Sterling Financial Holdings Company Plc has confirmed that its core banking subsidiaries, The Alternative Bank (AltBank) and Sterling Bank, are fully recapitalised in line with the Central Bank of Nigeria’s (CBN) revised minimum capital requirements following final regulatory approvals received in January 2026.

The capital-raising programme itself was substantially completed between December 2024 and October 2025, positioning the Group well ahead of the 2026 industry deadline.

In December 2024, the Group completed a N75 billion private placement, raising N73.86 billion in net proceeds.

Of the value, N68.8 billion was allocated to Sterling Bank and N5 billion to The Alternative Bank, strengthening the capital base of both institutions, the group said in a statement.

This was followed by a N28.79 billion rights issue, which was oversubscribed by N10.29 billion. Regulatory approvals in May 2025 enabled the allotment of N26.639 billion under the rights issue, with the oversubscription restructured into a private placement. That enabled AltBank to meet the capital requirement for non-interest banks with national licences.

Sterling HoldCo also strengthened its capital position through an N88 billion public offer in October 2025, which recorded an oversubscription.

The CBN has cleared the full amount of N96.69 billion for recognition as additional capital, while the Securities and Exchange Commission (SEC) approved the allotment of 13,812,239,000 shares, the group noted.

In total, the group injected N153 billion into Sterling Bank and The Alternative Bank, bringing both institutions into full compliance with the revised capital requirements.

Speaking on the feat, Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi, said the recapitalisation strengthens the Group’s ability to support economic activity while maintaining financial resilience.

“This exercise goes beyond regulatory compliance. It positions us to expand credit responsibly, accelerate innovation and provide sustained support to businesses and households, while maintaining the discipline required in a challenging operating environment,” he said.

Odubiyi noted that fully capitalising both Sterling Bank and The Alternative Bank reinforces the Group’s dual-bank structure and its ability to serve conventional and non-interest segments.

“Our structure enables efficient deployment of capital across complementary markets and positions us to respond with agility to evolving customer needs,” he said, adding that strong investor participation across the capital programmes reflects confidence in the Group’s governance and long-term strategy.