… 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.