Sterling Financial Holdings Lists 16.67bn Shares on NGX

Sterling Financial Holdings Company Plc has expanded its shareholding base with the listing of an additional 16.67 billion ordinary shares on the Nigerian Exchange Limited (NGX) following the successful completion of its private placement.

The NGX, in a market bulletin issued on Monday, March 17, 2025, confirmed the listing, stating that the newly added shares arose from Sterling HoldCo’s private placement of 16,666,666,667 ordinary shares of 50 kobo each at ₦4.50 per share.

This development has significantly increased the company’s total issued and fully paid-up shares from 28.79 billion to 45.46 billion ordinary shares of 50 kobo each.

The bulletin, signed by the Head of Issuer Regulation at NGX, Godstime Iwenekhai, formally notified trading license holders of the listing, stating that the additional shares had been included in the Daily Official List of the exchange as of Monday, March 17, 2025.

The capital raise aligns with regulatory requirements, as reported that the Central Bank of Nigeria (CBN) has approved the ₦75 billion raised by Sterling Financial HoldCo to meet its new capital threshold.

In addition to the private placement, the company had launched a rights issue in October 2024, allowing existing shareholders an exclusive opportunity to increase their stake and participate in its long-term growth.