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 final regulatory approvals received in January 2026.
The company disclosed that its capital-raising programme was substantially completed between December 2024 and October 2025, placing the Group well ahead of the 2026 industry deadline set by the CBN.
In December 2024, Sterling HoldCo completed a N75 billion private placement, raising N73.86 billion in net proceeds. According to the Group, N68.8 billion of the proceeds was allocated to Sterling Bank, while N5 billion was injected into The Alternative Bank to strengthen the capital base of both institutions.
The exercise was followed by a N28.79 billion rights issue, which recorded an oversubscription of N10.29 billion. After receiving regulatory approvals in May 2025, the company allotted N26.639 billion under the rights issue, while the oversubscription was restructured into a private placement. This restructuring enabled AltBank to meet the capital requirement for non-interest banks with national licences.
In October 2025, Sterling HoldCo further reinforced its capital position through an N88 billion public offer, which also recorded an oversubscription. The company stated that the CBN has cleared the full amount of N96.69 billion for recognition as additional capital. The Securities and Exchange Commission (SEC) also approved the allotment of 13,812,239,000 shares.
In total, the Group injected N153 billion into Sterling Bank and The Alternative Bank, bringing both institutions into full compliance with the revised capital requirements.
Speaking on the development, Group Chief Executive Officer, Yemi Odubiyi, said the recapitalisation strengthens the Group’s capacity to support economic activities while maintaining financial 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 added that fully capitalising both Sterling Bank and The Alternative Bank reinforces the Group’s dual-bank structure and strengthens its ability to serve both conventional and non-interest banking segments.
“Our structure enables efficient deployment of capital across complementary markets and positions us to respond with agility to evolving customer needs,” he said, noting that strong investor participation reflects confidence in the Group’s governance and long-term strategy.
