A significant portion of the acquisition came through Seven Degrees North Limited, a company linked to the Group Managing Director/Chief Executive Officer, Yemi Odubiyi. On August 1, the firm purchased 20,816,570 Sterling HoldCo shares at ₦6.80 each, totalling approximately ₦141.55 million.
On the same day, the Chief Operating Officer of Sterling Bank Ltd, Temitayo Adegoke, acquired 5,742,260 shares at ₦6.87 apiece, worth ₦39.45 million.
Separately, on August 6, Sterling Bank CEO Abubakar Suleiman bought 19,684,442 shares at ₦8.16 per unit, amounting to ₦160.63 million.
The insider purchases come as Sterling HoldCo prepares to launch a public offer within weeks to meet new capital thresholds set by the Central Bank of Nigeria (CBN). The group, in its half-year report, said the offer will target a ₦53 billion recapitalisation gap for Sterling Bank and strengthen its growth capacity.
This will be the first phase of a $400 million capital raising programme approved by shareholders at the June 30, 2025, AGM. The group has already secured about ₦100 billion through private placements and rights issues, enabling the recapitalisation of its Alternative Bank subsidiary and bolstering Sterling Bank’s capital base.
The CBN’s March 2024 recapitalisation directive requires commercial banks with international authorisation to raise their capital base to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion. Non-interest banks must meet ₦20 billion (national) and ₦10 billion (regional) thresholds, with a compliance deadline of March 2026.