The Nation Newspaper

Tag: Sterling Bank Plc

  • 250 golfers for Ilorin six-day tourney

    250 golfers for Ilorin six-day tourney

    No fewer than 250 golfers are to converge in Ilorin for a 6-day tournament.

    The Captain of the Ilorin Golf Club, Layi Maliki, disclosed this at a news conference in Ilorin on Wednesday.

    He said the Kwara State Government, in conjunction with the Ilorin golf club, is organising the tournament that will feature professionals and all categories of amateur golfers from clubs across the country.

    Maliki explained that the event is slated for July 11 to July 16, at the Ilorin golf course and that it would be part of activities lined up to celebrate Kwara State at 50.

    He said the event which will see well over 100 professional golfers converge in Ilorin,will commence with the professional tee-off on Tuesday, July 11.

    The 72 holes event, according to him, is scheduled for Friday, July 14, to give way for about 150 amateur golfers who will take to the course on Saturday, July 15 and Sunday, July 16.

    Maliki said that the competition is to be managed by Sluqfort Nigeria Ltd, Nigeria’s premier promoters, organisers and consultants on golf tournaments.

    He disclosed that the competition is sponsored by Bus Nigeria Ltd, a business outfit involved in farm produce, such as Rice and Sugar Cane plantations in Lafiagi, Kwara.

    Other co-sponsors of the tournament include: Sterling Bank Plc, Lanre Shittu Motors, Yolas Consultants, Chelfom Ltd, Pyramid Ltd, Harmony Holdings, Kwara Internal Revenue Service, ICMA Professional Services and Duravil Engineering Ltd.

    Maliki expressed the hope that the competition will jump start the return of the Ilorin golf club back to its place as a mecca of golf in the country.

    Among dignitaries expected to grace the event is the newly-elected President of the Nigeria Golf Federation (NGF), Prince Olagunsoye Oyinlola and other members of his board.

  • Oduah’s bank debt suit stalled

    Oduah’s bank debt suit stalled

    Hearing in a suit filed by Sterling Bank Plc against Senator Stella Oduah and her firm, Sea Petroleum and Gas Company Limited was stalled on Tuesday at the Federal High Court in Lagos due the judge’s absence.

    All pending applications were to be heard by the court, but Justice Ayokunle Faji did not sit. He was said to be indisposed.

    Hearing has been fixed for June 29.

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

    The matter was initially pending 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 Limited, Rotary Engineering Services Limited and Tour Afrique Company Limited.

    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 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.

     

  • Oduah seeks time to respond to bank’s debt suit

    Oduah seeks time to respond to bank’s debt suit

    Senator Stella Oduah and her firm, Sea Petroleum and Gas Company Limited on Tuesday asked the Federal High Court in Lagos for time to respond to a debt recovery suit filed against them by Sterling Bank Plc.

    Justice A. O. Faji adjourned till May 30 for hearing of all pending applications on the matter.

    The bank said Oduah and the firm owe it $16.4million and N100.5 million respectively.

    Sea Petroleum’s lawyer, Mrs. Ijeoma Esom and Oduah’s counsel, Mr. A. Nweke, said they had filed a preliminary objection and an application to discharge an interim order freezing the defendants’ account.

    They urged the court to grant them extension of time for them to file their responses to the bank’s petition.

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

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

    The other firms are Sea Shipping Agency Limited, Rotary Engineering Services Limited and Tour Afrique Company Limited.

    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 through 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 of the tanker vessel in favour of Sterling Bank.

    The bank said 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 rose 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.

  • Nigerite, Sterling Bank, Honeywell, others for 9jaSAFE awards

    Nigerite, Sterling Bank, Honeywell, others for 9jaSAFE awards

    • Seyi Law to host Nigeria’s prestigious safety award

    Nigeria Safety Awards for Excellence Hall of Fame (9jaSAFE) 2016 is set to award companies who have created a safe workplace for its employees.

    The Award, which will take place on 9th of September, 2016 at the Lagos Oriental Hotel, Lekki-Lagos is going to be hosted by Ace Comedian, Seyi Law.

    9jaSAFE Award organized by Safety Record Newspaper, publishers of Nigeria’s premiere Occupational Health, Safety and Environment newspaper, is a safety awards event aims at recognizing outstanding health, safety and environment (HSE) initiatives in Nigeria.

    The award ceremony, in its 2nd year, is not only focused on recognizing Nigerian organizations who have created a safe workplace environment for her workers, but also to highlight Nigerians who continue to promote safety within their immediate communities in Nigeria.

    According to a statement signed by Femi Da-silva, Managing Editor of Safety Record Newspapers, he said that the event is organized to honour organizations and individuals who have achieved excellence in their field by the introduction, development and improvement of health and safety standards within their work environment and communities.

    The statement reads: “The award, which have been endorsed by the Institute of Safety Professionals of Nigeria, Lagos State Safety Commission, and World Safety Organisation; others who endorsed the awards event are the Society of Occupational and Environmental Heath Physicians of Nigeria, American Society of Safety Engineers-Nigeria Chapter.

    “Supporting the award event for this year are Ikeja City Mall, Hybrid Group and Kevron Consulting Ltd.”

    Da-silva noted that they have instituted Nigeria Safety Award for Excellence as a humble contribution to advance the culture of safety in Nigeria, noting that several incidents that have resulted in disasters, including mishaps have become a common occurrence in the country, claiming the lives of many and destroying properties worth billions of Naira.

    According to him: “We have had trends of building collapse during and after constructions, ghastly motor accidents on our highways and waterways, and fire outbreaks across the states killing hundreds of people.

    “A passenger boat capsized in the waters around cross river state, killing about a hundred people. And on April 2 in Majidun River, Ikorodu in Lagos, a passenger boat hit a solid object in the water, upturning and throwing all its 28 commuters into the sea. The victims included some pregnant women and a Young couple whose wedding were just a few days away.

    “At different times, there have been reported cases of collapsed – completed or under constructed buildings, some of which had a high number of occupants when they caved in. The Lekki gardens building collapse in Lagos is the most recent.

    “In the case of fire, hundreds of lives have been killed and properties worth billions damaged over the last few years. Quite recently, about 70 people died in the Onitsha tanker fire that occurred after the fuel laden truck lost control as a result of brake failure. This perhaps could have been prevented, had the vehicle undergo necessary checks to ensure safety.

    “The consequence of the countless dangers complied above is the near absence of safety standards in most areas of public exposure in Nigeria today.”

    He revealed that Safety Record Newspaper has been in the vanguard of raising awareness and sensitization on safety matters in the country, hence, taking the lead in berthing the award in its second year running.

    This initiative has been adjudged by stakeholders in the country as the first recognized Nigeria award in Occupational health, safety and environment (HSE).

    “The award is open to any individual/organization committed to practicing health, safety and environment (HSE) managing at the workplace in Nigeria.

    “The award is an invaluable platform set up to endorse organization/individuals’ HSE practice and a means to celebrate success in keeping employee healthy and safe,” he informed.

    He added that the independent safety body would recognize outstanding performance initiatives of individuals towards fostering safety and environment initiative.

    The list of the finalists have been published on their website, and would be published in the second edition of the first ever Nigeria Safety Book of Record, which will be updated annually.

    According to the organizers of the award, they said that interested safety professionals in Nigeria can participate in the event by visiting the website.

    FrieslandCampina WAMCO Nigeria Plc, Sterling Bank Plc, Honeywell Flour Mills Plc, Ikeja Electric, Nigerite are among the organizations billed to be awarded at the second edition of the prestigious Nigerian safety award.

  • Sterling Bank Plc pays 6 kobo dividend

    Sterling Bank Plc pays 6 kobo dividend

    STERLING Bank Plc shareholders received 6 kobo dividend per share yesterday shortly after the conclusion of the bank’s 53rd Annual General Meeting in Lagos.

    Though the dividend payment reduced by   76%, 0.6 kobo from 0.25 kobo per share paid to investors a year earlier, the bank was able to grow its profit by 9% in 2014.

    The Bank’s Balance Sheet also showed that net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013, while customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion just as shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

    While declaring the dividend, Asuen Ighodalo said the bank was very optimistic about future prospects based on the strategic alliances being embarked by the board and management.

    Echoing similar sentiment, the bank’s Managing Director, Mr. Yemi Adeola, said the bank’s performance shows the strengths of its resilient growth model and its ability to continue to deliver value for all stakeholders, even as he assured that a proposed multi-currency debt capital of $200m in the coming year would improve the bank’s fortunes substantially.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by an 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by an 82.2 per cent growth in net trading income to N6.8 billion.

    Speaking separately, the arrowhead of the shareholders’ group, including Sir Sunny Nwosu, Chief Timothy Adesiyan, Pa Sofunde, Brigadier Ikwe, Oderinde Taiwo, lauded the bank’s performance, even as they tasked the management on the need to improve on their system.

  • Sterling Bank promotes 386 staff

    Sterling Bank promotes 386 staff

    In line with its commitment to rewarding excellence, hardwork and dedication, and boosting productivity among staff, Sterling Bank Plc has announced the promotion of 386 staff across all cadres following the conclusion of its full year 2013 appraisal exercise. The Bank in a statement noted that the promotion exercise was based on merit using a transparent and robust performance management system in line with global practice.

    Out of this, 368 staff were promoted  in the Junior and Middle Management cadre while 18 Senior Management staff were elevated.

    According  to the breakdown of figures made available to our correspondent by the Bank, 14  Managers were promoted to Senior Managers, 15 from Deputy Managers to Managers, 26 from Assistant Managers to Deputy Managers, while 80 Banking Officers were promoted to Senior Banking Officers. In addition, 128 Senior Executives were promoted to Banking Officers while 69 staff moved from the  Executive Trainee grade to the Senior Executive grade.

    In the Senior Management cadre, two Deputy General Managers, Mojisola Bakare and Mr. Adegun Adegboyega Adelani of the Corporate Banking Groups 1 and 2, were elevated from Deputy General Managers to General Managers, while Mrs. Kikelomo Adefolahan Kuponiyi of Retail Loans, Mrs. Isioma Ada Ubosi, Regional Business Executive, Lagos Island I, Mrs. Adebimpe Olambiwonnu, Group Head, Finance& Performance Management, Mrs. Obe Eniola, Regional Business Executive, Lagos Mainland 3 and Mr. Segun Anako of the Information Technology Group, were elevated from Assistant General Managers to the Deputy General Manager position.

    The new Assistant General Managers promoted from the Senior Manager level include Mr. Abiodun Muniru Oladipupo, Regional Business Executive, Lagos Mainland 5; Mr.  John Akingbade, Group Head Treasury & Financial Institutions; Mr. Richard Oshungboye, E-Business; Mrs. Titilayo Adewonuola Ogundipe, Group Head, Customer Care and Mr. Ademola Adeyemi, Regional Business Head, Southwest 2,

    Others include Mr. Lateef Aliu, Channels Operations; Mr. Adekunle Adewole, Group Head, Recovery; Mr.  Tsunuku Kingaba, Business Manager, Abuja and Mr. Olabisi Ogunwoye, Group Head, Human Resources Management.

    These appointments have been approved by the Central Bank of Nigeria (CBN), and taken effect.

     

  • Sterling Bank unveils business initiatives

    Sterling Bank unveils business initiatives

    Sterling Bank Plc has resolved to invest in new business initiatives and nurture them to become viable Small and Medium Enterprises (SMEs).

    In a statement, the bank’s Group Head, Strategy & Communications, Mr. Shina Atilola said the exercise is part of efforts to facilitate real growth in the economy. The bank said small businesses remain the catalyst for real economic development anywhere in the world.

    He explained that national economic development prospects in any country was hinged on the entrepreneurial energy of vibrant SMEs as most big business concerns grew from small scale to become big icons.

    Atilola declared: “Many economies, developed and developing, have come to realize the value of small businesses. They are seen to be characterised by dynamism, witty innovations and efficiency as their small size allows for faster decision making process. Small businesses are believed to be the engine room for the development of any economy because they form the bulk of business activities in a growing economy like that of Nigeria.”

    He noted that a team of seasoned consultants were engaged by the bank to carefully scrutinise proposals received from members of the public.

    He said the bank decided to launch the project in order to support those who have come up with business plans as part of their New Year engagement’. He said that already, 50 contestants have qualified for the second round of the on-going “Meet the Executive” Project sponsored by Sterling Bank Plc.

    Atilola noted that over 1,000 business plans were received from Small Business Owners (SBO) aspiring to become big entrepreneurs. He said: “The “Meet the Executive” project is designed to support new and aspiring entrepreneurs.