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From Strength to Sterling! HoldCo Declares 157% Profit Spike, Launches ₦53bn Fundraising Drive

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Sterling Financial Holdings Company Plc (Sterling HoldCo) has reported a 157% year-on-year increase in profit after tax for the first half of 2025 and announced plans to launch a ₦53 billion public offer as part of its ongoing capital-raising programme.....KINDLY READ THE FULL STORY HERE▶

According to its unaudited financial statements released on Wednesday, the group’s profit after tax rose sharply to ₦41.78 billion from ₦16.26 billion in the same period of 2024. Earnings per share also grew to 89 Kobo, compared to 56 Kobo recorded previously.

Sterling HoldCo’s gross earnings climbed by 39.7% to ₦212.61 billion, driven by a 38.3% rise in interest income and a 45% jump in non-interest income. Its cost-to-income ratio improved significantly to 64.5% from 75.7%—a sign of growing operational efficiency.

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As of June 2025, the group’s total assets stood at ₦4.08 trillion, up from ₦3.54 trillion at the end of December 2024. Shareholders’ funds also rose by 22.9%, buoyed by recent capital injections.

The group attributed its improved financial performance to the success of its earlier capital raise, which brought in approximately ₦100 billion through a private placement and rights issue. The funds were used to recapitalise The Alternative Bank and strengthen Sterling Bank’s capital base.

Building on this momentum, Sterling HoldCo announced that it will soon open the public phase of its capital-raising campaign. The ₦53 billion public offer marks the first tranche of a US$400 million programme approved by shareholders at the company’s Annual General Meeting in June.

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Group CEO, Mr. Yemi Odubiyi, credited the stellar results to a well-defined strategic focus and a commitment to building a resilient, agile business.

“As we continue to diversify our income streams and improve operational efficiency, we remain firmly committed to responsible growth, prudent risk management, and delivering sustainable impact,” Odubiyi said.

Looking ahead, he noted that Sterling HoldCo plans to deepen its investments in high-growth sectors such as renewable energy, healthcare, and community development—while maintaining a strong focus on financial sustainability and risk discipline.

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Nigeria Cleric Egbaji Regains Freedom After Two Years in Detention, FG Commended.

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Bamidele Kehinde, Director of Dynamic Ambassadors for Social Orientation Initiatives and the City Transformation Project, has expressed appreciation to the Federal Government of Nigeria for its efforts in securing the release of Pastor Benjamin Egbaji, who was reportedly held in detention in the Republic of Benin for over two years under difficult conditions.....KINDLY READ THE FULL STORY HERE▶

Pastor Egbaji, a Nigerian cleric, was said to have endured harsh treatment during his detention, including prolonged confinement. His release followed a presidential pardon granted by the authorities in Benin Republic under President Patrice Talon.

Speaking on News Central TV, Dr. Kehinde praised the diplomatic efforts that led to the cleric’s freedom, describing the process as lengthy and challenging. He noted that significant progress was achieved after Bianca Odumegwu-Ojukwu was appointed Minister of State for Foreign Affairs.

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He stated that although there was no personal connection or financial influence involved, the minister actively engaged Benin Republic authorities through diplomatic channels. According to him, her visit and negotiations played a key role in securing Pastor Egbaji’s release.

Dr. Kehinde also commended all individuals and institutions that contributed to the advocacy efforts, including Moses Eyo, Dickson Umu Unung, the Cross River State Government, CP Alobi Lawrence (rtd), Joseph Bisong Ayi, Blessing Harrison, Eze Sampson, and Rt. Hon. Legor Idagbo.

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He said their combined efforts were instrumental in achieving the cleric’s freedom.

He added that while Egbaji’s release is a major relief, the cleric now faces the task of recovering and rebuilding his life after years of hardship. He called for continued support to help him reintegrate into society.

Dr. Kehinde also urged stronger government commitment to protecting Nigerian citizens abroad and enhancing diplomatic engagement across West Africa to prevent similar cases in the future.

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Recruitment Drama: 360,923 Candidates Fail Paramilitary Selection Process.

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The Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB) has provided an update on its ongoing nationwide recruitment exercise.....KINDLY READ THE FULL STORY HERE▶

The board stated that 1,120,491 applications were successfully completed and processed, allowing candidates to proceed to the computer-based test (CBT) stage.

It also disclosed that 432,935 applications were left incomplete, while 360,923 applicants were disqualified during screening and shortlisting for failing to meet the required criteria.

In total, the recruitment exercise recorded over 1.8 million applications across the country.

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The exercise covers agencies under the board, including the Nigeria Immigration Service, Nigeria Security and Civil Defence Corps, Federal Fire Service, and the Nigeria Correctional Service.

CDCFIB also released a breakdown of CBT performance, showing that 221,996 candidates scored between 0–40, 229,155 scored between 41–60, 278,543 scored between 61–80, while 142,697 scored between 81–100.

The recruitment process is now expected to move to the next stage, which includes physical screening and document verification. Shortlisted candidates will be contacted with details of their screening venues, dates, and required documents.

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The board reiterated that the entire process is free of charge and advised applicants to rely only on official communication channels for updates, warning against misinformation and unauthorized messages circulating online.

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NAF Addresses Sambisa Strike, Insists Mission Was Carefully Targeted.

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The Nigerian Air Force (NAF) has confirmed that its Air Component of Operation HADIN KAI conducted precise airstrikes in the Yuwe axis of the Sambisa Forest, resulting in the elimination of several terrorist elements on Monday.....KINDLY READ THE FULL STORY HERE▶

This was contained in a statement issued on Tuesday in Abuja by the Director of Public Relations and Information, Air Commodore Ehimen Ejodame, who noted that military operations in the North-East continue to maintain strong pressure on insurgent groups.

He explained that the operation was based on credible intelligence, supported by Intelligence, Surveillance, and Reconnaissance (ISR) activities, which identified active terrorist presence within fortified positions and underground hideouts.

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According to him, NAF air platforms successfully engaged the targets using precision-guided munitions, destroying the structures, neutralising multiple terrorists, and dismantling key logistics facilities. This was later confirmed through battle damage assessments.

The statement added that sustained air operations have continued to weaken terrorist networks, disrupting their activities and forcing them into more defensive and unstable responses.

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The Chief of the Air Staff, Air Marshal Sunday Aneke, also reiterated the Air Force’s commitment to maintaining continuous, intelligence-driven operations aimed at completely neutralising terrorist threats.

He further assured that the NAF remains focused on protecting its personnel, safeguarding national security, and ensuring the safety of citizens, while continuing precision operations in line with strict rules of engagement to minimise civilian impact.

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