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The capital raise is part of Sterling Financial Holdings Company’s step to meet the Central Bank of Nigeria’s recapitalisation requirements.

In late March, the CBN announced a new capital base for banks operating in the country.

This private placement deal, which was closed in Lagos last week, is in the final stages of approval by the regulators, according to the group.

Odubiyi said, “The investors’ decision to entrust Sterling HoldCo with their hard-earned capital is built on our ability to challenge the norm in Nigeria’s financial services sector. Our investors recognise that beyond the profits declared, and dividend payouts, we are an enterprise that has consistently demonstrated capacity for innovation, creating and leveraging new opportunities within and outside the industry to deliver value to all our stakeholders.

“From our modest beginnings as a merchant bank, we have evolved into a dynamic enterprise with a proven track record that extends well beyond conventional banking. Now powered by an embedded technology stack that is flexible to the unique demands of the market, we are more than confident in our ability to capture major growth opportunities in Nigeria and beyond.”

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