Sterling Financial Holding Company Plc said it plans to raise up to US$400 million in fresh capital through a mix of debt and equity instruments, as part of resolutions to be presented at its upcoming Annual General Meeting.
The Nigerian lender disclosed the plan in a statement signed by company secretary Sunny Kanabe and published on the NGX Group platform on Monday, ahead of its 3rd Annual General Meeting scheduled for June 9.
The proposed fundraising forms part of the company’s broader capital strategy and builds on earlier shareholder approval granted at its July 2025 AGM for a similar capital raise of up to US$400 million.
Sterling Holdco said the funds could be raised through a range of instruments, including convertible or non-convertible bonds, preference shares, ordinary shares, global depositary receipts, or a combination of these.
The company added that the capital may be raised in tranches and through public offerings, private placements, rights issues or other methods in both Nigerian and international capital markets.
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According to the statement, pricing and timing of the fundraising will be determined by the board of directors, subject to approval from relevant regulatory authorities.
If equity issuance is involved, shareholders will authorise the board to increase the company’s share capital and allot new shares as necessary to complete the transaction.
The resolutions also grant the board authority to amend the company’s memorandum and articles of association to reflect any changes in its capital structure.
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Shareholders are further being asked to approve the board’s mandate to take all necessary steps, secure regulatory approvals and appoint professional advisers to execute the transaction.
Sterling Holdco also sought ratification of any prior actions already taken in relation to the capital raising process.
The planned fundraising comes as Nigerian financial institutions continue to strengthen their capital bases amid regulatory pressures and expansion strategies across West Africa’s banking sector.
