Prime Business AfricaMike Adenugu, the second majority shareholder of Sterling Financial Holdings Company, parent company of Sterling Bank, has purchased more shares in the lender after a rights issue conducted by the bank reduced his stake in the company.
Sterling Financial had conducted a rights issue that led the company to list 6.6 billion new shares, thereby increasing its outstanding shares from 45.46 billion in the first quarter of 2025 to 52.11 billion in the second quarter, resulting in share dilution and a reduction in existing shareholders’ ownership percentage.
Join our WhatsApp ChannelThis had affected Adenuga, whose direct shares of 1.62 billion dropped in percentage, from a 3.56 percent stake to 3.11 percent, while his percentage of indirect shares of 7.19 billion dropped from 15.83 percent to 13.81 percent.
However, Adenuga bought 3.54 billion shares in the second quarter, through his investment vehicle, Silverlake Investments Limited, to increase his indirect shares from 7.19 billion to 10,74 billion, according to the company’s second quarter (Q2) 2025 financial statements released on July 30.
The purchase increased his indirect stake from 13.81 percent to 20.61 percent, while his total stake increased to 23.72 percent, according to analysis by Prime Business Africa.
Following the increase in his shares, the Globacom chairman’s investment value in Sterling Financial is N96.42 billion as of August 7, up from N48.05 billion at the end of the first quarter.
Also, Yemi Odubiyi, the managing director (MD) and chief executive officer (CEO) of Sterling Financial, saw his direct shares of 376.41 million drop in percentage, from 0.83 percent stake to 0.72 percent stake following the dilution of shares.
Odubiyi purchased 331.54 million shares in the second quarter to raise his direct shareholding from 376.41 million as at the end of the first quarter to 707.96 million, which led to his stake in the company rising from 0.72 percent to 1.36 percent.
Although Sterling Financial did not announce the shares purchased by Adenuga and Odubiyi through the Nigerian Exchange Limited (NGX), the lender disclosed on August 4 that the managing director paid N141.55 million to purchase 20.81 million shares through Seven Degrees North Limited on August 1.
This raised Odubiyi’s total shares to 728.78 million, while his stake increased from 1.36 percent to 1.39 percent, according to Prime Business Africa’s analysis, with the value at N5.68 billion as of Thursday, August 7.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
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