Sterling Financial Holdings Company PLC has achieved another milestone with the approval of the Central Bank of Nigeria (CBN) recognising an additional ₦75 billion in its capital raise.

This approval represents the final leg of the capital injection that was achieved through a private placement in September 2024.

Building on the private placement’s success, Sterling launched a Rights Issue in October 2024, structured to provide existing shareholders the exclusive opportunity to deepen their stakes in the company and share in its growth story.

The Rights Issue received significant interest and participation, highlighting the confidence and trust the company has cultivated among its shareholders over the years. Regulatory approval for the process is currently underway, marking another significant step in the recapitalisation journey.

The public is eagerly awaiting Sterling’s Public Offer, which will present an exciting opportunity for individuals to invest in the company. It is anticipated that the
recapitalisation process will be completed with a Public Offer early next year, allowing wider participation from the public and further strengthening its commitment to shared value creation.

Group Chief Executive, Yemi Odubiyi described the capital injection and the approvalas a validation of the company’s strategic direction and operational excellence. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond.

“Our enhanced capital base empowers us to pursue transformative opportunities, deliver sustainable value to all stakeholders and drive impact across critical sectors of the Nigerian economy,” he stated.

Odubiyi emphasised the company’s evolution from its origins as a merchant bank to its current status as a diversified financial holdings company. Powered by cutting-edge technology and a flexible operational model, the company has consistently demonstrated its ability to navigate market difficulties and seize growth opportunities.

Reflecting on Sterling’s accomplishments, Odubiyi acknowledged the instrumental role of stakeholders, including regulators, investors, and customers. “We are grateful for the unwavering support and trust in our strategy, which has been pivotal to our journey.

“This recapitalisation strengthens our ability to unlock new opportunities, create value, and drive economic growth,” he added.

The capital boost follows a year marked by robust financial performance and significant strategic achievements for Sterling. As at the last week in December 2024, Sterling witnessed a 19% surge in stock price, contributing to a remarkable three-year growth of 287.42%. In the first half of 2024, the company recorded a 51% increase in profit before tax compared to the same period in 2023 and achieved a 20% growth in total assets.

These results demonstrate Sterling’s resilience and ability to deliver superior outcomes despite the complexities of Nigeria’s economic landscape, marked by high inflation and currency volatility.

As Sterling looks ahead, its focus remains firmly on innovation, sustainability, and value creation. With a fortified capital structure, the company is well-positioned to execute its ambitious growth plans, deepen its impact across critical sectors, and set new benchmarks for excellence in Nigeria’s financial services industry.

This latest milestone marks a transformative chapter for Sterling Financial Holdings Company PLC as it continues to redefine the future of financial services in Nigeria and beyond.

Access Holdings Plc has successfully closed its N351 billion Rights Issue, gaining approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

This accomplishment cements its banking subsidiary, Access Bank Plc, as the first Nigerian bank to exceed the CBN’s N500 billion minimum capital requirement for international banks, ahead of the March 2026 deadline.

The Rights Issue, which offered 17.77 billion ordinary shares at N19.75 per share, was oversubscribed by 5.76 per cent, a clear signal of shareholders’ confidence in the institution’s strategy. The exercise raised Access Bank’s share capital to N600 billion, which is N100 billion above the regulatory threshold.

Lauding the development, Chairman of Access Holdings, Aigboje Aig-Imoukhuede, states: “The Access brand has always resonated strongly with the local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitalisation directives.

“We are pleased that this time we are the first to breast the tape. The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our Company.”

He further acknowledged the critical roles played by regulators and the unwavering support of shareholders, remarking: “We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise. We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering.”

The offering drew applications for 18.82 billion shares valued at N371.77 billion, exceeding the 17.77 billion shares initially offered. After thorough regulatory verification, 18.75 billion shares worth N370.41 billion were validated and allotted.

The strong participation underscored Access Holdings’ innovative approach, as it conducted the first fully digital Rights Issue among CBN-licensed financial holding companies.

Leveraging the Nigerian Exchange’s E-offer platform, the company streamlined the subscription process, enhancing accessibility and efficiency for its shareholders.

With its strengthened capital base, Access Bank is now strategically positioned to deepen its footprint in the financial landscape, deliver innovative products, and drive sustainable growth. Aig-Imoukhuede emphasised the institution’s readiness to capitalise on this momentum, noting: “As we enter into the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre.

As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.