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Tag: Sterling Bank

  • Sterling Bank, NAPPS partner on educational devt

    Sterling Bank Plc has partnered with the National Association of Proprietors of Private Schools (NAPPS) Lagos Chapter, to promote the educational sector.

    At a media briefing announcing the partnership in Lagos, yesterday, the President, NAPPS, Lagos Chapter,  Yomi Otubela said the lender will educate members on book keeping, promote improved accounting system in schools, among other supports.

    He said the bank is one of the supporters of Lagos NAPPS for its three-day annual retreat holding later this month in Lagos.

    He said the group is committed to curbing mass failure in final examination by exposing students to the rudiments of sitting for external examination and ensuring quality control is guaranteed by removing over reliance on teachers’ assessment alone.

    Group Head, Strategy & Communications, Sterling Bank Plc, Shina Atilola, said the lender is committed to adding value to the educational sector.

    He said although government is doing so much to develop the sector but it still has more to do, and that is why the private sector must come in and invest in the education sector.

    He said that government must increase funding to the education sector and ensure that  public schools are better equipped to compete fairly with the private institutions.

    “Most importantly, there is a need for urgent intervention in the education sector by private sector companies because government cannot do it alone. This is why we have decided as a bank to focus on the sector.  Sterling Bank’s intervention in the sector will help to ameliorate some of  the challenges the sector faces. Over the years, youth unemployment has remained one of the daunting challenges in Nigeria, as recent statistics show that over 25 million youths in the country are unemployed,” he said.

    Atilola said that Nigeria will require an investment of about  $1 billion yearly for about 55 to 56 years to transform the education sector. “Our intervention in this sector will hopefully contribute to resolving the problem of unemployment. It will help Nigerians create their own businesses,” he said.

  • Sterling Bank’s promo produces winners

    Sterling Bank’s promo produces winners

    Sterling Bank has rewarded another set of six lucky winners with the bank’s Arsenal accounts in the on-going Gunners Promo organised by the lender to reward loyalty and encourage savings culture among Nigerians.

    At the third draw was held at the bank’s Corporate Head Office in Lagos at the weekend, the lucky six lucky winners will have the privilege of an all-expense paid trip to watch the home match involving Arsenal Football Club and Liverpool on April 4.

    This brings to 18, the number of lucky winners that have emerged in the three draws held. The next two draws holding in March and April will produce another set of 12 winners bringing the total number of winners to 30.

    The six lucky winners are Abubakar Hallihru, Obi Nwaogwugwu, Lawal Kazeem, and Momodu Francis Aleogho. Others are Bala Belief and Muritala Agbolahan.

    An excited Nwaogwugwu who was called during the draws expressed his gratitude to the Bank for fulfilling its promise to reward owners of Arsenal Accounts. Although he was initially sceptical, he explained that “what is happening to me can only be a dream and l hope to wake up in the Emirates Stadium”. Same for Messrs. Kazeem, Agbolahan and Momodu.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, said the lender  came up with the promo to reward customers for their loyalty, and encourage other football lovers to share the one-customer experience.

  • Sterling Bank completes N19b special placement

    Sterling Bank completes N19b special placement

    Sterling Bank Plc has increased its equity funds by some N19 billion as the bank has rounded off the process for a multi-billion Naira special placement.

    Regulatory filing indicated that Sterling Bank successfully issued about 7.2 billion ordinary shares of 50 kobo each to a new strategic investor. The Nigerian Stock Exchange (NSE) has admitted the new shares to the outstanding shares in the name of Sterling Bank, rounding off the issuance process.

    With the new listing, total issued shares of Sterling Bank opened yesterday at 28.79 billion ordinary shares of 50 kobo each with market value of N67.08 billion.

    Shareholders of the bank had in November 2014 approved a resolution empowering the board of the bank to undertake the special placement as part of a N50 billion new round of capital raising. Shareholders approved a resolution authorizing the board of directors of the bank to issue about 7.472 billion ordinary shares of 50 kobo each at N2.65 per share to Messrs. Silverlake Investments Limited or such other identified strategic investor.

    In another resolution, the board of the bank was empowered to raise additional capital up to $200 million or its equivalent in Naira. The fund could be raised through any or a combination equity, global depository receipts, quasi equity, convertible loans, medium term notes, bonds and any other debt instrument.

    Besides, the bank plans to explore public offering, rights issue, private placement either as a standalone transaction or by way of a programme, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, at such dates and time subject to such terms and conditions, including through a book building process or other processes as the directors may deem fit and subject to the approval of the regulatory authorities.

    The new capital is expected to strengthen the bank’s performance, which has successively improved over the periods. Interim report and accounts of the bank for the third quarter ended September 30, 2014 showed that while gross earnings grew by 12.1 per cent, net interest income rose by 32.8 per cent. This further bloomed into 41.3 per cent and 39.2 per cent in pre and post tax profits respectively.

    Gross earnings closed September 2014 at N73.01 billion as against N65.12 billion recorded in comparable period of 2013. Net interest income rose from N24.22 billion in third quarter 2013 to N32.1 billion in third quarter 2014. Profit before tax jumped to N8.50 billion in 2014 as against N6.02 billion in 2013. After taxes, net profit rose from N5.07 billion to N7.06 billion.

    The bank’s pre-tax profit margin rose from 9.24 per cent in third quarter 2013 to 11.6 per cent in September 2014, underlying the improving profitability of the bank.

    Managing director, Sterling Bank Plc, Mr Yemi Adeola said the performance of the bank was driven by increasing brand acceptability as shown in its growing revenues and reduction in impairment charges.

    He noted that the 41 per cent growth in profit before tax despite pressures on earnings arising from monetary policy changes was driven by improvements in revenues and a 30 per cent reduction in impairment charges.

    According to him, interest income increased by 15 per cent, while interest expense declined by three per cent resulting in a 32 per cent growth in net interest income. The bank recorded a 20 per cent growth in total assets to N847 billion and a 19 per cent growth in deposits to N679 billion with a 100 basis points reduction in cost of funds to 4.9 per cent.

  • Sterling Bank expands to Shagamu

    Sterling Bank expands to Shagamu

    Sterling Bank has opened a branch in Shagamu, Ogun State. The expansion, the lender said in a statement, is in line with its focus on the retail end of the market and quest to deliver quality banking services to customers.

    The new branch is located on Akarigbo Road, the main commercial nerve centre in the city. The Bank has also embarked on the remodeling of about 40 of its branches nationwide to reflect its retail positioning.

    The new branch was declared open by Oba Micheal Adeniyi Sonariwo (Akarigbo of Remo Land Sagamu) who was supported by Oba  Gisanrin Lasisi Moibi (Oba Odofin Sonyindo Sagamu) and Oba Mufutau Sanni (Oba Aminisan Sagamu)

    The lender had towards the end of last year, opened new branches in Festac Town, Owode Onirin, a retail market that deals with motor spare parts along Ikorodu Road, Itire, and Awoyaya all in Lagos. Others are the NNPC Depot in Mosimi in Ogun State, Eziukwu in Abia, Birin-Kebbi in Kebbi, Rumuola and Onne in Port Harcourt and Bank Road in Ekiti.

    The new branch is an addition to the Bank’s expanding branch programme  just as more locations will be added in the coming months to enable it achieve its 200 mark before the end of the 2015 financial year. The Bank’s total branch network currently stands at 176.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, said the opening of Shagamu branch is part of the on-going branch expansion strategy to expand the bank’s operations and branch network across the country to enable it deploy its services to all parts of the country and leverage on this to successfully increase its share of the retail end of the market.

  • Court dismisses Dana Group’s bid to stop assets’ take over

    The Federal High Court in Lagos on Tuesday dismissed an application by Dana Group of Companies Plc seeking to restrain Sterling Bank Plc from enforcing court orders on the management of the company’s assets.

    The bank had appointed Mr. Kunle Ogunba (SAN) as receiver/manager over Dana Group following the company’s alleged inability to pay its debt to it.

    But Dana had sought an order of injunction restraining the bank from enforcing or executing any of the interlocutory orders made by Justice James Tsoho on November 11, last year, pending the determination of its appeal.

    It also sought to restrain the police and other security agencies from enforcing the orders, as well as an order staying their execution.

    Dana Group said if the Sterling is allowed to execute the orders, “the over 5,000 staff of the defendant/applicant will be out of job, the business of the defendant/applicant will be irredeemably damaged and the defendant/applicant will become extinct.”

    Justice Tsoho had made interlocutory orders which allowed the receiver/manager to carry out his duties of managing Dana Group’s assets unhindered.

    Sterling Bank, through Ogunba, argued that Dana Group’s notice of appeal does not raise any substantial issue of law deserving the court’s exercise of discretion.

    “In line with the orders of this honourable court, the plaintiff executed the said order in company of some policemen so as to enable the receiver/manager carry out his duties unhindered and/or unimpeded in accordance with the interlocutory orders of this Honourable Court,” Sterling said.

    The bank said despite executing the receivership orders, the defendant through its representatives carted away over 100 cars which are part of the assets under the control of the receiver/manager.

    Besides, Sterling Bank said Dana Group has allegedly turned down its overtures for a meeting with its receiver/manager over the company’s management.

    It, therefore, urged the court to dismiss the application.

    Ruling, Justice Tsoho held that Dana Group’s application is without merit. “The application is unfounded and is hereby refused,” he said.

    He said what Dana was asking him to do, in effect, was to reverse an already completed action.

  • Sterling Bank backs Social Media Award

    Sterling Bank backs Social Media Award

    Sterling Bank has reiterated its commitment to support social media projects. The bank, which sponsored Social Media Awards Africa holding in Lagos on Saturday, said the Chairman of the Award Advisory Board and founder, Social Media Week Toby Daniels has arrived in Lagos for the ceremony. Others include Fred Swaniker, Founder, African Leadership Academy and Eric Chinje, Chief Executive Officer, African Media Initiative (AMI).

    Other eminent members of the Jury & Advisory Board expected to come in on or before Friday are: Ken Banks, Founder, kiwanja.net; Hetal Shah, Director of Operations, Mara Group of Companies; Francis Ebuehi, Vice President VAS, Airtel Nigeria; Dr.Kasirim Nwuke; Louis Onyango Otieno, Director, Legal & Corporate Affairs, Microsoft Africa and the 45 prospective winners.

    The event which is a premier continental initiative seeks to recognize and reward creativity, excellence and impact the usage of social media across Africa. The event will bring together social media influencers, experts, enthusiasts and policy makers to explore and forge new developmental paths for social media in Africa.

    SMAA was unveiled at a closed event last September to a cross section of media professionals and social media influencers in Lagos, Nigeria. Nomination into the four categories opened on October 1, 2014 at www.smaafrica.com until midnight October 27, 2014.

    The voting phase, which was part of the process led to the emergence of 45 Finalists. A total of 923 nominations were received during the nomination period as follows: Personality Based (468), Platform Specific (266), Institutional (115) and Indigenous (74).

  • Protect your cards against fraudsters, Sterling Bank urges

    Protect your cards against fraudsters, Sterling Bank urges

    Sterling Bank Plc has advised organisations and Nigerians to protect information about their financial transactions, particularly their cards to avoid falling prey to fraudsters.

    This advice came against the backdrop of increasing Automated Teller Machines (ATMs) related frauds within and outside the shores of the country leading to financial losses on the part of banks’ customers.

    The bank’s Group Head, Strategy & Communications, Shina Atilola,  said the bank expressed regret that fraudsters had taken advantage of the cash-less policy introduced by the Central Bank of Nigeria (CBN) to penetrate electronic payment systems globally.

    He explained that although the card payment system in the country was based on the “Chip and PIN” technology, which is adequately protected, some other countries have not fully adopted this technology.

    “What is use in some countries is the magnetic strip technology, which makes it easy for fraudsters to clone customers’ cards and fraudulently make use of their card information.  Also, some people do not exercise sufficient caution in the manner they handle their debit and credit cards as they either expose it to unauthorised persons or give it out to other people to make withdrawals or transact on their behalf,” he explained.

    The bank’s spokesman explained that when card information has been compromised, the card-holder becomes vulnerable to fraudulent activities.

    “In countries where the chip and PIN technology has not been fully adopted, such as the USA and China, card information such as the card number on the face of the card and the Card Verification Value (CVV) -the set of numbers at the back of the card – can be used to perpetrate fraud even without the customer’s PIN”.

    Therefore, it is not just about keeping the PIN secure, the card number and the CVV should also be protected.

     

    He advised customers to exercise additional caution when carrying out transactions in the above-named countries or with companies based in these countries. He implored customers to be careful as it may be difficult for any bank to assume responsibility for frauds of this nature,” he said.

  • Sterling Bank’s customers pledge continued loyalty

    Sterling Bank’s customers pledge continued loyalty

    Customers of Sterling Bank Plc have assured the lender of their continued patronage  in 2015 based on satisfied and rich-customer experience in 2014.

    Some of the customers who spoke in Lagos and other parts of the country, hinged their position on the provision of quality banking and financial advisory roles they got from the lender in 2014.

    They praised the reward system instituted through activities such as the Automated Teller Machines activations, Retail Mobile Clinic, and Children Shopping Dash programme, its contributions to financial literacy programme of the Central Bank of Nigeria as well as its Corporate Social Responsibility initiatives especially in the area of health and the environment. All these will continue to serve as the right motivation to sustain our relationship with the bank this year.

    Chief Executive of Ofelpaco Nigeria Limited, Dr. Felix Obiagbo, described the bank as a reliable financial institution committed to the growth of the businesses of its customers in particular and the economy in general.

    “We are into fast food business. We have UAC Franchise and we run four outlets in Port Harcourt. With the support of Sterling Bank, the company has continued to grow. For instance, we started with just one outlet 10  years ago and we now have four as we speak. Sterling Bank has remained our pillar of support in this business through the provision of credit facilities, which helped to grow our business. Its business combination with other financial institutions has strengthened its capacity to meet the demands of its customers,” he said.

    The General Manager of Zerock Group, Jean Matter,  and Mr. Sunday Oduyale,  the Chairman and Chief Executive of Esbee Limited, said that their business relationship with Sterling Bank had been a major catalyst to the continued growth of their organisations.

    Matter said his firm has continued to enjoy excellent relationship with Sterling Bank since it began operations in the country. “The bank is very responsive in terms financial support while we have also ensured that we play according to the rules of the business to enable us continue to enjoy the support of the bank”, he said.

    The bank’s Group Head, Strategy & Communications Mr. Shina Atilola assured that the year 2015 will see the bank consolidating on the gains of 2014 to the advantage of its customers who have continued to enjoy unparalleled and qualitative banking experience from the bank over the years. Other stakeholders including the shareholders will not be left out, he assured.

  • Sterling Bank registers complaint website for consumers

    As part of its commitment to excellent customer service, Sterling Bank Plc has registered as a “Responsive Company” on Reportam.com.ng, a free-to-use, independent portal where Nigerian consumers can post reports about good and bad customer service experiences.

    As a Responsive Company on Reportam.com.ng, Sterling Bank has the opportunity to get automatic alerts about complaints or compliments, view customer details, respond to reports and reach out to customers, among other benefits.

    Speaking with the Reportam Team, the Customer Experience Manager of Sterling Bank, Ms. Oluwabusola Awosile, said: “We are happy to register Sterling Bank Plc as a responsive company on reportam.com.ng.

    “Delivering excellent service experience is at the forefront of what we do and we appreciate any platform that allows us to do this well.”

    Head of Communications for Reportam.com.ng, Mrs Ireto Oladapo commended Sterling Bank for its true commitment to resolving its customers’ issues by registering on our platform.”

    “We hope other companies in Nigeria will emulate Sterling Bank and see the value this platform provides and register as responsive Companies,” Oladapo said.

    Reportam.com.ng, which was created by a group of young Nigerian professionals, is an online customer service feedback and complaint portal, which recently launched in Nigeria.

  • Sterling Bank targets 700 ATMs by year-end

    Sterling Bank targets 700 ATMs by year-end

    Sterling Bank is planning to increase its Auto-mated Teller Machines (ATMs) from 585 units to 700 by year-end.

    In a statement, the bank said it is taking the decision to ensure ease of transaction by customers in the coming year, and also cushion the effect of the perceived reintroduction of the ATM charge of N65 on Remote-on-Us Automated Teller Machine (ATM) transactions on its customers.

    Besides, the bank said that it would start the 2015 financial year with 5,000 Point of Sales (POS) terminals.

    The bank said it is increasing the ATMs galleries in response to its customers requests nationwide.  It said the ATMs will be located in strategic places, while a robust infrastructure to support the expansion has also been put in place.

    Remote-on-Us transaction occurs when a cardholder goes to the ATM of a bank other than his or her own bank to make a withdrawal. The cardholder will be charged N65 after making three withdrawals from such ATMs within a given month. The bank where his or her account is domiciled will be responsible for the payment of the charge of N65 for the first three withdrawals from another bank’s ATM.

    The Group Head, Strategy & Communications, Shina Atilola, said that Sterling Bank has commenced aggressive roll out of ATMs nationwide.

    “We have almost doubled our ATM count between December last year and September 2014. We started the year with 300 ATMs, but aimed to close the year with about 700. This would involve additional deployments at existing locations, partner locations and ATM galleries.”

    He noted that beyond cash withdrawals, customers could confirm their account balances, do transfers (inter and intra bank), pay bills such as electricity and DSTV and buy airtime at the Bank’s ATMs.

    “As a financial institution poised to enrich lives, Sterling Bank will continue to maintain high quality ATM services by supporting the inter-operability of the payment system in the country. We will continue to deploy more ATMs to promote the cashless policy of the CBN and ensure that our customers are provided with enough platforms to transact their financial transactions,” he stressed.