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Sterling Holdco to raise fresh $400 million through debt, equity instruments

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Sterling Financial Holding Company Plc has announced plans to raise $400 million in fresh capital through a combination of debt and equity instruments, as part of resolutions to be considered at its Annual General Meeting (AGM).

The company disclosed the capital raise in a statement signed by its secretary, Sunny Kanabe, and posted on NGX Group on Monday, announcing its 3rd Annual General Meeting (AGM), scheduled for 9 June.

The proposed capital raise is being put forward without affecting the capital-raising approvals earlier granted at the company’s AGM held on 11 July, 2025, it said.

The company had disclosed in July 2025 plans to raise to $400 million through a mix of financing options, including debt instruments and equity offerings.

In the statement published on Monday, the lender said the fresh capital could also be raised through the issuance of debt instruments, including convertible or non-convertible bonds, preference shares, ordinary shares, global depositary receipts, or a combination.

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According to Sterling Financial Holding Company, capital could also be raised through public offerings, private placements, rights issues, and other approved methods.

The lender stated that the fundraising’s pricing and timing will be determined by its Board, and subject to the approval of relevant regulatory authorities.

“Company be and is hereby authorized to raise up to US$400,000,000 (Four Hundred Million United States Dollars) or its equivalent in Naira or other currencies.

“The capital may be raised in tranches or otherwise through the issuance of debt instruments (including, but not limited to, bonds that may be convertible or non-convertible, preference shares, ordinary shares, global depositary receipts, or a combination thereof, in the Nigerian and/or international capital markets, whether by way of public offer, private placement, rights issue, or any other method, at such dates and upon such terms and conditions as may be determined by the Board of Directors of the Company (the “Board”), subject to the procurement of requisite approvals from the relevant regulatory authorities,” the statement read.

It added that where the capital raise involves equity issuance, the board will have authority to increase the company’s share capital and allot new shares as necessary to complete the transaction.

The resolutions also empower the board to amend the company’s ‘Memorandum and Articles of Association’ to reflect any changes in its share capital structure arising from the exercise.

In addition, shareholders are being asked to approve the Board’s authority to take all necessary steps, obtain regulatory approvals, and engage professional advisers required to execute the transaction.

The company also sought ratification of any prior steps already taken in relation to the capital raise process.

READ ALSO: Sterling Financial Holdings sustains record growth, deepens capital, as assets cross ₦4trn mark

“That the Board be and is hereby authorised to take all such lawful steps, pass all requisite resolutions and do all such other lawful acts and/or things as may be necessary for and/or incidental to giving effect to the resolutions above; and all prior lawful steps taken by the Board in the above regard be and are hereby ratified.

“That the Company be and is hereby authorised to appoint such professional parties and advisers and perform all other acts as may be necessary to give effect to the above resolutions, including obtaining relevant regulatory approvals and, without limitation, complying with the directives of any relevant regulatory authority,” the statement read.


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CIIN Mourns Passing of Past NCRIB President, Barrister Rotimi Edu

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BY NKECHI NAECHE-ESEZOBOR—The Governing Council, Management, and members of the Chartered Insurance Institute of Nigeria (CIIN) have expressed deep sorrow over the passing of Barrister Rotimi Edu, a prominent figure in the nation’s insurance sector and the Past President of the Nigerian Council of Registered Insurance Brokers (NCRIB).

In an official statement, the CIIN paid tribute to Barrister Edu, describing him as a distinguished professional and a fierce advocate for the advancement of the insurance industry in Nigeria.

‘His contributions to the growth of insurance brokerage and industry development remain remarkable and enduring,” the Institute noted, highlighting the significant impact of his leadership and legacy.

The CIIN extended its heartfelt condolences to the Edu family, the NCRIB community, and his wide circle of friends and associates, praying for his soul to rest in perfect peace.

Barrister Edu’s passing marks a significant loss for the Nigerian financial services sector, where his legal expertise and insurance acumen helped shape modern brokerage practices. Funeral arrangements are expected to be announced by the family in due course.

The post CIIN Mourns Passing of Past NCRIB President, Barrister Rotimi Edu appeared first on Business Today NG.

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Oyedele unveils Tax Ombud website, digital portal to strengthen taxpayer protection

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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Monday unveiled the official website, toll-free call centre and digital case management portal of the Office of the Tax Ombud, describing the platforms as part of efforts to build a fairer, more transparent and taxpayer-friendly tax system in Nigeria.

Speaking during the unveiling ceremony in Abuja, Mr Oyedele said the initiative reflects the government’s broader fiscal reform agenda focused on improving taxpayer confidence, simplifying tax administration and strengthening accountability within the revenue system.

The minister said that disputes are inevitable in any tax system, but what matters is the availability of credible and accessible mechanisms to resolve them.

“The modern tax system must be built not only on efficient revenue collection, but also on fairness, accountability, transparency, and trust,” Mr Oyedele said.

He added that, “Taxpayers must have confidence that when disputes arise, because they always arise, they will be heard fairly, treated respectfully, and provided with accessible and affordable timely resolution mechanisms.”

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According to him, the establishment of the Office of the Tax Ombud aligns with ongoing tax reforms aimed at reducing arbitrariness, protecting taxpayer rights, encouraging voluntary compliance and creating a globally competitive fiscal system.

He said the digital platforms being unveiled represent “a new era in tax administration,” in which taxpayers are treated as partners in national development rather than adversaries.

“With these few words of mine, but with great excitement for the journey ahead of us, I hereby unveil the official website of the Office of the Tax Ombud, along with the toll-free centre and case management portal,” he said.

In his remarks, the Chief Executive Officer of the Tax Ombud, John Nwabueze, described the launch as a major institutional reform aimed at strengthening fairness, transparency, and public trust in Nigeria’s tax administration.

Mr Nwabueze said the office was established under the Joint Revenue Board of Nigeria Establishment Act 2025 to serve as an independent and impartial institution for resolving taxpayer complaints and disputes.

“The Office of the Tax Ombud was therefore created as an independent and impartial institution to provide taxpayers with accessible, timely and cost-effective mechanisms for addressing complaints, resolving disputes and promoting voluntary tax compliance,” he said.

According to him, the office will serve as a bridge between taxpayers and revenue authorities through conciliation, stakeholder engagement, and alternative dispute-resolution mechanisms to reduce prolonged litigation.

He added that the newly launched digital systems would allow taxpayers to submit complaints online, track cases in real time, access tax guidance, and communicate directly with trained support personnel through the call centre.

“Today is more than a technology launch. It is the acquisition of a renewed public service architecture designed around accessibility, responsiveness and citizens’ confidence,” he stated.

Mr Nwabueze also praised President Bola Tinubu’s administration for pushing institutional tax reforms and acknowledged Mr Oyedele’s role in driving the initiative.

“The Office of the Tax Ombud is the Honourable Minister’s baby,” he said.

Also speaking at the event, the Minister of Information and National Orientation, Mohammed Idris, said there was a need for stronger public awareness of the role of the Tax Ombud and the broader objectives of the government’s economic reforms.

Mr Idris said many Nigerians still do not fully understand the purpose of the ongoing reforms being implemented under President Tinubu’s administration.

“At the time that President Bola Tinubu has embarked on enormous reforms to reposition this country on the path to sustainable progress and development, it is important for all of us to know what these reforms entail and which direction we are going,” he said.

READ ALSO: Oyedele pledges to transform economic reforms into tangible benefits for Nigerians

The minister argued that recent economic indicators suggest the reforms are beginning to yield results, citing improvements in government revenue, inflation trends and rising investor interest in Nigeria.

He also pledged that the Ministry of Information and National Orientation would continue supporting public awareness efforts around the reforms and the work of the Tax Ombud.


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