Tag: Sterling Bank

  • Sterling Bank initiates education agenda

    Sterling Bank initiates education agenda

    Sterling Bank Plc has initiated the “One Sterling Education!” to mark this year’s Financial Literacy Week under the Global Money Week.

    In a statement, the bank said the yearly event would further consolidate its strategic focus on education and its commitment to youth empowerment, as stipulated in the Financial Literacy Policy of the Central Bank of Nigeria (CBN).

    The bank said it would adopt select schools and deploy trained staff under the Sterling Volunteers Programme (SVP) in educating the children specifically on financial literacy.

    The bank also said it sponsored this year’s edition of the “We are The Future of our Nation” (WATFON) programme, an initiative of Edumark Consult, with more than 3,500 final year pupils from various secondary schools attending it.

    The WATFON programme, billed to hold at the ‘Ten Degrees Events Centre in Oregun, Lagos on March 25, provides young Nigerians with the opportunity to meet and interact with accomplished professionals as well as national leaders, who have excelled in their chosen endeavours in the society.

    The bank’s Group Head, Strategy & Communication, Shina Atilola said the sponsorship of WATFON was based on the need to invest in “our collective future and enable society, particularly the children in accordance with the bank’s Corporate Social Responsibility focus or objectives”.

    According to him, the event provides an opportunity for children to meet accomplished Nigerians who will later become their role models.

  • Sterling Bank lauds firm on Google award

    Sterling Bank Plc has commended Audax Solutions, pioneers of the Audax Code School, for its selection alongside 41 other organisations spread across 19 countries, as recipients of the 2014 Google RISE Awards.

    Audax Code School is an initiative to teach Nigerian children programming skills for the web.

    In a statement, the bank said Google RISE awards is an annual global award to recognise excellence in computer science education particularly for children between the ages of seven and 18.

    Audax Solutions and Sterling Bank recently organised the Computer Science Education Week (CSEdWeek) Hour of Code and a free Boot Camp for kids and adults to spread awareness of the need for computer science education among the youth.

    Speaking on the award, Mr Emeka Onyenwe, the Business Manager of Audax Solutions stated that part of the cash grant from the award will be used to further expand the company’s weekend and holiday activities which involves children from under-served neighborhoods and public schools in Lagos State, a priority goal of the organisation. “We also plan to offer at least 30 full scholarships for our Easter and Summer Code School in 2014, including training on basic computer skills and the Internet”, he added.

  • Sterling Bank grows profit by 26% in Q3

    Sterling Bank grows profit by 26% in Q3

    Sterling Bank Plc grew its top-line by 31.4 per cent and pre-tax profit by 26.1 per cent in the third quarter, indicating continuous success of the bank’s growth and market penetration strategies.

    Interim report and accounts of Sterling Bank for third-quarter period ended September 30, 2013 showed that gross earnings rose to N65.1 billion in third quarter 2013 as against N49.6 billion in comparable period of 2012. Top-line analysis showed impressive growth in the core banking operations, which was underpinned by increased inflow as well as improved cost management. Net interest income grew by 43.3 per cent from N16.9 billion to N24.2 billion. Non-interest income also rose by 44.7 per cent from N10.9 billion to N15.7 billion. Profit before tax increased from N4.8 billion to N6.0 billion. After taxes, net profit increased from N4.49 billion to N5.07 billion.

    The report underscored the growing brand franchise and stability of the bank as customer deposits rose by 28.6 per cent while total assets increased by 23.6 per cent. With total assets at N717.2 billion, shareholders’ funds also increased to N48.3 billion.

    The nine-month report placed the bank on a higher pedestal in an industry where increasing costs had shaved top-line and bottom-line performances of most banks.

    Further analysis showed that the balance sheet of the bank emerged stronger and larger with customer deposits rising from N466.8 billion to N600.5 billion. Net loans and advances grew 36.4 per cent to N312.9 billion in September 2013 as against N229.4 billion recorded at the beginning of the year.

    In spite of the aggressive growth in loans portfolio, the proportion of non-performing loans to gross loans and advances dropped further to 2.0 per cent by September 2013 compared with 3.8 per cent recorded at the beginning of the year.

    Managing Director, Sterling Bank Plc, Mr. Yemi Adeola, said the third-quarter report underlined the steady and growing profile of the bank, in spite of operating challenges due to tighter monetary policy measures.

    He noted that growths in turnover and profit were in line with the bank’s targets and underscored the commitment of the management to fully optimize the intrinsic potential of the bank as well as emerging opportunities in the industry.

    “In the final quarter of the year, we will continue our rollout of conventional and alternative channels to bring our products and services nearer to our target markets and further diversify our income streams. Our capital plan remains on track and we expect to close 2013 with record customer numbers arising from gains made year-to-date in this respect,” Adeola said.

    He outlined ongoing efforts to further strengthen the capital base of the bank noting that it had successfully launched an equity issue through a N12.5 billion rights issue, which is currently awaiting final regulatory approval.

    He added that the bank is in the process of concluding a private placement of US$120 million to further strengthen its capital position.

  • Court awards N20m damage against Sterling Bank

    Justice Oludotun Adefowope Okojie of an Ikeja High Court, has ordered Sterling Bank to pay N20million as damages to Banex Industries Limited and Rev. Victor Mbansi for the illegal detention of 44,569,469 units of their Gulf Bank shares.

    The court also declared that the bank’s refusal to release the lien it placed on the claimants’shares was unlawful.

    Banex and Rev Mbansi sued the bank – asking for N100 million damages and a declaration that the bank’s refusal in releasing the lien it placed on the shares was illegal.

    The claimants also prayed for an order directing the bank to facilitate the release of the lien it placed on the shares.

    The claimants through their counsel, Emeka Eze-Okonkwo, argued that their shares had value at the time Gulf Bank was liquidated, adding that they suffered some grievous harm because of the withheld shares.

    The bank argued that the shares were valueless as the Federal High Court in suit number FHC/L/CP/30/06 between the Nigeria Deposit Insurance Corporation (NDIC) and Gulf Bank ordered that the bank’s shares be wound up and NDIC appointed as official liquidator.

    Justice Adefowope-Okogie, in her judgment, held that the shares were wrongfully detained by the bank, adding that the claimant had proved the tort of detinue.

    However, the bank has appealed the verdict at the Court of Appeal.

    Its ground of appeal was that the court erred and misdirected itself by holding that the shares had value. The N20million damages, the bank said, was excessive.

     

  • Bank auctions works for charity

    Bank auctions works for charity

    Sterling Bank Nigeria Plc last Sunday auctioned artworks by 43 young talented artists aged between five and 15 to raise funds for the less privileged in the society. The auction was held at the bank’s head office in Lagos. The auctioned works were selected from a painting competition organised earlier this year for the children of the bank’s staff, with the theme: Creating a beautiful world.

    According to the organisers, the money raised from the auction would be donated to a non-governmental organisation, Lots Charity Foundation that caters for physiological, social, educational, psychological, medical and emotional needs for vulnerable street children in Dustbin Estate in Ajeromi-Ifelodun, Ajegunle area of Lagos State.

    The bank’s Group Marketing Manager, Mr Segun Anako, said the essence of the auction was to give life and health and create a beautiful world for the less-privileged.

    The Regional Business Executive, Mr Tunde Adeola, said in some climes, the children’s artworks would easily have been hung up in a boardroom – forgotten and soon to be discarded, noting that what a disservice this would have been.

    “We didn’t want this to happen; hence we decided to transfer these paintings to fans and lovers of art who have the expertise to appreciate the talents express in these paintings. The seed of idea behind today’s exhibition and auction was sown. To give some flesh and human touch, we thought to give these stars of the future an early opportunity to make a difference by contributing to the larger society through the proceeds of their talent and skills”.

    Renowned artist and founder of Niger Delta Cultural Centre Prof. Bruce Onobrakpeya praised the efforts of Sterling Bank for putting up such a competition for children.

    “What they are doing is very good; in other countries, geniuses are identified when they are still young and what they have done is one of the ways of catching the genius young. Once you notice the young ones are putting energy into such development they must be encouraged. By the time they become grown up, they will become masters and people who can be trusted in the art”, he said.

    Onobrakpeya urged parents to encourage their wards to draw, to go out and see exhibitions, participate in art competition and enroll them in art workshops because, ‘some of us never had an opportunity like this’. He noted that it would inspire to them take art as a profession.

    The children whose paintings were auctioned included Oduwa Osheku, Eshu Osheku, Oyin Osgbola, Afolabi Lifting,, Inioluwa Adebayo, Seyi Adeniyi, Princess Okebugwu, Chizuruoke Amukan, Egwuenu Quincy, Tamisin Balogun, Cajawua Ikechukwu, Ester Aina, Imade Noel, Onyebuchi Francis, abdurahman Ibrahim and Afolabi Laughter.

    Others were Oyebuchi Florence, Johnson Rachel, Olalekan Adekambi, Adeite Oluwadamilila, Oluwafolahan Toki-Pillips, Oluwafolajimi Toki-Pillips, Azuru Whitney, Khairia Muhammed,Princess Nworah, David Edoho, Deborah Edoho, Smuel Edoho, Ibukunoluwa Fashogbon, Chidiebere Offiah,Chinonso Mark, Ugochi Nnachi, Olasubomi Olaleru, Kehinde Olatunji, Taiwo Olatunji, Chiamaka Onyemaechi, Unoma Aghadinumo, Sheu Arowowon, Samuel Agboola, Elizabeth Agboola, Olalade Alabi, Oladipupo Aino and Chimamanda Okechikwu-Melifonwu.

  • FirstRand’s expansion plans fail

    FirstRand’s expansion plans fail

    FirstRand said talks to buy Merchant Bank Ghana failed, setting back the efforts of South Africa’s second-largest financial services company to build a presence in West Africa.

    “Despite reasonable endeavours, the parties were unable to reach agreement on the commercial principles underlying the transaction,” Sam Moss, investor relations director of Johannesburg-based FirstRand, said in an e-mailed statement to Bloomberg adding: “The transaction cannot be completed and has lapsed.”

    The failure of the negotiations with the Ghanaian bank come after FirstRand ended talks to buy Nigeria’s Sterling Bank Plc in 2011 as the parties were unable to agree on terms.

    FirstRand offered to buy 75 per cent of Merchant Bank Ghana for about 750 million rand ($74.7 million) last year after Chief Executive Officer Sizwe Nxasana said in 2010 that the South African lender intended to enter Nigeria and Ghana.

    “Ghana remains a priority country for expansion and the group would continue to engage with SSNIT on its new process,” she said.

     

  • Sterling Bank rewards children of staff

    After a keenly contested maiden edition of the Sterling Bank staff children art competition, Princess Nworah, daughter of Mary Nworah of the bank’s University of Port Harcourt Teaching Hospital (UPTH) branch, carted home the first prize in the four to eight years category.

    In the nine to 12 years category, Kehinde Olatunji, daughter of Sweetie Olatunji of the bank’s Trade Services group clinched the first prize while Agboola Samuel, son of Comfort Agboola, also of the bank’s Trade Services group led the 13-17 years category.

    The competition is an initiative aimed at celebrating the creativity of the children of staff of the bank and providing an opportunity for expression of the latent talents of the future artists.

    The competition required the children of staff to express their creativity in painting with the theme, My Beautiful World. It was held in Lagos, Abuja, Port Harcourt, Onitsha and Kano.

    The judges which were drawn from the best in the creative industry included founder of Niger Delta Cultural Centre, Agbarha-Ottor, Prof. Bruce Onobrakpeya, Mr Segun Adejumo and Mrs Ifeoma Fafunwa. All entries were judged on simplicity, form and depth of expression of the theme.

    Chimamanda L. Melifonwu, David Edoho and Unoma Okoye Aghadinuno, all got the second prizes in the four to eight nine and 12, and 13-17 years’ categories while Sheu Aroworowon, Ibukun Fashogbon and Aina Oladipupo took home the third prizes per category.

    The judges noted that the banks competition was a worthy initiative. They added that it was commendable that a bank was recognising and celebrating the creativity of the children of their staff. “It is worthy of emulation as the bank is adding value to the families of their staff and leaving an indelible positive mark in the lives of the children”, Prof Bruce added.

    Speaking at the event, the Group Head, Strategy & Communications of Sterling Bank, Shina Atilola, noted that the Sterling children art competition was one of the many initiatives the bank was embarking upon to make it a great place to work.

    “We believe in promoting the ingenuity of the children of our staff and providing an enabling environment for staff to feel appreciated by the bank. It shows that Sterling Bank is thinking about the families of her staff and is willing to celebrate their children’s talents and help discover their talents for their future careers, he said”. He added that all the finalists were given consolation prizes in recognition of their talent and to further encourage them.

  • NSE picks Sterling Bank, others for market’s top index

    •Reviews seven indices

    The Nigerian Stock Exchange (NSE) is undertaking a review of stock market indices to reflect the capitalisation and liquidity of key determining stocks for the market and some key sectors.

    The biannual review includes two broad indices and five sectoral indices. The broad indices are the NSE 30 Index, which tracks the 30 most capitalised stocks on the NSE and the NSE 50 Index, an extended index that tracks 50 most capitalised stocks. The sectoral indices include the NSE Banking Index, the NSE Consumer Goods Index, the NSE Oil & Gas Index, NSE Industrial Index and the NSE Insurance Index.

    The revised indices will become effective on July 1, this year.

    Preliminary report by the NSE on the review of the indices indicated that Sterling Bank Plc, Oando Plc, CAP Plc, Presco Plc and Okomu Oil Palm Plc would be making debut on the NSE 30 Index, underlining the growing profile of the stocks. They will likely replace the five of Total Nigeria, Dangote Flour Mills, Mobil Oil Nigeria, Ashaka Cement and GlaxoSmithKline Consumer Nigeria.

    Besides, the report indicated that Sterling Bank would also make the NSE Banking Index, an influential index that tracks the largest sector of the market. Two other banks- Unity Bank and Wema Bank, are expected to also make the banking index. They will replace the trio of Skye Bank, Fidelity Bank and Diamond Bank.

    The NSE 50 Index will see entry of five stocks including Livestock Feeds, AIICO Insurance, Wapic Insurance, Eterna and Northern Nigeria Flour Mills in replacement of stocks such as Custodian and Allied Insurance, Nigerian Aviation Handling Company, Continental Reinsurance and Cement Company of Northern Nigeria.

    The stocks that make indices are usually picked from the most liquid sectors based on their market capitalisation. The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must be traded for at least 70 percent of the number of times the market opened for business.

    The NSE 30 Index, NSE 50 Index and NSE Industrial Index are modified market capitalisation index with the numbers of included stocks fixed at 30, 50 and 10 respectively. The numbers of included stocks in the NSE Consumer Goods Index, Banking Index, Insurance Index and Oil and Gas Index are 15, 10, 15 and seven.

    As such, the sectoral indices comprise the top 15n most capitalised and liquid companies in the insurance and consumer goods sectors, top 10 most capitalised and liquid companies in the banking and industrial goods sector and the top seven most capitalised and liquid companies in the oil and gas sector.

    The Index Committee of the NSE stated that the Exchange was not oblivious of the fact that the number of the stocks that will be included in some of the indices may be inappropriate for optimal portfolio diversification, assuring that the numbers would be reviewed as sector conditions change.

  • ‘Our partnership with Sterling Bank has been rewarding’

    LAWMA under your leadership has just marked eight years. How has the journey been so far?

    In the past eight years, we have succeeded in finding the pathway for improving the strategy in waste management. We came from minus zero and we have been able to re-align our progression line. What we have been doing in the last eight years has been developing a template that would take the organisation to the next horizon. We are doing something that would take the agency to the next century and make it one of the best in the world. We are trying to make it a force to reckon with in the area of waste management worldwide. The challenge ahead is to be a distinct brand when it comes to waste management worldwide.

    What are the achievements that you have recorded in the past eight years?

    We have recorded several achievements over the years. First is to restore what can be best described as dignity in labour by making people believe in what they are doing to earn a living. Secondly, we have been able to change the attitudes or perceptions of people toward jobs. A typical Nigerian worker, especially in the public sector, is known to be lazy and lackadaisical in his/her approach to work. We have succeeded in changing that at the LAWMA.

    Wherever you see LAWMA’s workers, you see them working with dignity, showing resilience and commitment to the assignments given to them. To me, that is one of the greatest achievements so far. We have been able to change the psyche and attitudes of people to work. Other achievements include making the city of Lagos cleaner and beautiful. We have been able to achieve that goal as evident by the cleaner environment Lagos is boasting of today.

    You once mentioned the issue of neighbourhood approach to waste management at the last interactive session you had with the media, can you give more insight into how it works?

    Apart from the government–led initiative to make the state look cleaner, brighter and conducive for living and business; we also have a concept called the three Cs, an acronym for Community Clean Up Campaign. Through this, we allow communities to evolve their roadmaps or needs on how to ensure a health friendly environment. We allow them to start clean up exercises and we meet them half way as part of efforts to make the environment hygienically fit for living. This is mainly applicable to poor communities where they seem to be helpless on the issue of waste control and management. In these communities, you will see a kind of resentment towards government’s programmes because they believe that they have been rejected one way or the other by the state government. But we are not looking at it from this perspective. Rather, we believe the problem is due to lack of communication, a fall-out of the top-down approach to solving issues. So, we are helping communities to drive the clean-up initiative, as well as allowing them to come up with their agenda while meeting them half way to achieve the objectives which LAWMA was set out for. LAWMA pays for most of the services, but what we are doing now is to allow them employ people among themselves for the clean-up agenda. An example is Makoko –Obalende. People were employed from Makoko to clean up their own streets. Besides, they have recycling centres where the refuse are recycled to achieve certain socio-economic objectives. So, they have a set of cleanliness agenda because they want their areas to be very clean. We established recycling centres in those communities for people to recycle bad products and give back to society.

    Beyond these, what other benefits have the initiatives brought to the affected communities and Lagos in particular?

    The initiatives have culminated in a drastic reduction of diseases in the affected areas, criminal activities, provision of employment opportunities, among others. We ensure that idle hands, especially youths were employed for the jobs. We ensure that churches, mosques, among other organisations contribute their own quota on the issue of making the state cleaner. The profit-making organisations such as banks in those communities are made to contribute their own quota as well. They pay half and we pay half to ensure that the job is done. The women sweep the road, while the young men police the areas to prevent unnecessary dumping of refuse. It has been a very effective strategy for us.

    What are the challenges facing the agency, especially in the area of changing the psyche of people towards ensuring a cleaner environment?

    Well, we do face challenges. The problems are still there, especially the ones relating to the habits of the people. We are changing them gradually. We are employing education and enforcement as tools to change the psyche of Lagosians to cleanliness. We educate, sensitise people and establish a lot of publicity outlets to make people aware of dangers of living in a dirty and unsafe environment. We have various strategies for our community hygiene programmes. When we see that residents are recalcitrant and unyielding, enforcement follows. This is used in changing or taming the habits of people towards hygiene.

    Government has a lot of financial commitments or projects, a development which means that LAWMA may not be getting enough funds as it should. Do you get support from the private sector to fund your projects?

    Well, we have partners locally and internationally. Like you rightly said, the government cannot fund everything. One of our major partners is Sterling Bank Plc. The partnership is very solid. The bank supports our clean up exercise programmes and also has its own initiatives in the area of environmental cleanliness. Twice now, the bank organised its members of staff to clean Obalende and Ikeja in Lagos. And I’m told that this did not only happen in Lagos but in the entire federation.

    When Sterling Bank embarked on the cleaning of Obalende for instance, their staff in other locations throughout the country did the same. That tells you how conscious Sterling Bank is in this area. And again, where you see a LAWMA worker on the street, you see them with Sterling Bank logo on their overall. If you are going to talk about a cleaner Lagos, you cannot but mention Sterling Bank as one of the prominent organisations that has been supporting us. Even in this community clean-up campaigns, most of the uniforms provided by Sterling Bank are being given to these communities. Everywhere, people now know the bank as a major supporter of a cleaner and safer environment. We have international organisations such as the Clinton Foundation, World Bank, DFIB, among others, supporting us. It has been a rewarding support. Apart from what we generate internally, we have these supports that have been making things visible for us

    Then, would you say that your partnership with Sterling Bank has been rewarding?

    Yes, in fact you just hit the nail on the head. Our partnership with Sterling Bank has been a success story, highly rewarding. Apart from the Lagos State government appreciating it, Nigerians too are appreciative of what the bank is doing in the area of environmental cleanliness. The bank gives us about 25,000 uniforms annually. This is not a joke. We provide a pair of uniforms for each cleaner. We have about 12,000 sweepers on the roads. The bank has taken it upon itself to give a pair of uniforms to each sweeper on the road. That would have cost us millions of naira. Indeed, this is laudable. To me, what Sterling Bank is doing is to preserve lives. When you look at primary healthcare, you will observe that the bank looks or sees life preservation as key to the growth of the society. The bank’s CSR is channelled towards supporting life; that is why it is supporting LAWMA’s initiative of making Lagos environmentally safe. The bank took a major risk by putting its name and logo on uniforms of a government organisation. We really appreciate that. Not many banks can take that risk. It is a bank that believes so much in us; they believe in our strategy, and they have taken all the risks to make sure that they support us. And we do not have any regrets.

    How can you describe the bank’s CSR, vis-à-vis its support for LAWMA?

    The bank’s CSR programme is not only laudable, but shows how a responsible organisation should relate with its community. If a bank is supporting the well-being of the citizens, that means that the bank wants people to be healthy to work. It is like taking it from the bottom angle, and walking up the stairs. I think the bank has done well in that regard. That is very okay. The whole world now looks up to the bank. Once you get to Lagos state, the moment you see a LAWMA staff, you see Sterling Bank.

    Can you list some of the achievements of Waste to Wealth programmes of Lagos?

    The waste to wealth programme is doing well. We have the biggest compose site in Africa. It is located in Ikorodu, Lagos. There, we convert the substantial quantity of market waste into fertiliser. Also, we have waste being converted to electricity. We have a buy-back programme where we buy nylons from people and turn it back into a product. We have tyres that are being turned into rub mats. By and large, we have close to 22 per cent of Lagos waste daily being converted into something useful. We are targeting 50 per cent in the next few years.

    What should we expect when your 10 in office?

    Africa would be proud of LAWMA; ditto Lagos as a centre of excellence.

     

  • Tax remittance: Bank chiefs snub Reps’ panel

    Tax remittance: Bank chiefs snub Reps’ panel

    Investigation into remittance of tax to the Federal Inland Revenue Service (FIRS) by the House of Representatives Committee on Finance got underway on Monday with no bank chief executive officer in attendance.

    The committee is probing banks’ tax returns between 2008 and 2012 as well as level of compliance with collected tax remittances to the Federal government within the same period.

    Though 12 of the 21 banks under investigation sent representatives, all the bank CEOs were asked to present themselves before the committee on Wednesday or risk being forced to face the panel.

    However nine bank CEOs were specifically warned against being forced to appear before the committee on Wednesday with warrant of arrest.

    The affected banks are Zenith Bank, Sterling Bank, Stanbic IBTC, Skye Bank, Heritage Bank, FCMB, Ecobank and Enterprise Bank.

    Furthermore, the committee stressed that it will not entertain official lower than the rank of Executive Director should the CEO fail to make the meeting.

    In his opening remarks, Chairman of the Committee, Abdulmumin Jibrin, warned that the investigation should not be viewed as attempt by the committee to overstep its boundary.

    “We are here today in line with the oversight mandate of the committee on the FIRS and tax matters. Our vision is to strengthen the FIRS and optimize the potentials of our tax system.

    “All over the world, banks are under tight scrutiny by the parliament because of their strategic role in the economy and of course tax matters and treated with utmost importance,” Jubrin said.