Sterling Financial Holdings Company Plc has concluded its 2nd Annual General Meeting with key resolutions that strengthen its capital base and position the company for strategic expansion.
The meeting, held virtually on July 11, 2025, approved both financial and structural decisions, including a proposed dividend, board changes, and a major capital raise.
Dividend and Financial Statements Approval
Shareholders approved the audited financial statements for the year ended December 31, 2024, alongside the reports of the Directors, Auditors, and Statutory Audit Committee.
A final dividend of 18 Kobo per 50 Kobo ordinary share was declared, payable to shareholders on record as of July 1, 2025, subject to applicable withholding tax.
Board Changes and Governance Enhancements
Mr. Ashutosh Kumar was elected as a Non-Executive Director, while Ms. Eniye Ambakederemo and Mr. Shola Adekoya were re-elected following retirement by rotation.
Additionally, the remuneration of the auditors and company managers was acknowledged, and shareholders reappointed representatives to the Statutory Audit Committee for the 2025 financial year.
The shareholders also approved the total remuneration for Non-Executive Directors at ₦191.13 million for the 2025 financial year.
$400 Million Shelf Programme Approved
A significant milestone of the meeting was the approval to raise up to $400 million (or equivalent in naira or other currencies) through a Shelf Programme.
This capital may be accessed via multiple instruments including bonds (convertible or non-convertible), commercial papers, sukuks, preference shares, global depositary receipts, or ordinary shares. These will be offered through public offers, private placements, rights issues, or other financing options, subject to regulatory approval.
Capital Base Expansion and Regulatory Flexibility
To facilitate this capital raise, the Board was authorized to increase the company’s share capital as needed for a two-year period, in line with Sections 127 and 149 of the Companies and Allied Matters Act 2020 (as amended).
In the event of a rights issue, unclaimed shares may be reallocated to interested shareholders, subject to board-determined terms.
The resolutions also authorized the listing of any new securities on the Nigerian Exchange Limited, FMDQ Securities Exchange, or other appropriate markets.
Corporate Governance and Regulatory Compliance
The AGM further empowered the Board to amend the company’s Memorandum and Articles of Association in line with the capital raise, register any share capital increases with the Corporate Affairs Commission, and appoint necessary professional advisers to implement all resolutions.
These approvals mark a strategic shift for Sterling Financial Holdings as it seeks to consolidate its financial position, deepen its capital market footprint, and unlock long-term shareholder value.
The resolutions were confirmed by the Company Secretary, Adeyoola Temple, on July 14, 2025.
