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Tag: Sterling Bank Plc

  • Sterling Bank marks World Clean-up Day with nationwide cleaning

    ONE of Nigeria’s leading commercial banks, Sterling Bank Plc, last weekend joined other corporate organisations to mark the World Clean-up Day (WCD) and the International Coastal Clean-up Day at over 20 locations nationwide.

    States where the clean-up held, according to a statement by the lender, include Kaduna, Kano, Imo, Niger, Benue, Oyo, Enugu Ogun, Rivers, Kogi, Bayelsa, Osun and the Federal Capital Territory (FCT).

    In Lagos, streets and beaches were cleaned at Sura Shopping Complex on Lagos Island and Kids Beach Gardens in Lekki.

    The bank’s Managing Director and Chief Executive Officer Abubakar Suleiman said cleaning the environment is beyond any single institution to accomplish.

    The bank chief said it was a thing of joy that other institutions were also committed to the same journey as Sterling Bank “because more could be achieved by working together”.

    He said: “It is also beyond cleanliness… It is about protecting the environment so that we have a better environment for those that will come after us.”

    Suleiman assured the bank’s customers that it was committed to the environment on a long-term basis.

    The bank chief stressed that the commitment started from the way Sterling Bank encouraged its workers to use and manage energy in the office.

    Read Also: Sterling bank is top best place to work in Africa

    He said the bank was also collaborating with state governments to keep their environment clean, adding that the commitment was a continuous project with many phases.

    “We are currently in over 20 states of the federation but plan to be in all the 36 states and Abuja, the Federal Capital Territory (FCT), over time. We are just waiting for the right partnership to enable that. But more importantly, we plan to encourage corporate bodies to join us. It is not a question of one bank but that of corporate Nigeria joining hands to support the environment,” Suleiman said.

    Also, the General Manager of Lagos State Environmental Protection Agency (LASEPA) Dr. Dolapo Fasawe said Governor Babajide Sanwo-Olu had asked the agency to draw up a framework that would enable the state to tap into the carbon credit scheme of the United Nations (UN) and the World Bank.

    The LASEPA chief noted that for every carbon footprint the state is able to reduce, it will be paid in cash, in kind or in collaboration.

    Other corporate organisations that collaborated with Sterling Bank for the cleaning include Green Hun Africa, F.A.B.E, tek experts, Bolt, DuPont, Digibrands and Clickatel, among others.

     

  • Sterling Bank named Africa’s most agile company

    Sterling Bank Plc has emerged most agile company in Africa. It won the Agility Award for Africa at the 2018 World Agility Forum, an award given to organisations who through exemplary applications of agile processes have become game changers in their respective industries.

    The World Agility Forum is a global programme where individuals and organisations are recognised for their efforts and commitment towards achieving agility through initiatives such as saving millions in project budgets, reducing production costs and applying processes that bring more value to customers.

    In a statement released in Lagos at the weekend, the award organisers said Sterling Bank clinched the Agility Award for Africa due to its streamlined focus in applying agile principles which have resulted in outstanding results for their employees and customers.

    Commenting on the award, Yemi Odubiyi, Executive Director, Corporate and Investment banking, Sterling Bank said the bank had to re-align its corporate culture to achieve agility. “The first thing we realised when we decided to adopt agile is that the traditional corporate hierarchy poses an impediment to agility. Organisations especially in Africa looking to significantly improve their processes and results need to consider adjusting their corporate culture,” Odubiyi revealed.

    Hugo Lourenzo, founder of the World Agility Forum, said his dream is for companies to accelerate their evolution by truly empowering their people and focusing on what really matters through agility.

    Sterling Bank is the first organisation in Africa to have clinched this award.

  • Sterling Bank backs iCreateAfrica’s youth empowerment

    Sterling Bank Plc has announced its support for iCreateAfrica Skill Fest, Africa’s biggest vocational skills event.

    The lender will be supporting the firm in hosting the first youth empowerment festival at the A-Class Park, Abuja as part of an effort to deepen the process of skills acquisition and economic inclusion of young Africans across the continent.

    The skills festival is scheduled to hold on October 26th – 27th, 2018 and aims to create an environment that encourages the phenomenal display of talents and skills by bringing the excitement and energy of a young emerging workforce alongside proactive organisations who understand that engaging the youth is the best strategy for addressing labour challenges on the continent.

    Speaking on empowerment skills festival, Executive Director, Corporate and Investment Banking at Sterling Bank, Yemi Odubiyi, said: “Unlike any other vocational-based event, the iCreateAfrica Skills Fest will include a conference, exhibition and skills competition. The skills competition would see the most talented technicians, artisans and innovators from more than 50 universities, polytechnics and vocational training centres in the country, showcasing their skills and competing for funding opportunities as well as exclusive internship programmes.”

     

  • Sterling Bank unveils ‘Eyo’ in Lagos

    Lagos State Government through the Lagos State Parks and Gardens Agency (LASPARK) joined Nigeria’s leading commercial bank, Sterling Bank Plc to make history when Undressed Identity, a monumental sculpture of the famed Eyo masquerade was unveiled at Muri Okunola Park, Victoria Island during the weekend.

    The environmentally-friendly art piece made from recycled aluminum was one of the four winning entries from the maiden edition of RecyclArt, a competition initiated by Sterling Bank to inspire a new generation of Nigerians artists and art genre.

    Produced by Dudu Emmanuel, the finalist who represented Lagos zone in competition, Undressed Identity repositions “Eyo” in the public space, using recycled Aluminum as a medium of expression in showcasing its costume including cap, staff and flowing gown.

    Speaking at the unveiling ceremony in Lagos, the Lagos State Commissioner for the Environment, Mr. Babatunde Durosinmi-Etti, said Sterling Bank is a force for good and valued partner that has collaborated with the state government to deliver several life enriching and citizen-oriented projects.

    “I am delighted but not surprised to see Sterling Bank pioneering the reuse and repurposing waste into artworks as I have come to associate the bank with projects that are of immense value to the society. Let me also use this opportunity to commend LASPARK for its entrepreneurial intervention and initiative which has helped to birth this public-private partnership with Sterling Bank. We hope to collaborate with the bank on more value-adding projects in the near-future,” Durosinmi-Etti remarked.

    Executive Director, Corporate and Investment Banking Sterling Bank, Mr. Yemi Odubiyi said, “RecyclArt was initiated by Sterling Bank to inspire a new generation of Nigerians artists and art genre. It is about using the power of the arts to awaken the citizenry to change how they relate to the environment and rethink how items that should be recycled can be disposed in a creative manner”.

    Odubiyi noted that Undressed Identity has proven that artists can do amazing things with recycled and repurposed materials. He commended Dudu Emmanuel for turning aluminum scrap into a public monument thereby creating value from objects that will otherwise litter dumpsites.

  • Sterling Bank reports N8.5bn profit in 2017

    Sterling Bank Plc on Tuesday reported a profit after tax of N8.5 billion for the financial year ended Dec. 31, 2017. The profit after tax was higher by 65 per cent when compared to N5.2 billion declared for the corresponding period of 2016.

    The bank also posted gross earnings of N113.5 billion in contrast with N111. 4 billion achieved in the comparative period of 2016, indicating an increase of 9.8 per cent.

    The bank, in a result released by the Nigerian Stock Exchange ( NSE ), said the performance was driven by growth in both interest and non-interest income by 11.3 per cent and 87.8 per cent respectively.

    Its net operating income rose by 7.9 per cent, while cost-to-income ratio improved by 260 basis points to 71.5 per cent.

    Customer deposit increased from N584.7 billion in 2016 to N684.8 billion in 2017, a 17.1per cent increase.

    The bank’s shareholders’ funds also grew from N85.7 billion in 2016 to N102.9 billion in 2017, recording a 20.2 per cent increase.

    Commenting on the result, Mr Abubakar Suleiman, Chief Executive Officer of the bank, said the 2017 result highlights positive performance across key financial indice, despite challenging operating conditions, reaffirming its underlying institutional strength.

    Suleiman said the non-interest banking business continued to gain significant traction, adding positively to our bottom-line of the bank.

    He said the performance underscored the commitment of the entire staff of the bank to its corporate goals and the resilience of its business model.

    Suleiman said the bank maintained a disciplined and prudent approach to loan growth in line with its risk management framework.

    According to him, the development resulted in a significant improvement in asset quality as reflected in the reduction of non-performing loan ratio by 370 basis points to 6.2 per cent.

    “Sterling Bank continued to scale its business with support from a well-diversified funding base. For the first time, we recorded N1.1 trillion in total assets from N834.2 billion in 2016 representing a 28.7 per cent growth.

    “We also gained traction in our retail drive with an active customer base that exceeded three million resulting in 17.1 per cent growth in deposits,” he said.

    Read Also: Sterling Bank: Touching lives through non-interest banking

    He said the bank’s liquidity and capital adequacy ratios remained sound and well above the required regulatory benchmark at 33 per cent and 12.2 per cent, respectively.

    Suleiman said the bank prioritised efficiency across its businesses as it progressed on its digital transformation journey by successfully launching “Specta,” an innovative online lending platform which offers personal loans within five minutes.

    On the bank’s 2017/2021 strategic plan, Suleiman said the bank would continue to execute its plans to drive efficiency across the business under the three pillars of agility, digitisation and specialisation in 2018.

    “These pillars will propel us toward sustainable growth by enhancing our ability to innovate; solidify our retail funding base.

    “It will also strengthen our enterprise-wide risk management framework and drive excellent service delivery across all channels to enhance customer experience,’’ he said.

    NAN

  • Sterling Bank appoints new CEO

    Sterling Bank appoints new CEO

    Sterling Bank Plc today appointed Abubakar Suleiman as its new Managing Director/ Chief Executive Officer (CEO). The new bank chief was before his appointment, the bank’s Executive Director, Finance & Strategy, a role he has served in since May 2012.

    The lender also announced that its founding Director and long-serving CEO, Yemi Adeola, has notified the Board of Directors of his desire to retire with effect from 1 April 2018 after over 14 years of service on the Board.

    Adeola’s banking career started in the then Nigeria International Bank Ltd now Citibank Nigeria Ltd in 1988 where he served in various capacities and rose to the position of Executive Director in 1998, one of the youngest officers and indeed one of the first Nigerian nationals to be appointed in that capacity with the Citigroup Inc’s Nigeria unit between February 1998 and May 2003.

    In July 2003, Adeola became the Deputy Managing Director (DMD) of our legacy component, Trust Bank of Africa Limited. He was instrumental to the formation of Sterling Bank in 2006, served as Integration Director in the immediate post-merger phase and up until 2007 as Executive Director covering Commercial & Institutional Banking and later Corporate Banking prior to becoming CEO.

    Chairman of the Board of Directors, Sterling Bank Plc, Asue Ighodalo, said: ‘In 2008, Adeola was appointed to the role of substantive CEO. Since that appointment, he has overseen a period of strong growth in market share and profitability with the institution moving from the 23rd ranked bank measured by assets to the top half of the domestic banking market”.

    Additionally, Adeola and his team have navigated multiple economic and banking credit cycles with great skill, sound judgment and outstanding professionalism often thriving in the most difficult conditions evidenced by the emergence of the Bank as a consolidator in the 2009 to 2011 cycle despite its modest capital base and distribution footprint at the time, and its continuing success in growing organically thereafter.

    “More than anything else, Adeola’s legacy is reflected in the excellent professional reputation of the Bank;” the stability of its Board and Management – something rarely seen in merged institutions; and the overall strength of its institutional governance, all of which are achievements that I have no doubt that the new leadership team will build upon and extend even further”

    Continuing, he said: “On behalf of the Board and all our colleagues, I thank first and foremost his family for their sacrifice, and Adeola himself for his outstanding service to the bank and exceptional leadership while trusting that we can continue to call upon his counsel as ‘Emeritus CEO’, notable shareholder and friend of the Bank”.

    Suleiman said: “I am deeply humbled but delighted to be stepping into the CEO role at this time. Over the past decade under Adeola, our share of the banking market has grown significantly, and our brand has become established in the marketplace. I look forward to working with the Board and my colleagues in Management towards building on the excellent foundation already in place to deliver superior value for the benefit of all our stakeholders’.

    Adeola said: ‘Our bank has grown materially in all respects over the past decade moving from being a marginal player on the fringes, to an established operator trusted by millions of people today. The achievements highlighted by the Chairman in his remarks have required huge personal sacrifice on the part of many people. I am extremely grateful to all of them for their support and know that Suleiman and his team can continue to count on this support in the months and years to come”.

  • Hearing stalled in bank’s debt suit against Oduah

    Hearing stalled in bank’s debt suit against Oduah

    Hearing in a suit by Sterling Bank Plc against Senator Stella Oduah and her firm, Sea Petroleum and Gas Company Ltd, was stalled Thursday at the Federal High Court in Lagos due to Justice Ayokunle Faji’s absence.

    The suit, which was adjourned until November 8, was earlier adjourned for hearing of all pending applications, but the judge was said to be on an official assignment.

    The bank said Oduah and her firms owe it $16.4million and N100.5 million.

    The matter was initially before Justice Abdulaziz Anka before it was transferred to Justice Faji

    Justice Anka had in March restrained Senator Oduah and Sea Petroleum and Gas from making any withdrawals from its account and those of three other companies in 21 banks.

    The other firms affected by the order are Sea Shipping Agency Ltd, Rotary Engineering Services Ltd and Tour Afrique Company Ltd.

    The order followed an affidavit deposed to by Sterling Bank’s business manager Mr Segun Akinsanya.

    The bank said it granted a lease /Cabotage Vessel Finance Facility (CVFF) to Sea Petroleum and Gas  to finance one unit 5,000 MT tanker vessel..

    According to the bank, the loan was secured by an unconditional personal guarantee by Princess Oduah.

    The bank said the guarantee was backed by a statement of her net worth, legal mortgage of two properties worth N135 billion, and a power of attorney.

    According to the bank, between June 27, 2013, Sea Petroleum requested and was granted additional loan of $450,000 for post-delivery expenses, as well as $993,000 to meet the requisite conditions in securing the tanker’s release.

    Akinsanya said despite several reminders and demands, the defendants failed to liquidate the indebtedness which culminated to $16.4million and about N100.5million as at last November.

    He said there was an imminent risk of the defendants dissipating the companies’ assets if not restrained.

    The bank, therefore, urged the court to grant the order restraining Oduah and other directors of the companies from withdrawing from their accounts in all the banks pending the determination of the debt recovery suit.

    Oduah and her companies have urged the court to discharge the order.

  • ‘Hidden’ N249b: Court strikes out FG’s case against seven banks 

    ‘Hidden’ N249b: Court strikes out FG’s case against seven banks 

    …Six banks get N200, 000 compensation each

     

    A Federal High Court in Lagos has struck out a suit by the Federal Government seeking to recover $793,200,000.00 (about N249, 659,700,000.00) from seven banks which it claimed they hid for ‘unknown’ government officials.

    The banks are: United Bank for Africa Plc, Diamond Bank Plc, Skye Bank Plc, First Bank Ltd, Fidelity Bank Plc, Keystone Bank Ltd and Sterling Bank Plc.

    Justice Chuka Obiozor, who gave the ruling yesterday, also ordered the government to pay N200,000 as costs to all of the commercial banks except Skye Bank which had no legal representation.

    He also barred the government from bringing the same action against the banks without the court’s permission.

    The ruling followed a notice of discontinuance dated August 7 brought on Tuesday by the Attorney-General of the Federation through Professor Yemi Akinseye-George SAN.

    Akinseye-George told Justice Obiozor that the government had decided to explore an ‘out of court settlement’ with the banks in the public interest.

    Last July 20, the government accused the banks of hiding $793m in contravention of the Treasury Single Account (TSA) policy.

    It sought and obtained an interim order directing the banks to remit the sum to a designated account at the Central Bank of Nigeria (CBN).

    But on Tuesday the Federal Government applied to discontinue the suit on the instruction of the Attorney-General.

    Akinseye-George relying on Order 50 Rule 2 Subsection 1, Federal High Court Civil Procedure Rules of 2009, moved the court to strike out the suit.

    The application was challenged by the six banks which urged the court to substitute the strike out order for an order of dismissal.

    The lawyers, including UBA’s counsel, Dr. Ajibola Muraina, Seyi Sowemimo (SAN) for Fidelity Bank; Abimbola Akeredolu (SAN) for Sterling Bank. N. A. Oragwu (Diamond Bank); E.A. Okorie (First Bank) and Babatunde Ogungbamila (Keystone Bank) also asked for costs of between N10million and N20million for each bank as compensation or damages.

    However, following Akinseye-George’s argument that the banks were not entitled to any cost because, among others, they did not file any affidavit to particularise the nature of the damage they claimed to have suffered, Justice Obiozor adjourned till Wednesday for ruling.

    Delivering his decision Wednesday, the judge found, among others that since the suit did not proceed to trial the justice of the case was in favour of an order to strike it out, rather than a dismissal.

    He said: “I have also considered the reason given for the discontinuance – the demand, as it were, of public interest. I have also considered the fact that when a notice of discontinuance is duly and validly filed, it cannot be recalled, as the suit ceases to exist the moment it is effectively discontinued, subject to the payment of costs.

    “I find that as I have not adjudicated on claims in the action before me for a pronouncement on the merits of the issues arising therefrom, the proper order to make, with respect to this matter, is one striking out this suit and not of dismissal and I so hold.

    In the instant case before me, the matter is yet to proceed to trial. I do not find that the justice of this case demands that this matter should be dismissed.

    Regarding the costs demanded by the banks, the judge said: “Nevertheless, I shall not turn a blind eye to the effect of the interim order on the defendants. This case cannot now go on. I find no reason not to compensate the defendants with costs at least to those of them who have appeared in this matter.”

    He however declined to grant the amount demanded as costs, saying “I find the request for N10million or N20million as costs to the defendant not to be founded on, with respect, established principles.”

    The judge added: “The defendants deserve compensation which I assess and put at N200,000 against the favour of and to be paid to each of the first, second, fourth, fifth sixth and seventh defendants.

    “In the final analysis, the suit is hereby struck out and the plaintiff shall not re-list this suit without the prior leave of court. The interim order of this court made on the 20th of July 2017, are hereby set aside, truncated and discharged.”

  • Judge’s ill- health stalls Oduah’s debt suit

    Judge’s ill- health stalls Oduah’s debt suit

    A Federal High Court sitting in Lagos on Thursday adjourned till October 19, hearing in a suit filed by Sterling Bank Plc against a former Minister of Aviation, Stella Oduah, over alleged indebtedness.

    Justice Ayokunle Faji adjourned the suit on account of ill health.

    The bank claimed that Oduah and her firm, Sea Petroleum and Gas company Limited, are indebted to it to the tune of $16.4 million and N100.5 million.

    The suit was earlier adjourned for hearing of all pending applications but Justice Faji told counsel on Thursday that he would only be able to take cases for arraignment and rulings.

    Further hearing was, therefore, fixed for October 19, after the court’s vacation.

    The suit was initially pending before Justice Abdulaziz Anka of the same court, but was eventually, reassigned to Justice Faji to begin afresh.

    In March, Justice Anka issued an order, restraining Oduah and her firms, from making any withdrawal from their account and those of three other companies domiciled with 21 banks in the country.

    The other companies include Sea Shipping Agency Limited, Rotary Engineering Services Limited, and Tour Afrique Company Limited.

    The court also issued an order directing the said commercial banks harbouring the assets of Oduah and the four companies to sequestrate their indebtedness as at November 2016.

    It ordered that the money be kept in an interest yielding account in the name of the Chief Registrar of the Federal court, pending the determination of the suit.