Sterling Financial Holdings Company Plc has announced an ambitious plan to raise $400 million to support its growth and expansion strategies, ahead of its upcoming virtual Annual General Meeting (AGM) scheduled for July 11.
In a corporate notice signed by Company Secretary, Adeyoola Temple, Sterling revealed that the funds would be raised incrementally through a variety of channels including rights issues, private placements, and public offerings, both in local and international markets.
The company intends to establish a Shelf Programme that would allow it to issue a broad range of financial instruments such as bonds (convertible and non-convertible), commercial papers, Sukuks, preference shares, ordinary shares, and global depositary receipts.
These instruments could be offered via different methods—including book building—over a defined period.
According to the resolution proposed for shareholder approval, the capital raise will be executed in multiple tranches at varying prices, interest rates, and maturity timelines, with the Board of Directors given full authority to determine the modalities.
Sterling also disclosed that it would seek listing approvals for any securities issued under the fundraising programme on the Nigerian Exchange (NGX), FMDQ Securities Exchange, or other local and international trading platforms.
In a move to strengthen governance and administrative structure, the company also proposed amendments to its Memorandum and Articles of Association to reflect the anticipated changes in share capital.
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Furthermore, the company secretary has been empowered to register any share capital increase with the Corporate Affairs Commission (CAC).
As part of its special business agenda, Sterling is also proposing a total remuneration of N191.13 million for its non-executive directors for the 2025 financial year, subject to future review at subsequent AGMs.
Sterling emphasized that it will engage professional advisers and secure all required regulatory approvals to ensure smooth implementation of the capital raise and associated resolutions.
The proposed financial manoeuvre marks a strategic step in the company’s long-term vision to expand its footprint and reinforce its presence across financial markets.