Business
Sterling HoldCo moves to raise $400 million to accelerate growth in financial services
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Sterling Financial Holdings Company Plc (Sterling HoldCo) has approved plans to raise $400 million in fresh capital as the group moves to strengthen its balance sheet, expand its operations, and position itself for the next phase of growth in Nigeria’s evolving financial services sector.
The capital-raising initiative, approved by shareholders and the board of directors, is expected to provide the financial resources needed to support business expansion, enhance technology investments, deepen lending activities, and pursue strategic opportunities across the group’s banking and non-banking businesses.
The move comes amid sweeping reforms in Nigeria’s banking industry, where financial institutions are seeking to boost their capital bases in response to new regulatory requirements and growing demand for financing across key sectors of the economy.
Market analysts say the planned fundraising underscores Sterling HoldCo’s ambition to strengthen its competitive position in the financial services landscape while creating long-term value for shareholders.
According to industry observers, the fresh capital will likely be deployed across multiple strategic priorities, including business growth, digital transformation initiatives, risk management enhancement, and expansion into high-growth segments of the economy.
The fundraising effort is also expected to improve the group’s capacity to finance larger transactions and support corporate, commercial, and retail customers amid increasing economic activity. With Nigeria pursuing economic reforms aimed at attracting investment and stimulating private-sector growth, banks are expected to play a critical role in funding infrastructure, manufacturing, agriculture, energy, and technology projects.
Sterling HoldCo’s decision reflects a broader trend across Nigeria’s banking industry, where institutions are strengthening capital buffers to meet regulatory expectations and position themselves for future opportunities. The banking sector has witnessed a wave of recapitalization activities following the Central Bank of Nigeria’s directive requiring banks to increase their minimum capital thresholds.
Industry experts note that stronger capital positions enable financial institutions to absorb economic shocks, improve resilience, and support larger volumes of lending without compromising regulatory standards.
The proposed $400 million raise is expected to attract interest from both domestic and international investors seeking exposure to Nigeria’s financial sector, one of the largest and most dynamic in Africa. Investor appetite has remained relatively strong for well-capitalized financial institutions despite global economic uncertainties and volatile market conditions.
Analysts believe the capital injection could also enhance Sterling HoldCo’s ability to invest in financial technology and digital banking platforms as competition intensifies across the industry. Nigerian banks have increasingly embraced digital transformation to improve customer experience, reduce operating costs, and expand financial inclusion.
The group’s fundraising plans come at a time when digital payments, agency banking, embedded finance, and alternative banking services are reshaping the competitive landscape. Institutions that successfully leverage technology and maintain strong capital bases are expected to be better positioned to capture emerging opportunities.
Beyond strengthening Sterling Bank’s operations, the capital raise could support the expansion of other subsidiaries and business lines within the holding company structure. Since transitioning to a holding company model, Sterling HoldCo has sought to diversify revenue streams and build a broader financial services ecosystem capable of generating sustainable long-term growth.
Market participants say the approval of the fundraising initiative sends a positive signal regarding management’s confidence in the group’s growth prospects and the broader outlook for Nigeria’s economy.
If successfully executed, the $400 million capital raise would place Sterling HoldCo among the growing number of Nigerian financial institutions bolstering their financial strength in preparation for a more competitive and capital-intensive operating environment.
As the fundraising process moves forward, investors and industry stakeholders will be closely watching how the company deploys the proceeds to drive growth, improve profitability, and strengthen its position within Nigeria’s rapidly evolving financial services sector.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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