Business
Sterling Holdco to raise fresh $400 million through debt, equity instruments
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.
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.
The Federal Airports Authority of Nigeria (FAAN) has assured passengers that airport operations will continue despite the ongoing industrial action by aviation unions.
FAAN, in a statement issued on Tuesday, said it was working with aviation agencies, airlines, security agencies and other stakeholders to minimise the impact of the industrial action and ensure that airport operations were not disrupted.
The authority said it was closely monitoring developments and remained committed to maintaining safe, secure and orderly operations at Nigeria’s airports.
The assurance comes after the industrial action disrupted flight operations earlier on Tuesday, with some airlines suspending or rescheduling services following restrictions on access to airport terminals in Lagos and Abuja.
Air Peace, Enugu Air, and United Nigeria Airlines announced operational disruptions, affecting some passengers with flights suspended or rescheduled.
The action followed grievances by aviation unions over the alleged restriction of workers’ freedom to unionise and the alleged non-remittance of the five per cent Ticket Sales Charge (TSC) collected from passengers.
The unions include the National Union of Air Transport Employees, Air Transport Services Senior Staff Association of Nigeria, and the National Association of Aircraft Pilots and Engineers, with the Nigeria Labour Congress and the Trade Union Congress backing the action.
PREMIUM TIMES earlier reported that the Nigeria Civil Aviation Authority (NCAA) Director-General, Chris Najomo, urged the unions to suspend the industrial action pending the return of the Minister of Aviation and Aerospace Development, Festus Keyamo, who the regulator said was working to resolve the dispute.
The NCAA appealed to all parties to embrace dialogue and cooperation, expressing confidence that the matter would be resolved and that normal flight operations would be restored as soon as practicable. The regulator also assured passengers that flight safety had not been compromised and that it continued to discharge its statutory safety oversight responsibilities.
FAAN moves to minimise disruption
FAAN said it recognised the legitimate role of organised labour and supported efforts by Mr Keyamo and other stakeholders towards an amicable resolution of the dispute.
“In the interim, FAAN is working closely with the relevant aviation agencies, airlines, security agencies and other stakeholders to minimise the impact of the industrial action and ensure that airport operations are not disrupted,” the authority said.
The authority also said earlier operational challenges affecting the movement of some flights within the airside environment had been addressed through ongoing inter-agency coordination.
It said measures were being sustained to support the orderly continuation of flight operations.
“FAAN remains committed to ensuring that Nigeria’s airports remain safe, secure, functional and accessible to passengers and other airport users,” it said.
FAAN advised passengers to remain calm and maintain contact with their respective airlines for real-time information about their flights.
READ ALSO: Passengers stranded as airlines suspend, reschedule flights amid aviation unions’ strike
The authority said it remained confident that ongoing engagements under the minister’s leadership would lead to a speedy and mutually acceptable resolution of the dispute.
It also appreciated passengers for their understanding and patience amid the disruption.
The latest assurance comes as airlines continue to adjust their operations in response to the industrial action, with passengers advised to confirm their flight status with their respective airlines before travelling to the airport.
FAAN said its priority remained maintaining safe, secure and functional airports while efforts to resolve the dispute between the unions, airlines and government continue.
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