status of her tax clearance certificate.

During the screening of commissioner nominees, the Rivers State House of Assembly rejected nominee Charity Deemua after she claimed that as a politician, she did not pay taxes.

Speaker Martin Amaewhule and other lawmakers expressed shock at the statement, leading to the rejection of her nomination along with three others due to lack of tax compliance.

During the screening session, Amaewhule pointed out that the nominee’s tax clearance appeared outdated.

“I just wanted to know, so there’s no current tax clearance. Madam has not been paying tax since 2018. I just wanted to know if she’s been exempted from paying taxes. So let her tell us now,” the Speaker said.

Responding, Deemua explained that she had not had a steady source of income in recent years.

“Like I said before, I’m a politician, I don’t have work,” she stated.

When asked to clarify her employment history, Deemua told the lawmakers that she had previously served briefly in government.

“I was a member, a commissioner in the Rivers State House of Assembly Service Commission,” she said.

Amaewhule then pressed further about her role in a local government caretaker committee.

“When were you? Hold on… local government caretaker committee member, right?” the Speaker asked.

“I was just three months there,” Deemua replied.

“When? When was that?” Amaewhule asked.

“And I think November last year,” she responded.

“November when? What year?” the Speaker asked again.

“2025,” she answered.

The Speaker then questioned whether she earned income during that period.

“You were not paid salary? Were you not paid salary?” Amaewhule asked.

“In the caretaker committee, we were paid,” Deemua admitted.

“You were paid? Yes. Is that not income? But you said you have not had any income from 2018 to date as a politician. So no tax clearance, and that’s what you are telling Rivers people. Madam, that is not nice. You are misleading the 10th Rivers State House of Assembly,” Amaewhule said.

In response, Deemua apologised and suggested she could address the issue.

“I’m sorry, Mr. Speaker. But I think I can still go back for…,” she began before being interrupted.

“No, but you say you have not had any income now,” Amaewhule replied before moving on to the next nominee.

The video of the exchange has since drawn reactions online, with many Nigerians asking that if politicians say they don’t work, what exactly are taxpayers paying for.

See video:

 

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