Sterling Financial Holdings returns to NGX after 10-for-one share reconstruction

Trading in Sterling Financial Holdings resumed on the Nigerian Exchange after the group completed a one-for-ten reconstruction of its ordinary shares.

The Exchange delisted the previous 68,502,331,708 ordinary shares and listed 6,850,233,171 reconstructed shares of 50 kobo each. NGX set the post-reconstruction reference price at N77 and lifted the trading suspension.

What the consolidation changes

For every ten shares held before the exercise, an investor now holds one. The smaller share count is matched by a higher per-share price, so the transaction does not by itself create or destroy the company's market value or change an investor's percentage ownership, subject to the treatment of fractional entitlements.

The reconstruction can make the quoted price and share count easier to manage, but the economic value of the business will still be determined by earnings, assets, dividends and investor demand.

A new base for comparisons

Historical per-share measures need adjustment after a consolidation. Investors comparing the N77 reference price, earnings per share or dividend per share with older periods should use reconstructed figures rather than place the new and old numbers side by side.

The resumption restores normal price discovery after the temporary suspension needed to update the register and Exchange records.

Source

Nigerian Exchange, Daily Official List and market bulletin on the delisting, reconstruction, relisting and lifting of suspension for Sterling Financial Holdings (8 Oct 2026).