Sterling HoldCo directors invest N341.6m in company shares

Three directors of Sterling Financial Holding Company Plc have purchased a combined 46.24 million units of the company’s shares in transactions valued at N341.63m, according to insider dealing disclosures filed with the Nigerian Exchange Limited this week.

One of the deals was executed by Seven Degrees North Limited, an entity linked to the Group Managing Director/Chief Executive Officer of Sterling HoldCo, Yemi Odubiyi. The firm acquired 20,816,570 units at N6.80 per share, totalling approximately N141.55m. The transaction was completed on August 1, 2025, via the NGX trading platform in Lagos.

On the same day, the Chief Operating Officer of Sterling Bank Ltd, Temitayo Adegoke, bought 5,742,260 units at N6.87 each, amounting to about N39.45m. In a separate transaction on August 6, the CEO of Sterling Bank, Abubakar Suleiman, acquired 19,684,442 units at N8.16 per share, valued at N160.63m.

The acquisitions come as Sterling HoldCo prepares for the launch of a public offer in the coming weeks, part of its strategy to meet the Central Bank of Nigeria’s new capital requirements. In a statement accompanying its half-year results, the group said the offer aims to bridge the N53bn recapitalisation gap for Sterling Bank and strengthen its capacity for sustainable growth across diversified income streams.

“This public offer is the first phase of the US$400m capital raising programme approved by shareholders at the company’s Annual General Meeting on June 30, 2025,” the group noted.

Sterling HoldCo has already raised about N100bn through private placements and a rights issue, which enabled the recapitalisation of Alternative Bank (its ethical banking subsidiary) and bolstered Sterling Bank’s capital base.

Following the CBN’s March 2024 directive, commercial banks with international licences must raise their capital base to N500bn, national banks to N200bn, and regional banks to N50bn. Non-interest banks are required to meet N20bn (national) and N10bn (regional) thresholds. The deadline for compliance is March 2026.