FAAN workers protest compulsory NHIS enrolment directive

FAANEmployees of the Federal Airports Authority of Nigeria have raised concerns and expressed dissatisfaction following management’s decision to make enrolment in the National Health Insurance Scheme compulsory for all members of staff.

The workers said participation in the scheme had historically been optional, noting that the sudden shift to mandatory enrolment sparked anxiety among employees who believed adequate consultation and sensitisation were not conducted before the directive was issued.

The development followed an internal memo obtained by our correspondent, dated February 17, 2026, with reference number FAAN/HQ/DHR&A/2026/Vol. 1.25, and signed by the Director of Human Resources and Administration and Chairman of the FAAN NHIS-HMO Committee, Dr Emiola Olatunbosun.

Titled “Reminder: Link for Registration for Choice of Health Maintenance Organisation”, the memo directed all staff to select their preferred Health Maintenance Organisation from three approved providers, namely AXA Mansard, Leadway Health, and AVON HMO.

According to the memo, the directive aligns with a Federal Government policy mandating wider participation in the national health insurance programme, now administered by the National Health Insurance Authority.

Management further stated that possession of a valid National Identification Number is compulsory as part of the documentation required for onboarding.

The memo read partly, “All staff are hereby reminded that having a valid National Identification Number is mandatory and forms part of the required documentation for onboarding under the NHIS scheme. Staff are therefore advised to ensure that their NIN is readily available.”

It added that the commencement date for staff onboarding by the NHIA would be communicated in due course.

Despite the directive, several employees have called for greater transparency, urging management to clearly explain the financial implications, healthcare coverage, and long-term benefits of compulsory enrolment.

One employee, who spoke on condition of anonymity due to the lack of authorisation to speak on the matter, said many workers remain uncertain about what the scheme offers.

“Most FAAN staff are not part of the NHIS for various reasons. First, we don’t know how much medication each staff member, including their spouse and four children, is entitled to in a year.

“In terms of drugs, what are the quality and quantity a staff member is entitled to receive? What happens to a staff member who does not activate their plan within a year?”

The worker added that employees nearing retirement are particularly worried about losing the flexibility previously associated with voluntary participation.

“Some of us have just a few years left in service. I think enlistment in the NHIS should remain optional so that those who do not activate theirs can receive something at the end of the year,” the employee stated.

Another worker, who also insisted on not giving his name for fear of victimisation, questioned why the scheme is being mandated, appealing to management to make it optional.

“They are the ones that make us suspect them. Why mandate it? It is not today that NHIS came into existence. Making this optional will not violate any law. At least we have been treating ourselves before now.”

A number of other staff members also raised concerns over the development, appealing to the government to make the scheme optional.

They also urged FAAN management to organise a comprehensive enlightenment and sensitisation programme to address lingering questions and build confidence before full implementation of the policy.

Efforts to speak with the spokesperson for FAAN, Henry Agbebire, were unsuccessful as of press time, as calls and text messages sent to him were not responded to.

W’Bank to approve $500m Nigeria loan March

World-Bank

The World Bank is set to approve a fresh $500m loan to Nigeria next month to boost agricultural productivity, strengthen value chains, and create jobs across participating states.

Details of the planned facility are contained in the World Bank’s Project Information Document on the Nigeria Sustainable Agricultural Value-Chains for Growth, which Saturday PUNCH obtained from the bank’s website on Friday.

According to the document, the project has an estimated approval date of March 30, 2026. The document states that the project has a “Total Operation Cost” of $500m and “Total Financing” of $500m.

It further clarifies that the entire financing will be provided by the International Development Association, with “IDA Credit” amounting to $500m. According to the World Bank, the borrower is the “Federal Republic of Nigeria,” while the implementing agencies are the “Federal Ministry of Agriculture and Food Security and Participating States.”

The proposed development objective of the project is “to increase smallholder productivity and strengthen targeted agricultural value chains in participating states of Nigeria.”

Saturday PUNCH observed that the review process has progressed beyond the appraisal stage to the decision-making stage. Under the decision section of the document, the bank noted that “The review did authorise the team to appraise and negotiate,” signalling that the project has cleared a key internal hurdle ahead of final approval.

The World Bank highlighted Nigeria’s structural challenges, noting that “Creating more and better jobs while addressing food and nutrition insecurity remain some of Nigeria’s key development challenges.”

It added that agriculture remains the largest employer, with “roughly one-third of Nigeria’s working population relying on the sector for their livelihood,” while primary agriculture employs “about 21 million people.”

Despite its vast potential, the sector faces deep constraints. The Bank observed that Nigeria currently imports “approximately $10bn worth of food annually.”

The new project, also known as AGROW, will adopt what the Bank describes as “a private sector-led, public sector-facilitated approach to enhance smallholder farmer productivity, systematically integrate them into structured output markets, and promote value addition.”

According to the document, the initiative aligns with the Federal Government’s Renewed Hope Agenda and seeks to leverage agriculture as a driver of rural employment and income growth.

It is also positioned to mobilise private capital, as the document indicates that the operation is both “MFD-Enabling” and “Private Capital Enabling.”

Structurally, the $500m facility will be deployed across four major components. These include integrating smallholder farmers into competitive value chains, modernising smallholder production, strengthening policy and the enabling environment for private investment in inputs markets, and project coordination and monitoring.

Under the value chain integration component, the project will support aggregation models that connect smallholders with off-takers and agribusinesses, aiming to reduce transaction costs and improve supply reliability.

On the production side, the project will invest in research, extension systems, improved seeds, and digital agriculture platforms to raise yields and climate resilience.

The policy component will address systemic constraints in seed and fertiliser markets and promote responsible land-based investments through the Framework for Responsible and Inclusive Land-Intensive Agriculture. If approved as scheduled at the end of March, the $500m IDA credit will add to Nigeria’s growing portfolio of World Bank-loans.

The PUNCH earlier reported that Nigeria’s debt to the World Bank’s concessional lending arm, the International Development Association, surged by $1.9bn in just one year to reach $18.7bn as of December 31, 2025.

According to the IDA Management’s Discussion and Analysis for the period ended December 31, 2025, Nigeria’s exposure to the bank’s loan portfolio rose significantly from $16.8bn at end-2024, marking an 11.3 per cent year-on-year increase.

The latest figures placed Nigeria as the third-largest borrower in the IDA portfolio, behind Bangladesh ($23.0bn) and Pakistan ($19.4bn), among the top ten countries with the highest exposures.

The sharp rise shows growing reliance on multilateral concessional financing as the Federal Government navigates tightening fiscal space amid global market volatility.

As of June 30, 2025, Nigeria’s external debt stood at $46.98bn, according to the Debt Management Office. Of this amount, the World Bank Group accounted for $19.39bn—comprising $18.04bn from the International Development Association and $1.35bn from the International Bank for Reconstruction and Development.

This means the World Bank holds 41.3 per cent of the total, reinforcing its outsized role in funding Nigeria’s development programmes.

Nigeria’s public debt rose to N153tn in Sept 2025 – DMO

Debt Management OfficeThe country’s total public debt increased to N153.29tn as of September 30, 2025, reflecting a steady build-up in both domestic and external obligations within three months, data released by the Debt Management Office on Friday has shown.

According to the DMO, total public debt rose from N152.40tn as of June 30, 2025, to N153.29tn at the end of September.

This represents an increase of N893.87bn quarter-on-quarter.

In dollar terms, the country’s debt stock climbed from $99.66bn in June to $103.94bn in September, indicating a $4.28bn increase within the period.

The dollar-denominated debt stock expanded by 4.29 per cent over the three-month period.

The September data show that total external debt stood at $48.46bn, equivalent to N71.48tn, accounting for 46.63 per cent of the total public debt.

As of June 30, 2025, external debt was $46.98bn, representing 47.14 per cent of the total.

This means external obligations increased by $1.48bn within the quarter.

Domestic debt rose more sharply in dollar terms. It increased from $52.67bn in June to $55.47bn in September, a growth of $2.80bn.

In naira terms, domestic debt stood at N81.82tn in September compared to N80.55tn in June.

Domestic borrowings accounted for 53.37 per cent of total debt in September, slightly higher than 52.86 per cent recorded in June.

The DMO noted that the September external debt figures were converted using the Central Bank of Nigeria’s official exchange rate of N1,474.85 to the dollar.

In contrast, the June figures were converted at N1,529.2105 to the dollar. The stronger exchange rate in September partly offset the naira value of external debt.

A further breakdown of the September external debt stock shows that multilateral creditors remain Nigeria’s largest lenders.

Loans from the World Bank Group and the African Development Bank Group, alongside other multilateral institutions, amounted to $23.41bn, representing 48.31 per cent of total external debt.

Under the multilateral category, the International Development Association accounted for $18.18bn, while the International Bank for Reconstruction and Development stood at $1.36bn.

The African Development Bank was owed $2.15bn, the African Development Fund $1.02bn, and other institutions, such as the Islamic Development Bank and the International Fund for Agricultural Development made up the balance.

Bilateral debt totalled $6.29bn or 12.97 per cent of external debt. China’s Exim Bank accounted for $4.82bn, while France, Japan, India and Germany were also listed among creditors. Loans from the China Development Bank stood at $423.51m.

Commercial borrowings remained significant. Eurobonds accounted for $17.32bn, representing 35.74 per cent of the external debt stock.

Syndicated project loans and a facility from Deutsche Bank brought the commercial sub-total to $1.45bn in addition to Eurobonds.

On the domestic front, Federal Government instruments dominated the debt profile. As of September 30, 2025, FGN Bonds amounted to N61.99tn, accounting for 79.67 per cent of the Federal Government’s domestic debt stock.

Of this, N60.64tn were naira bonds, while N1.35tn represented US dollar bonds converted to naira.

Nigerian Treasury Bills stood at N12.68tn, representing 16.30 per cent of domestic debt. FGN Sukuk accounted for N1.29tn, while FGN Savings Bonds and Green Bonds stood at N97.46bn and N62.36bn, respectively.

Promissory notes totalled N1.69tn, comprising both naira and foreign currency-denominated notes.

The DMO also indicated that domestic debt data for 35 states and the Federal Capital Territory were as of September 30, 2025, while Rivers State’s domestic debt data were as of June 30, 2025.

The figures show that while domestic debt continues to account for a larger share of Nigeria’s public debt stock, external borrowings also rose within the quarter.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier said that Nigeria was deliberately shifting from expensive external borrowing to a growth model anchored on private capital and domestic reforms.

Edun stated this at the opening session of the G-24 Technical Group Meeting in Abuja, where he delivered a keynote address on the global economy and the need for stronger South-South cooperation.

“Nigeria is deliberately shifting away from a model overly reliant on expensive external borrowing toward a more resilient growth framework powered by domestic reforms, private capital, and diversified financing instruments,” Edun said.

He explained that the new approach was in line with evolving global development finance priorities that emphasise innovative financing, blended instruments and expanded concessional windows.

Dangote Refinery Delivers Cleaner Air, Healthier Lives with high quality Fuel – MD

The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird, has said the refinery is delivering measurable public health and environmental benefits through the production of Euro 5 standard fuels, positioning Nigeria among countries with the highest fuel quality specifications globally.
Speaking during an interaction with selected journalists, Bird explained that modern fuel standards are rooted in public health requirements, particularly the need to reduce harmful emissions linked to high sulphur and metal content.
According to him, the refinery is producing Euro 5 specification petrol with a sulphur content of 50 parts per million, a benchmark designed to protect public health and the environment.
“Fuel specifications have evolved over time in response to public health requirements,” Bird said. “Euro 5 is not about imposing costs on industry. It is about safeguarding health and ensuring cleaner air. The reduction of sulphur in fuels has significantly reduced problems such as acid rain and harmful emissions.”
He noted that while some countries in West Africa still operate under legacy fuel specifications with far higher sulphur levels, Nigeria now benefits from cleaner fuels produced locally. He added that metals such as lead, previously used to enhance fuel performance, have long been eliminated in advanced markets due to health concerns.
 “Nigerians are now enjoying low sulphur, metal free petrol comparable to what is available in Europe,” he stated. “This is something many Europeans take for granted. It should not be considered a luxury. If industry can deliver the highest standards, then consumers have the right to benefit from them. Our ambition is to extend the reach of high-quality fuels across the continent.”
He added that the refinery’s ability to consistently produce cleaner, higher quality fuels underscores its role in transforming Nigeria’s energy landscape while aligning domestic fuel quality with global best practice. Bird emphasised that the development represents not only an industrial milestone but also a significant advancement in environmental protection and public health standards in Nigeria.
NEM Insurance begins 3rd She Means Business competition

NEMNEM Insurance Plc has announced the commencement of the third edition of its flagship gender-focused initiative, the ‘She Means Business’ contest.

According to the underwriter, the annual contest opened on 16 February 2026 and is scheduled to close on 28 February 2026.

Speaking on the initiative, General Manager, Corporate Services, NEM Insurance Plc, Mrs Mojisola Teluwo, said that the programme is part of the underwriter’s commitment to promoting entrepreneurship and deepening financial inclusion among women in the country.

In this year’s edition, three outstanding female entrepreneurs will be selected to receive a cash grant of N250,000 each to scale their business operations.

She noted that the contest is a strategic response to the need for grassroots economic empowerment.

Teluwo stated, “At NEM Insurance, our mission extends beyond providing world-class insurance products; we are deeply invested in the growth of the communities we serve.

The ‘She Means Business’ contest, now in its third phase, is our practical way of inspiring inclusion.

“We recognise the pivotal role women play in the economy, and we are proud to provide this N250,000 financial catalyst to help three visionary women turn their business aspirations into reality.”

In a bid to foster creativity and digital engagement, the insurer has outlined a seamless entry process for prospective participants. Participants are to create a one-minute video articulating specific actions to accelerate their business on social media.

Industry observers believe that such initiatives by NEM Insurance continue to enhance the corporate image of the insurance sector, shifting the narrative toward proactive social investment and the development of the Small and Medium-sized Enterprises segment in Nigeria.

Naira hits two-year high at 1,347/$

Naira NotesThe naira has strengthened sharply in recent weeks, reaching one of its strongest levels in nearly two years, even as rising foreign portfolio inflows increase the risk of investor profit-taking later in the year, according to a macro update by CardinalStone.

According to the report, the naira has witnessed a steep appreciation in the official market (+6.9 per cent year to date), reaching one of the strongest levels of the past two years (1,347.78/$ on Monday), which indicates improved liquidity conditions in the official foreign-exchange window.

However, the spread between the official and parallel markets persisted, with the parallel market initially trading at about a 5.7 per cent premium before narrowing to roughly 3.2 per cent following renewed FX interventions by the Central Bank of Nigeria.

CardinalStone said the narrowing spread suggests “there was more liquidity in the official window than in the parallel market.”

Last week, the apex bank permitted licensed Bureau de Change operators to access FX through authorised dealers at prevailing market rates, with a weekly purchase limit of $150,000 per BDC subject to KYC requirements. BDCs must also sell unused balances within 24 hours to prevent hoarding, while cash transactions are capped at 25 per cent of total FX trades, with settlement required through licensed financial institutions.

CardinalStone noted that with 82 licensed BDCs, potential supply to the segment could reach about $50m monthly, which is below the more than $1bn supplied monthly before COVID-19.

The disparity, the report said, reflects “material improvements in the FX market that reduced speculative demand and routed most corporate FX requirements to the official window”.

Still, the renewed supply has eased retail FX pressures, helping compress the parallel market premium.

On the foreign portfolio investment side, the analysts warned that continued currency gains could trigger portfolio rebalancing by foreign investors.

“Nigeria’s carry trade remains one of the most compelling across EM and frontier markets, continuing to attract sizable foreign portfolio inflows. We estimate outstanding FPI positioning at roughly $12.0–$14.0bn.

“Working with the assumption that a significant proportion of the 2025 inflows entered the Nigerian market at a rate of N1,500.00/$, we estimate FX gains of 22.4 per cent on currency alone if the naira strengthens to the midpoint of N1,200.00/$ to N1,250.00/$. Such a gain could potentially increase the risk of foreign portfolio exits, especially considering a likely build-up in uncertainties ahead of the general elections,” said the experts.

Ahead of Monday’s Monetary Policy Committee meeting of the CBN, the analysts noted that the indicators likely to shape the committee’s decision were sending mixed signals.

“On one side, inflation is moderating and short-term rates are converging around 22.0 per cent, which is about 500 bps lower than the MPR of 27.0 per cent. On the flipside, the recent body language of the CBN shows low tolerance for liquidity after the governor stated at the National Economic Conference that the liquidity overhang is a major risk to the stability achieved through recent policy reforms.

“So far this year, the CBN has net-issued N10.9 tn through OMO and has left the SDF rate attractive for banks to deposit with the CBN in a bid to avoid liquidity stoking renewed inflationary pressure. The CBN is also concerned about election-related liquidity, which is expected to become more pronounced in the second half of the year. Furthermore, of the total expected liquidity of N44.2 tn in 2026, over 75.0 per cent is expected in the first half of 2026.

It stated, “As such, we perceive that the CBN may be inclined towards holding the policy rate constant to signal its concern about liquidity risk while making an adjustment to the asymmetric corridor to align the SDF rate to OMO yields with a view to guarding the attractiveness of OMO and securing banks’ presence as key counterparties to investing FPIs. We see a 60.0 per cent probability of this view panning out and a 40.0 per cent probability of an indicative 50-100 bps rate cut.”

Looking ahead, CardinalStone said the forward-market pricing suggests a weaker currency trajectory later in the year. Six-month non-deliverable forwards indicate a rate near N1,449.96/$ in the early second half, with CardinalStone’s base-case range set at N1,350–1,450/$ for 2026.

Banks, telcos end four-year N300bn USSD debt dispute

Gbenga AdebayoBanks and telecommunications operators in Nigeria have ended a four-year dispute over nearly N300bn owed for Unstructured Supplementary Service Data services, with the debt now fully cleared, the Association of Licensed Telecommunications Operators of Nigeria said.

ALTON’s Chairman, Gbenga Adebayo, announced the resolution on Thursday during an official visit to the Chairman of the Nigerian Communications Commission, Idris Olorunnimbe. He credited the intervention of the NCC, led by its Executive Vice Chairman, Dr Aminu Maida, with bringing the long-standing dispute to a close.

“When Dr Maida assumed office, he inherited significant industry challenges,” Adebayo said. “One of the most difficult was the USSD debt crisis, a debt burden that grew over four years to nearly N300bn. It had become a systemic risk to our sector and the digital financial ecosystem.

Through firm leadership, structured engagement, and decisive coordination, Dr Maida and his team resolved this issue.

Today, there is no outstanding USSD debt. The ecosystem has fully migrated to end-user billing. What was once a looming crisis has been converted into a sustainable framework.”

The clearing of the debt ends years of accusations and counter-accusations between banks and telecom operators, which had threatened the stability of digital financial services in the country.

Adebayo praised the NCC’s leadership for steering the telecom sector through one of its most delicate periods, noting other interventions, including last year’s approval of a 50 per cent USSD tariff. He described the resolution of the debt crisis as a milestone for the telecom and digital finance ecosystem, ensuring sustainability and predictability for operators and service providers.

Nigeria’s telco and bank billing for USSD services transitioned to the end-user billing model in mid-2025, moving charges from bank accounts to customers’ mobile airtime, which is deducted directly by telecom operators. This shift resolved the long-standing dispute in which banks owed operators up to N300bn in unpaid USSD fees.

The transition arose from years of tension between telecom operators, including MTN and Airtel, and banks over USSD revenue sharing, with debts peaking at N250–300bn by 2024. The NCC, in collaboration with the Central Bank of Nigeria, developed the EUB framework to standardise billing, enhance transparency, and support financial inclusion for unbanked users who rely heavily on USSD codes.

Under the EUB system, charges are now deducted directly from mobile airtime at N6.98 per session lasting up to 120 seconds, with user consent prompts issued before each deduction. Banks no longer bill for USSD services; telcos handle them exclusively, with regulatory safeguards preventing double-billing. Users can opt in or out of the service, and banks are required to notify customers in advance of any USSD session charges.

Migration to the EUB model began between June 3 and 18, 2025, following partial debt repayments amounting to N171bn. By February 19, 2026, banks had fully cleared the remaining debt, solidifying the EUB rollout.

The model improves user control through immediate airtime deductions and session notifications, similar to voice and SMS billing. While some critics have expressed concern over potential burdens on low-income users, the transition strengthens telecom revenue sustainability and contributes to the stability of Nigeria’s digital financial ecosystem.

FAAN, MTN Nigeria Launch Free Airport WiFi Service in Public-Private Partnership

The Federal Airports Authority of Nigeria (FAAN), in partnership with MTN Nigeria, has launched free WiFi services at the Murtala Muhammed International Airport (MMIA) Terminal 2, Lagos, and the Nnamdi Azikiwe International Airport, Abuja.

The official launch of the internet service took place at MMIA Terminal 2, Lagos, and was launched by the Managing Director/Chief Executive, FAAN, Mrs Olubunmi Kuku, who was represented by the Director of Airport Operations, Captain Abdullahi Mahmood. Also present was Lynda Saint-Nwafor, Chief Enterprise Business Officer of MTN Nigeria, who represented the Chief Executive Officer, Mr Karl Toriola.

The WiFi service, which is completely free for passengers and airport users, will be extended to the MMIA temporary terminal and other international airports across the country within the next three months.

In his address, Captain Mahmood described the launch as a milestone for FAAN and a benchmark for digital infrastructure and passenger experience at Nigerian airports.

He noted that the partnership with MTN Nigeria demonstrates how effective Public-Private Partnership (PPP) alignment can modernize infrastructure and strengthen Nigeria’s digital economy.

The Director of Airport Operations added that the initiative aligns with the Renewed Hope Agenda of Bola Ahmed Tinubu and the transformation drive of the Minister of Aviation and Aerospace Development, Festus Keyamo.

In her remarks, Saint-Nwafor assured that the service would be reliable, secure, and efficient for all users. She commended the FAAN management team for its collaboration and foresight in ensuring the successful completion of the project.
Unity, Providus Banks Merger a Done Deal as Integration Progresses

Following the recently held Court-Ordered Meeting and subsequent overwhelming endorsement, the merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course.

Analysts appraising the ongoing recapitalisation programme believe that the regulatory backing and shareholders’ support for the merger represent the most important milestones for meeting the recapitalisation requirements within the stipulated timeline.

Recall that the Central Bank of Nigeria (CBN) backed the merger between the two lenders, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC). The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.

The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.

Through the proposed merger, the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework. The transaction marks a significant milestone in strengthening the financial stability and long-term competitiveness of the enlarged institution.

Following the CBN’s approval, shareholders of both banks overwhelmingly endorsed the merger at their respective Extraordinary General Meetings held in September 2025, where the scheme of merger was formally adopted. The transaction has since progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are currently underway, with the final court sanction expected to conclude the process.

Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the development as a defining moment for the institution, adding that the complementary strengths and unique advantages of the Unity Bank and Providus Bank merger place the new entity on a strong footing to create and leverage opportunities in the market.

“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”

The Bank further clarified that, contrary to reports in certain sections of the media suggesting that the merger process had stalled, the transaction remains firmly on track. The necessary regulatory steps have been completed, with a few other steps only a matter of formality.

When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.

Sterling HoldCo Commences Allotment Of Public Offer Shares … Achieves 109.8% Subscription

 Sterling Financial Holdings Company Plc (“Sterling HoldCo” or “the Group”) has announced the commencement of the allotment process for its 2025 Public Offer of 12,581,000,000 ordinary shares of 50 kobo each at ₦7.00 per share.
This follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities & Exchange Commission.
The allotment process, which begins
immediately, marks the continuation of a disciplined, multi-year capital-raising programme that has positioned the Group as one of the fastest-growing financial institutions in the region.
The Public Offer, which opened on September 15, 2025, attracted strong participation from the investing public, with the Company receiving 18,280 applications for 16,839,524,401 ordinary shares valued at approximately ₦117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares. This represents a subscription level of 109.79% and reflects
sustained confidence in Sterling HoldCo’s strategic direction, governance, and long-term growth prospects.
In line with the guidelines set out in the offer prospectus, the Group confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied. A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The Public Offer forms part of a broader capital-raising programme designed to enable Sterling HoldCo expand credit responsibly, accelerate innovation, and provide sustained support to businesses and households across Nigeria.
In addition to strengthening the
capital buffers of its banking subsidiaries, Sterling HoldCo will inject ₦10 billion into SterlingFI Wealth Management Limited, its asset management subsidiary, in line with the revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026.
The capital injection will support the commencement of full operations and contribute to the Group’s revenue diversification objectives.
The Group ensures a seamless post-offer process, with refunds for excess or rejected
applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
These payments will be processed by the Registrars, Pace Registrars Limited, not later
than Tuesday, 17 February 2026.
Simultaneously, the electronic allotment of shares will be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) by the same date.
For applicants who do not currently have CSCS accounts, their allotted shares will be
temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
The Offer attracted significant participation from a new generation of investors, with data from the application process showing that a substantial proportion of successful applicants were first-time shareholders in a financial services company. This broadening of the ownership base reflects growing retail investor belief in Sterling HoldCo’s vision and strengthens the Group’s connection to the communities it serves.
The allotment announcement follows a period of strong financial momentum for Sterling HoldCo. In its FY25 interim results, the Group reported a 99% increase in profit before tax, building on the 102% growth achieved in 2024. Gross earnings rose 46% to ₦476.5 billion, driven by growth across both interest and non-interest income streams, while total assets expanded to ₦3.92 trillion. Customer deposits grew by 18% to ₦2.98 trillion, and shareholders’
funds increased by 39% to ₦424.0 billion, reflecting sustained profitability and balance-sheet expansion.
The Group’s cost-to-income ratio improved to 63% from 72% in the prior year,
underscoring the scalability of the Group’s platforms and the resilience of its business model.
This performance is supported by a diversified financial services structure that spans multiple segments of the market. Its core businesses include Sterling Bank Limited, its conventional banking subsidiary; The Alternative Bank Limited, its non-interest banking arm; and SterlingFI
Wealth Management, which provides investment and wealth advisory services.
This diversified structure enables the Group to serve a broader customer base, reduce
concentration risk, and generate income across multiple revenue streams.
The recapitalisation of the Group’s core banking subsidiaries is already complete. Sterling Bank Limited and The Alternative Bank Limited are fully compliant with the CBN’s revised minimum capital requirements, having received final regulatory approvals in January 2026.
The Alternative Bank, in particular, has emerged as a national non-interest bank with aphysical network now surpassing 150 points, deploying capital to solve real-world
challenges through initiatives such as the Mata Zalla project, which trains women as electric tricycle drivers and mechanics, and an agricultural programme in Plateau State designed to secure economic futures.
These outcomes demonstrate that the capital raised is already being put to work in ways that create tangible impact.
Sterling Financial Holdings Company Plc warmly welcomes its new shareholders and thanks all investors for their participation.
With a strengthened capital base, increasing deposits, a diversified earnings mix, and residual capacity for further investment, the Group is wellpositioned to sustain growth across its subsidiaries, deploy capital responsibly, and support sustainable economic activity.