The Nation Newspaper

Tag: Sterling Bank

  • Sterling Bank trains students on savings culture

    Sterling Bank Plc has educated students in Lagos on the importance of developing the habit of saving from a very early age as part of the 2017 World Savings Day (WSD), which was celebrated recently across the globe.

    The main focus of the programme, which was organised by banks in Nigeria at the instance of the Central Bank of Nigeria (CBN), is to increase awareness of the importance of savings as a path to financial empowerment amongst Nigerians.

    Senior officials of Sterling Bank facilitated the programme at Our Mother Mary Schools (OMMS) located in Ejigbo in the Alimosho Local Government of Lagos State with about 200 students participating in the programme. This was also replicated at Broadway Schools located in Surulere, Lagos with about 50 students in attendance.

    Mrs. Eniola Obe, regional business executive of Sterling Bank, (Ikeja and Beyond), who led the team, noted that savings could be defined in different ways: income not spent or set aside, the act or instance of cutting costs, excess income not spent, income minus consumption and money that is kept in a bank or similar financial institution.

    Obe, who was represented by Mrs. Shola Ogudiji, Branch Manager, Dopemu Branch of Sterling Bank, also explained that there are several reasons why people save money. They include the need for financial independence, unforeseen circumstances, for accommodation, to get out of debt and for retirement among others.

  • Sterling Bank’s intervention in transport sector praised

    Sterling Bank’s intervention in transport sector praised

    Chairman, Senate Committee on Land Transport, Gbenga Ashafa, has praised Sterling Bank Plc for its intervention in Nigeria’s transport sector, saying such intervention from the private sector is what the transport sector requires to achieve the desired transformation.

    Senator Ashafa who stated this at the second edition of the annual conference of Transportation Growth Initiative (TGI) in Abuja recently noted that Sterling Bank has, indeed, established itself as the reference bank in transport finance as a result of its investment in the Bus Rapid Transit (BRT) and LAGBUS initiatives of the Lagos State Government.

    The Senator said ‘’I want to commend Sterling Bank for its support to the transport sector so far. I am aware that Sterling Bank financed both the LAGBUS buses and over 400 BRT buses plying various routes on Lagos roads. It is our hope that the bank would expand this experience beyond Lagos so that people living in other parts of Nigeria will also benefit from their benevolence.’’

    Earlier in his speech,  Tunde Adeola, General Manager, Sterling Bank reiterated the bank’s commitment to the economic growth and stability of the country. According to Adeola, ‘’as an institution that truly cares about the people of this country, we have realised the urgent need for the intervention of the private sector in key sectors of the economy.

  • Sterling Bank’s savings promo makes 16 millionaires

    Sterling Bank’s savings promo makes 16 millionaires

    Sterling Bank Plc has again produced another set of millionaires in its on-going savers reward promo initiated to reward customer loyalty and encourage savings culture among Nigerians.

    At the end of the third draw held in Lagos at the weekend, 16 individual customers with a monthly balance of N25,000 in their savings accounts won N1 million each, bringing the number of millionaires produced by the promo that was launched in March to 60.

    The draw also saw 40 customers with a weekly balance of N10,000 in their accounts winning N50,000 each while four non-individual customers with Sterling Plus accounts won N250,000 each.

    At the second draw held in Lagos recently, 15 individual customers with monthly balance of N25,000 each in their savings accounts won N1 million each, 40 customers with weekly balance of N10,000 in their accounts won N50,000 each while four customers won an-all expense paid foreign trip to a country of their choices or a shopping voucher worth N1 million each.

    Also, at the first draw held last July, 29 individual customers with monthly balance of N25,000 in their savings accounts won N1 million each, 40 customers with weekly balance of N10,000 their accounts won N50,000 each while four non-individual customers with Sterling Plus accounts won N250,000 each.

    Speaking during the draw at the corporate headquarters annex of the bank in Lagos at the weekend, Mass Market Product Manager, Sterling Bank, Olamide Jolaoso, explained that the promo which started in March is expected to produce 192 millionaires by February 2018. Therefore, 192 customers will win N1 million each, he said.

    He said the objective of the promo is to enrich the lives of customers of the bank, adding that since the bank embarked on the initiative about three years ago there have been testimonies of various lives that had been positively affected by the bank.

    The customers were selected via an electronic raffle draw system and winners emerged from various parts of the country. The event was witnessed by officials of the Consumer Protection Council (CPC), Lagos State Lotteries Board (LSLB), National Lottery Regulatory Commission and Akintola Williams Deloitte.

  • Sterling Bank wins award

    Sterling Bank wins award

    Sterling Bank Plc has won the Housing Friendly Commercial Bank of the Year Award for its remarkable impact on housing delivery in Nigeria’s housing sector.

    Receiving the award at the 12th edition of the Abuja Housing Awards in the Federal Capital Territory (FCT), Abuja recently, Sterling Bank’s Non-Interest Banking (NIB) Group Head, Mr. Basheer Oshodi said, the Bank was delighted at the recognition of the innovative efforts of the NIB group in the housing sector.

    Oshodi said the model of engagement created by the NIB group enhanced the ability of many Nigerians to own houses under a flexible mode of payment, adding that the NIB group has done so much in making affordable housing available to Nigerians.

    According to him, customers who express interest in the home ownership model are made to contribute between 20 and 30 per cent equity over the construction period of 18 months after which the facility is booked for future ownership. He added that rentals in the scheme are less than what would have been paid in a conventional banking arrangement.

    “We have developed an innovative method of home ownership for Sterling Bank customers. The model gives an opportunity to the buyer to own a house without the stress of bulk payment. Where the house is already built, a prospective home owner simply makes equity contribution and is booked for future ownership. Even if there is no house on the ground and the customer signifies an intention to access a mortgage, the next step will be to start contributing equity,” Oshodi said.

    He explained that once off-takers are identified and profiled, current accounts are opened for them so that they can start saving towards meeting their equity quotient while the deposits serve as a liability to the bank.

    He said since the rules do not allow NIB to invest in treasury bills or interest bearing securities, the deposits are normally used to buy off-plans from developers through a lease structure. The lease can be either off-plan, which means the bank books the facilities even before construction starts, or a home finance which leads to ownership.

  • Sterling Bank empowers 70 kids

    Sterling Bank Plc has completed the training of 70 kids on coding language at its 2017 summer code camp in Lagos in furtherance of its commitment to strengthening early childhood education practice in the country.

    The summer code camp which had children between the ages of six and 15 in attendance was organised in collaboration with Audax Code School.

    Speaking on the successful outcome of the programme, its Chief Marketing Officer, Henry Bassey said the aim of the programme was to expose young Nigerians to digital technologies at early ages and to bridge the national digital skills gap.

    Bassey said the fun-filled summer code camp also served as an avenue to empower children and teachers in both rural and urban areas, foster creativity and critical thinking skills through ICT learning while expanding career opportunities for the African youth through STEM Education.

    He added that the 10-day camping session was a period of study and fun for the children who “were exposed to scratch game development and storytelling, python programming and class storytelling as well as music and sounds, game development, introduction to HTML and project presentation.”

    The CMO said the code school was also an initiative to appreciate the Bank’s “I CAN SAVE” account holders who had a certain minimum balance in their respective accounts.

    In his remarks, Chief Executive Officer of Audax Code School, Emeka Onyenwe said, “the 2017 summer code camp was a great success. The students were introduced to the beautiful world of coding through the teaching of highly relevant concepts in a child-friendly way and by using illustrations and animations in an atmosphere that is conducive to learning. We also actively engaged all the kids and ensured that they made new friends.”

    Sterling Bank is at the forefront of educating young Nigerians on the importance of saving and investing. In 2016, the Bank organised financial literacy training for children by staff volunteers across its network under the Employee Volunteer Programme.

    In addition, 1,500 students were taken through the rudiments of financial literacy during the Financial Literacy Day on March 12, 2016. Sterling Bank has also distributed 4,000 copies of a book: My Little Money Book to about 600 schools pan- Nigeria.

  • Sterling Bank equips staff with best-in-class work environment

    Chairman of Sterling Bank Plc, Asue Ighodalo, has reiterated the bank’s commitment to providing its employees with the best possible working environment. He made this disclosure during an inspection of the bank’s new Head Office Annex located along the busy Ikorodu Road in Lagos.

    The new annex is equipped with a gym and game room which has game consoles and a pool table to ensure employees have fun at work. The facility also has a clinic and is fitted with solar panels which generates clean energy in line with the bank’s environmental sustainability agenda.

    Commending the bank’s management for desiring to give its employees one of the best working environments possible, Ighodalo said the new workplace will ensure optimal productivity, job satisfaction and talent retention.

    He noted that although some of the bank’s competitors also have head office annexes, Sterling Bank decided to be different as part of a deliberate effort to become the number one bank of choice in the country. “We have done it differently, we have done it well and I am very proud of the team that did this job and I think they have done a great job.”

    Ighodalo explained that the inspection provided him with the opportunity to interact with employees of the Bank as well as some of the customers who were in the Bank at the time of the inspection. He said the Bank would strive to always to give its employees everything they need to feel appreciated, and motivated to work hard.

    Also speaking, Managing Director and Chief Executive of Sterling Bank, Yemi Adeola, said although the Bank’s head office is on the Lagos Island like most of the competition, a decision was taken to build the annex in the mainland area of Lagos to maximise benefits available from business opportunities in the metropolis.

    Adeola explained that a new head office had become inevitable because the Bank’s operation was expanding and the existing head office was becoming too small for its level of operation while the associated high rent which the Bank was paying on rented premises had become untenable.

  • Lagos lauds Sterling Bank’s sustainability campaign

    Lagos lauds Sterling Bank’s sustainability campaign

    Sterling Bank’s sustainability campaign known as Sterling Environmental Makeover (STEM), senior officials of the Lagos State Government have paid glowing tributes to the initiative, saying it is in line with the state government’s vision of encouraging residents to show respect for the environment.

    Addressing the mammoth crowd at the flag off of the mega cleaning exercise which took place at the Computer Village in Ikeja at the weekend, Lagos State Commissioner for the Environment, Babatunde Adejare, commended Sterling Bank for its outstanding show of commitment to the campaign for a livable environment.

    Adejare said, “We need to have more respect for our environment than we do now. The state government cancelled the monthly sanitation exercise because it believed that cleaning the environment should be part of our daily lives and not just a monthly routine.”

    The commissioner disclosed that the state government recently introduced the Cleaner Lagos Initiative in a bid to better manage solid waste. He urged participants in the cleaning exercise to extend the practice to their different homes as part of their contribution to the emergence of a cleaner Lagos that is fit for human habitation.

    Adejare enjoined residents in Lagos not to block drainages with their refuse but to put them in bags and tie the mouths before leaving them in front of their houses for officials of Lagos State Waste Management Authority (LAWMA) to pick up.

    In his welcome address, Mr. Yemi Adeola, Chief Executive Officer of Sterling Bank Plc, disclosed that the STEM programme was being held simultaneously in eight other locations across the country. These include the seven state capitals of Ogun, Oyo, Kwara, Rivers, Enugu, Plateau, Kano and in Abuja, the Federal Capital Territory (FCT)

  • DataPro reaffirms Sterling Bank BBB+ rating

    DataPro, a leading Credit Rating Agency (CRA), has re-affirmed Sterling Bank long-term rating of BBB+ with a stable outlook for the year 2017/2018.

    The BBB+ rating indicates that the bank has a fair financial strength, operating performance and business profile when compared to the established standards. It further indicates that the bank has the ability to meet its on-going obligations, subject to adverse changes in economic conditions.

    The DataPro Rating Committee approved the rating after a review of the bank’s capitalisation, earnings profile, liquidity, quality of assets and sustainability of its current healthy profile in the medium to long-term period.

    The rating is supported by the bank’s stable management and strong brand presence. The rating took note of the fact that the bank’s capital adequacy for the reviewed period was 11% against the regulatory requirement of 10%.

    Sterling Bank subsequently got a short term rating of A2. This reflects the bank’s capacity for timely payment of financial commitments.

    “In conclusion, please note that in line with international best practice, this rating carries a maximum shelf life of 12 calendar months. It should be noted that the rating is not an offer to trade in securities and a substitute for the user’s judgement. It is meant for reference purposes.”

  • Updated: Tanker drivers burn two banks in Lagos

    Updated: Tanker drivers burn two banks in Lagos

    Tanker drivers on Wednesday morning went on rampage at Apapa, Lagos, and set ablaze two commercial banks – Sterling and Diamond.

    The tanker drivers were protesting the killing of their colleague by a mobile policeman.

    It was gathered that the policeman, attached to one of the banks, had accosted and shot dead the driver for indiscriminate parking and blockade of the bank’s entrance.

    According to witnesses, the unknown mobile policeman had approached the drivers to give way to bank customers but they refused.

    He reportedly fired several gunshots in the air but one of the bullets hit the deceased driver who bled to death.

    While the policeman fled the scene, the deceased driver’s colleagues stormed Creek Road and stabbed any policeman on sight.

    It was gathered that they injured at least three policemen, who were going about their businesses, before proceeding to set the banks ablaze.

    Attempts by men of the Lagos State Fire Service, Iponri, who rushed to the scene to put out the fire, were rebuffed by the tanker drivers.

    Our correspondent learnt that the firemen had to leave the area for fear of being assaulted by the drivers.

    It took the combined efforts of policemen from the Rapid Response Squad (RRS), Area B command, operatives of Nigerian Navy Ship (NNS) BEECEOFT and their colleagues from Nigerian Army Signal Corps to contain the situation.

    The security operatives also prevented the rioters from setting a tank farm ablaze.

    It was learnt that hoodlums attempted to seize the opportunity to loot the affected banks but they were prevented by RRS operatives led by the Commander, Tunji Disu, an Assistant Commissioner of Police (ACP).

    A senior police officer who was ground said: “Those tanker drivers are very irrational. When the policemen attached to one of the banks shot at the tanker driver, they regrouped and stormed the bank in anger.

    “They first demanded that the policeman who shot their colleague be released to them. When their demands proved abortive, they took laws into their hands.

    “They contributed fuel from their tanks and set the banks ablaze. The entire situation caused a stampede as both workers and bankers scrambled to escape from the back of the bank to safety.

    “The drivers were still on rampage in the first bank when they heard that the policeman had taken refuge in the next bank.

    “Armed with that information, they simply went over to the said bank and carried out same carnage, irrespective of the presence of innocent bystanders.

    “They also attacked innocent policemen going about their own businesses. They stabbed no fewer than three policemen who didn’t know what was happening.

    “Six of them were arrested. The mobile man was also handed over to the DPO Apapa. Calm has returned to the place now.”

    Reacting to the arson, Sterling Bank said the mobile policeman ran into it premises to avoid being mobbed, urging customers at the branch to patronage nearby branches.

    The bank said: “An armed mobile policeman fleeing from an irate mob after shooting a tanker driver disrupted banking operations at the Sterling Bank branch on Creek Road this morning. He ran into the premises of the bank to escape being lynched.

    “Security operatives attached to the bank disarmed and arrested the fleeing mobile policeman but did not hand him over to the irate mob.

    “The mob got upset and attacked the bank with the intention of unleashing mayhem on staff and customers. The branch’s reception area was vandalized and set ablaze.

    “The security operatives attached to the branch prevented the mob from entering the branch while evacuating staff and customers before the arrival of police reinforcement. The branch has been temporarily shut down.

    “We wish to inform all our customers that normal services will continue at nearby branches and through all our electronic channels.

    “Sterling Bank is working with security agencies to resolve the issue.”

  • Sterling Bank, DAAR Communications sign pact

    Sterling Bank Plc and media broadcast corporation, DAAR Communication Plc, owners of Ray Power FM and AIT Television, have announced a strategic partnership aimed at keeping Nigeria clean and safe through mass awareness campaigns on environmental sustainability.

    The objective of the pact is the amplification of Sterling Environment Makeover (STEM) message on sanitation through the Ray Power FM and AIT Television networks to influence uptake of sustainable living actions among Nigerians. STEM is Sterling Bank’s corporate social responsibility initiative which promotes practices that protect the environment for the benefit of humanity.

    Announcing the partnership, Chief Marketing Officer, Sterling Bank, Mr. Henry Bassey said the bank was delighted to have DAAR Communication Plc throw its weight behind STEM as a media partner. He disclosed that leading corporations have also joined the programme as partners elevating it into a movement that will make Nigerians more conscious and committed to protecting the environment.

    “Sterling Bank and DAAR Communication have come together because we share a common passion for the environment – to keep it clean, safe and preserved for the future generation. Through the Sterling Environmental Makeover programme, we hope to make a positive impact on our local communities across Nigeria using the extensive national and regional network of Raypower and AIT to influence sustainable living actions which reduces dirt and improves hygiene. DAAR Communication has partnered with us to enlighten Nigerians on the importance of sanitation and how its absence fouls the environment exposing thousands of children and adults to disease,” Bassey informs.

    He added that, the new improved STEM has a lot of exciting features which include a pre awareness campaign that will showcase choreographed dancers, cleaning strategic locations in Lagos while dancing to the special theme song produced by OlamideBadoo, who is Sterling Bank’s environmental Makeover ambassador. People who spot this dancers with selfies or pictures, stand the chance to win 50 free make-over vouchers from the world’s leading cosmetics manufacturers to be redeemed at the event.