Sterling HoldCo Confirms Full Recapitalisation Of The Alternative Bank, Sterling Bank

Yemisi Izuora

Sterling Financial Holdings Company Plc has confirmed that its core
banking subsidiaries, The Alternative Bank (AltBank) and Sterling Bank, are fully
recapitalised in line with the Central Bank of Nigeria’s (CBN) revised minimum capital
requirements,  following  ‘nal   regulatory  approvals  received   in  January  2026.   The capital-raising  programme   itself   was   substantially   completed   between  December 2024  and  October   2025, positioning  the   Group  well  ahead   of  the   2026  industry deadline.
In December 2024, the Group completed a  ₦75 billion Private Placement, raising
₦73.86 billion in net proceeds. Of this amount, ₦68.8 billion was allocated to Sterling
Bank and ₦5 billion to The Alternative Bank, strengthening the capital base of both
institutions.   This   was   followed   by   a  ₦28.79   billion   Rights   Issue,   which   was
oversubscribed by  ₦10.29 billion. Regulatory approvals in  May 2025 enabled the
allotment   of  ₦26.639   billion   under   the   Rights   Issue,   with   the   oversubscription restructured  into   a   private   placement,   enabling   AltBank   to   meet   the   capital requirement for non-interest banks with national licences.
Sterling HoldCo further strengthened its capital position through an ₦88 billion Public
O<er in October 2025, which recorded an oversubscription.

The CBN has cleared the full amount of ₦96.69 billion for recognition as additional capital, while the Securities and Exchange Commission (SEC) approved the allotment of 13,812,239,000 shares.
In total, the Group injected ₦153 billion into Sterling Bank and The Alternative Bank,
bringing both institutions into full compliance with the revised capital requirements.
Speaking on the development, Yemi Odubiyi, Group Chief Executive O@cer of Sterling
Financial Holdings Company Plc, said the recapitalisation strengthens the Group’s
ability   to   support   economic   activity   while   maintaining   ‘nancial   resilience.   “This exercise  goes   beyond   regulatory   compliance.   It   positions   us   to   expand   credit responsibly, accelerate innovation, and provide sustained support to businesses and households,   while   maintaining   the  discipline   required   in   a   challenging   operating environment,” he said.
Odubiyi noted that fully capitalising both Sterling Bank and The Alternative Bank
reinforces the Group’s dual-bank structure and its ability to serve conventional and
non-interest segments. “Our structure enables e@cient deployment of capital across
complementary markets and positions us to respond with agility to evolving customer