Sterling Financial starts 10:1 share split; NGX halts trading till Oct 7, 2026
Sterling Financial Holdings Company Plc has begun its approved share capital reconstruction, consolidating every ten existing ordinary shares into one new ordinary share. Trading in the Group’s shares on the Nigerian Exchange Limited (NGX) was suspended on Wednesday, 23 September 2026 and will remain suspended for up to ten working days, through Wednesday, 7 October 2026, to allow the Central Securities Clearing System Plc (CSCS) and Pace Registrars Limited to reconcile holdings and update the shareholder register. Under the reconstruction, issued ordinary shares will fall from 68,502,331,708 to 6,850,233,171, each retaining a nominal value of 50 kobo, reducing issued share capital from approximately ₦34.25 billion to ₦3.43 billion, with about ₦30.83 billion transferred to a Share Reconstruction Reserve, leaving total shareholders’ funds unchanged. Shareholders approved the reconstruction at the Annual General Meeting on 9 June 2026, and a Federal High Court order dated 22 September 2026 confirmed the exercise. For individual shareholders, every 10,000 existing shares become 1,000 reconstructed shares; fractional entitlements are aggregated for sale, with net proceeds distributed proportionately. Conversion is automatic for holders with valid CSCS accounts and stockbroker details; physical certificate holders should contact Pace Registrars and a licensed stockbroker for assistance. After adjustments, shareholders should verify revised balances through their stockbroker, CSCS, or Pace Registrars and report any discrepancies. The reconstruction does not change the economic value of holdings but aims to improve price formation and ease per-share performance comparison. Will you need to update your CSCS details or contact the registrar to ensure your shares are correctly reconstructed?