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Tag: Sterling Bank

  • Sterling Bank named sponsor of Ake Festival 2018

    Sterling Bank Plc, has thrown its weight behind the sixth edition of the Ake Arts & Books Festival scheduled to hold from October 25 to 28, 2018 at the highbrow Radisson Blu Hotel, Ikeja, Lagos.

    The annual literary, cultural and arts event which had previously held in Abeokuta, Ogun State for the past five editions will feature stimulating panel discussions, book chats, art exhibitions, interviews, school visits, film & documentary screenings, a stage play, a musical concert and a night of poetry performance. Book-lovers and visitors will also have access to a range of affordable books at the Ake Festival Bookstore.

    Commenting on the partnership, Mr. Dapo Martins, Chief Marketing Officer of Sterling Bank, said the Ake Arts & Books Festival is a 4-day event that will showcase the best of contemporary African literature, poetry, music, art, film and theatre.

    “Our decision to support this year’s edition of Ake Festival is borne from our commitment to develop, promote and celebrate creativity on the African continent at Sterling Bank. This is also in line with Ake Festival’s goal to promote and celebrate creativity across different genres in Africa,” Mr. Martins informs.

    The theme for this year’s edition is Fantastical Futures and will feature conversations focused largely on a re-imagined African future and existing challenges along the following lines: Governance, Gender and Sexuality, Literacy and Education, Health and Wellbeing, among others.

    The event will also feature trail blazers in the arts space including literary icons; Nuruddin Farah, Nnedi Okorafor, David Olusoga, Chris Abani, EC Osondu, Sefi Atta, Tomi Adeyemi and Inua Ellams, among others.

    The Ake Arts and Book Festival was founded in 2013 by best-selling author, Lola Shoneyin. According to her, she wanted a place where intellectuals and thinkers can come together and talk about African issues on African soil. Although it has featured new and established writers from across the world, Ake Festival has promoted African arts and literature in addition to reverberating performances from indigenous talent.

    Sterling Bank is a keen promoter of literary works because of its conviction that a safe society is imperative for corporate institutions to operate successfully. It is against this background that it recently hosted Nigeria’s only Nobel Laureate and literary giant at its first leadership series titled, “The Corporate-cultural intersection with Wole Soyinka” which coincided with his 85th birthday anniversary.

  • ‘Sterling Bank has supported my business growth’

    Managing Director of Suntaal Oil and Gas Limited, Otunba Sunday Tawose, has commended Sterling Bank Plc for its continuing support for the growth of Nigerian businesses.

    Speaking against the background of events to mark customer service week, Tawose, who has been a customer of Sterling Bank for more than 14 years, said he had leveraged on the bank to build and sustain the growth of his business.

    “I have been a consistent customer of the bank due to the support I have received over the years to grow my businesses, and because of this I have continued to recommend it to my family members and friends as one of the best banks to bank with,” Tawose said.

    According to him, he started out as a transporter, moving oil products from Conoil depots in Rivers State to various parts of the state and with support from the bank and the entrepreneurial background, he decided to expand his business horizon.

    “My businesses are doing very well. I have a filling station and an event centre in Port Harcourt in Rivers State. I have been banking with Sterling Bank Plc since 2004 from Equitorial Trust Bank (ETB), one of the banks that merged with NAL Merchant Bank Plc and others to become Sterling Bank,” Tawose said.

    Sterling Bank recently celebrated the annual Customer Service Week to showcase its commitment to customer satisfaction and reward customers and other stakeholders that continue to live up to the brand focus of one-customer bank.

    Over the years, the range of organizations participating in the Customer Service Week has grown to include leading financial, healthcare, insurance, manufacturing, retailing, hospitality, communications, not-for-profit, and educational organizations, as well as government agencies, among others.

    Participating in the week-long event provides an opportunity for organizations to boost morale, motivation and teamwork; reward frontline reps for the important work they do all year long as well as raise companywide awareness of the importance of customer service.

  • Sterling Bank, African Ventures Programme partner

    Sterling Bank Plc has announced plans to partner with 500 indigenously promoted African enterprises in a bid to make 50 of them globally competitive in the next five years.

    Group Head, Strategy and Innovation, Sterling Bank, ShinaAtilola who disclosed this while addressing participants at the African Ventures Programme hosted by the bank in Lagos recently, explained that the Africa Venture Programme is an annual pan-African leadership event that brings together exceptional emerging leaders from government, businesses and non-profits across Africa.

    Atilola added that the programme enables the transfer of knowledge, know-how and inspiration across generations and attracts some of the most inspiring leaders in the world today as participants. “It creates a new generation of African leaders who have the cultural intelligence to work fluidly and flexibly across the continent, who have the analytical and creative skills to use diversity to spark innovation, and who have extraordinarily broad African networks,” he said.

    Atilola stressed that Africa needs leadership in every sector of the economy and not only in government, adding that, “We need leaders that can see wider and deeper than others can see. We need leaders that are willing to take the risk. We need leaders that are willing to leave their comfort zones. “Leadership is about service, not an entitlement. Leadership is about what you are willing to give and not what you are expecting to receive. Leadership is about denying yourself just because you want to achieve a greater purpose. It is not about solving your problems, but it is about solving other people’s problems.”

     

     

    The group head noted that a leader must combine his concern for the greater good with an excellent in-depth understanding of how to run a business or how to create and deploy new technology. He reiterated that Africa needs leaders who can think broadly and who excel in teamwork and communication. “It is not about you (leader) but about us,” he said

     

  • Sterling Bank’s commitment to environment applauded

    Sterling Bank Plc has received commendation from Governor Nyesom Wike of Rivers State for its commitment to the promotion of sustainable environment practices in the state. The governor also urged other banks and corporate organisations doing business in Rivers State to emulate Sterling bank.

    Governor Wike, who made the appeal yesterday at the unveiling of the giant size public artwork, Soiled Soil, at Station Road Roundabout in the Town Area of Port Harcourt, said the artwork is Sterling Bank’s contribution to the restoration of Port Harcourt to its “Garden City” status.

    The artwork created with used tin tomatoes cover, disposable nylon and used sack bags. It was one of the four winning entries from the RecyclArt Competition initiated by Sterling Bank to inspire a new generation of Nigerian artists and art genre. A part of the Sterling Environmental Makeover (STEM) programme, the initiative plays a significant part in the fulfillment of the bank’s brand purpose of enriching lives.

    The governor, who was represented by Prof. Roseline Koinya, Commissioner for Environment, said the artwork installed in a beautified roundabout constructed by Sterling Bank, has showed that waste can be put into meaningful use.

    He said, “Port Harcourt used to be the Garden City in Nigeria. We commend Sterling Bank for its role in the restoration of that status. This project will help illuminate the surroundings.”

    The governor noted that using waste for art and beautification would help reduce flooding, adding that “Flooding is caused by the activities of human beings. We all have a role to play. Banks and other organizations also have a role to play. Other banks and organizations should emulate Sterling Bank.”

    Also speaking at the event, Mr. Emmanuel Emefienem, an Executive Director at Sterling Bank, explained that the bank is committed to promoting good sanitation, hygiene and environmental sustainability across Nigeria through the STEM programme.

    Emefienem said the RecyclArt competition was introduced to empower young artists and, at the same time, promote recycling of waste materials in the interest of the environment.

    According to him, “The response to the initiative has been remarkable. Young people from across Nigeria submitted 630 entries in the maiden edition held last year. At the end of a rigorous screening exercise, our esteemed panel of judges shortlisted 16 entries. “The shortlisted entries were deemed to have fulfilled the requirement of transforming old, recycled and reused objects into amazing pieces of contemporary and relevant art for public spaces.

    “The 16 finalists were asked to create miniature versions of their proposed works, which were then submitted for exhibitions at the African Culture and Design Festival which had architects, designers and art connoisseurs from about 100 countries in attendance.”

    He said four winners emerged from the zones including Ifedilichukwu Chibuike, who won from the Abuja zone with an entry under the title of Devolution of Power; Samson Ogundeji from Ogun Zone with an entry titled Egungun; Udeh Charles from Rivers Zone with an entry titled Soiled Soil and Dudu Emmanuel from Lagos Zone with an entry titled Undressed Identity. He added that the four finalists were presented with cheques of N1 million each.

    The executive director said: “Today, we are fulfilling our promise that each of the winners will have a solo installation/exhibition in one community park or space within their geopolitical zone, courtesy of Sterling Bank and in partnership with the state government.”

     

  • Sterling Bank inaugurates new branch

    Sterling Bank Plc has opened a new branch in Igbogbo Local Council Development Area (LCDA) of Ikorodu. The unit has brought relief to business people, farmers and residents in the community, who hitherto had to travel several kilometres to access banking services.

    Speaking at the inauguration, Igbogbo-Bayeiku LCDA Chairman, Comrade Olusesan Daini, commended the bank for building a branch in the area. He assured the bank that it would have more reasons to invest in the community in the near future given the rapid development taking place in the region, adding that this is more so because the people are widely known to be very productive and commercially oriented.

    “Igbogbo is the fastest growing community in Ikorodu so there’s no doubt about the level of patronage Sterling Bank will enjoy. As you have paved the way for commercial banking in the community, we are certain your competitors will follow suit to open their branches. My advice is to ensure your ATMs are promptly serviced at all times to lay a good foundation for your business dealings with members of the community,” Comrade Daini said.

    Also speaking, His Royal Majesty, Oba Semiudeen Orimadegun Kasali, the Adegboruwa of Igbogbo Kingdom, applauded Sterling Bank for opening a branch in his community.

  • Sterling Bank announces work-free day for staff

    Sterling Bank Plc, is cementing its reputation as a Great Place To Work with its recent work-free day announcement for all employees across the country. This is in line with the bank’s Active Citizens Programme (ACP) encouraging employees to register and collect their Permanent Voters’ Cards.

    Beyond promoting voting rights, the bank’s Active Citizens Programme also motivates employees to be productive, responsible, caring and be contributing members of their communities in alignment with its purpose of Enriching Lives.

    Its Chief Executive Officer, Abubakar Suleiman, said the bank is passionate about promoting active citizenship among employees as a business of wholly Nigerian origin which makes it important to place national interests above individual preferences.

    “We believe that when more citizens are active and perform their duties to the nation, the country becomes a better place for all. These duties include abiding by the law, tax remittance and more importantly participating in the electoral process to strengthen our democracy.

  • Ex-minister Akinjide returned N650m election fund – EFCC

    The Economic and Financial Crimes Commission (EFCC) on Monday told the Federal High Court in Lagos that former Minister of the Federal Capital Territory, Jumoke Akinjide, returned N650million she allegedly received ahead of the 2015 election.

    She was arraigned along with a Peoples Democratic Party (PDP) leader in Oyo State Chief Olarenwaju Otiti, a former Senator representing Oyo Central Senatorial District Ayo Adeseun and a former Minister of Petroleum Resources Mrs Diezani Alison-Madueke, who is said to be at large.

    The EFCC accused them of conspiring to directly take possession of N650million, which they reasonably ought to have known was part of proceeds of an unlawful act, and without going through a financial institution.

    An EFCC investigator Usman Zakari, while testifying in a trial within trial to determine the truthfulness of the defendants’ statements, said his team received N10 million bank draft from Akinjide’s husband, Aliyu Pategi, out of the N650 million traced to her and others.

    Read Also: EFCC arraigns siblings for N50m fraud

    He said another team headed by Shuaibu Shehu received N640million from Akinjide in a related case.

    While being cross-examined by Akinjide’s lawyer, Chief Bolaji Ayorinde (SAN), the witness said the N10 million deposit payment was not the condition upon which Akinjide was released.

    He said: “On August 9, 2016, the first defendant (Akinjide) and her husband, Hon. Aliyu Pategi, were present throughout. I did not ask Pategi to make payment to ensure the release of the first defendant.”

    Zakari said Pategi stood surety for Akinjide when she was granted administrative bail.

    “On August 10, 2016, he volunteered a Sterling Bank draft of N10 million on behalf of his wife as part payment of the N650 million that was traced to her and her co-accused.

    “The N10 million was paid by the first defendant’s husband on her behalf and the remaining N640 million has not been paid,” Zakari said.

    When reminded by Ayorinde that the balance has been paid, Zakari said: “I am aware that the sum of N640 million was received from the first defendant in Stanbic IBTC Bank draft in another case investigated by a team tagged, HOPST, which was headed by one Shuaibu Shehu.”

    Justice Muslim Hassan adjourned until October 18.

  • Sterling Bank, Parthian Partners unveil T-bills App

    Sterling Bank Plc has partnered with Parthian Partners, a pan African inter-brokerage services firm to unveil I-invest.

    The I-invest, a mobile application allows users purchase Treasury Bills (T-Bills) directly from their smartphones.

    The I-invest enables both new and experienced investors match their investment maturities to their needs.

    The investment app levels the playing ground for new investors providing them with equal opportunities available to experienced and institutional investors to save money and improve their money market portfolios through Treasury Bills. It eliminates entry barriers such as lack of education and information to make smart investment decisions and the ability to get a broker and/or time required to visit banks to fill forms for treasury bills.

    Commenting on the app, CEO, Parthian Partners, Oluseye Olusoga, said, “I-invest extends the use of mobile technology beyond money transfers, utility bill payments and airtime purchases. It broadens the choice of money market products available to new and experienced retail investors in the Nigerian money market to include Treasury Bills. Potential investors require only a smartphone with a functional mobile phone line and data subscription to use I-invest.”

    Olusoga added that I-Invest will appeal to the typical Nigerian who is looking to grow their savings through a diversified money market portfolio but has hitherto encountered numerous challenges while attempting to do so. Now they can invest in Treasury Bills irrespective of their location in Nigeria.

    Additionally, Chief Marketing Officer, Sterling Bank Plc, Ibidapo Martins said, “I-invest is a secure and convenient mobile app that deflates the elitist and upmarket status associated with investing in treasury bills. A first-time investor can download the app from the android app store, follow the step by step instructions to register and start investing within five minutes.”

  • Sterling Bank mulls holding company structure

    •Shareholders laud performance

    Sterling Bank Plc is considering changing from its current operating structure to a holding company structure, which will group the commercial bank and its other subsidiaries under a parent company.

    Addressing shareholders yesterday at the annual general meeting in Lagos, Chairman, Sterling Bank Plc, Mr. Asue Ighodalo, said the bank is considering a change to a holding company structure.

    According to him, the board of the bank decided to retain most of its net earnings for the previous business year because of additional capital required to finance the bank’s growth ambition and its proposed holding company structure.

    Under the banking regulatory regime introduced by the Central Bank of Nigeria (CBN) in 2010, banks were required to concentrate fully on core banking functions. The model required banks to either sell all non-core banking businesses or form a holding company to hold such non-core banking businesses including activities such as insurance, asset management and capital market operations. Most banks opted to sell or divest from non-core commercial banking businesses.

    Three banks currently operate under holding company structure including First City Monument Bank (FCMB) Plc, First Bank of Nigeria (FBN) Plc and Stanbic IBTC Bank Plc. Ecobank Transnational Incorporated-a pan-African holding company, is the parent company for Ecobank brand.

    Ighodalo assured shareholders of the bank’s commitment to delivering tailor-made solutions in line with the Global Sustainable Development Goals (SGDs) and Central Bank of Nigeria’s Sustainable Banking Principle.

    “As a business, we will continue to innovate with focus on key growth sectors of the Nigerian economy that will enrich lives and grow the bottom-line. We will also continue to leverage on our areas of strength to drive sustainable growth and deliver superior returns to our esteemed shareholders,” Ighodalo said.

    According to him, the bank remains committed to delivering solutions that satisfy stakeholders’ needs and objectives while also providing adequate financial returns to shareholders.

    He pointed out that retaining a substantial amount of profit generated to strengthen available capital will be in the long-term best interest of shareholders.

    Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, said the bank’s 2017 financial year performance highlighted its underlying institutional strength despite delicate operating conditions.

    “We will continue to execute the plans to drive efficiency across the business under the three pillars of agility, digitization and specialization in the new financial year. These pillars will propel us toward sustainable growth by enhancing our ability to innovate; solidify our retail funding base; strengthen our enterprise-wide risk management framework and drive excellent service delivery across all channels to enhance customer experience,” Suleiman said.

     

     

  • Sterling Bank outlines long-term strategic growth plan

    Sterling Bank Plc yesterday outlined a long-term strategic plan that will drive the bank to a globally competitive financial institution that delivers good returns to investors and other stakeholders.

    Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman yesterday at the Nigerian Stock Exchange (NSE) laid out the underlying fundamentals of the bank to the investing public, with an assurance that the bank would continue to consolidate its growth.

    Sterling Bank had recorded considerable growths in key performance indices in 2017 and first quarter 2018. This appeared to have quickened investor’s appetite for the stock, with the bank’s share price recording year-to-date return of more than 52 per cent.

    Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that Sterling Bank reported a profit after tax of N8.5 billion in 2017 as against N5.2 billion in 2016, representing an increase of 65 per cent. Gross earnings increased by 19.8 per cent to N133.5 billion in 2017 compared with N111.4 billion in 2016. The bank sustained the upwardly performance with 65.2 per cent growth in profit in the first quarter ended March 31, 2018.

    Suleiman noted that the bank has continued to grow across key financial indices as it continues to implement its long-term strategy aimed at making the bank a globally competitive ûnancial services franchise by ûnancial and non-ûnancial measures.

    According to him, with the 2017-2021 mid-term strategy, the bank plans to grow market share of deposits to five per cent, diversify its retail funding base, record non-performing loans below its peer group average as well as Return on Average Equity (ROAE) above peer group average.

    He added that the bank is also looking to achieve diversiûed income streams with top quartile position in all its operating areas, double digit revenue growth on yearly basis and reduce cost of funds to less than five percent.

    He also reiterated the bank’s commitment to its primary role of financial intermediation through intervention in sectors that will create jobs, improve living standard and bring about economic growth for the country. Abubakar Suleiman identified the priority sectors as health, education, agriculture, renewable energy and transportation.

    He assured that the bank would continue to operate a fully sustainable business model with institutionalized processes that would outlive the stewardship of current owners and managers.

    Speaking on the bank’s strategic initiatives, Executive Director, Operations and Services, Sterling Bank Plc, Yemi Odubiyi said the bank would manage risk, balance sheet and capital to deliver superior returns to shareholders.

    He said the bank would create a learning organisation to optimise productivity as well as operations and technology to drive better control, manage costs, complexity and risk.

    He said all these would enable the bank to deliver excellent customer service and drive efficiency and sales through robust digital and payments capability.

    According to him, Sterling Bank intends to become a consumer banking franchise of choice for Nigerians through the provision of customer-centric and disruptive solutions such as Farepay, Specta, Switch, Snapcash, Social Lender, Saf Retail and i-invest, among other products that are changing the ways they access financial services.

    He noted that the bank of the future must understand the consumer of the future and address their needs, adding that the bank will adopt agile methodology and journey thinking to improve speed to market and the customer’s experience.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, noted that in over 50 years of operations, Sterling Bank has evolved from the nation’s preeminent investment banking institution to a fully-fledged commercial bank; and completed a merger with four other banks as part of the 2006 consolidation of the Nigerian banking industry to become a financial institution of choice.

    He commended the performance of the bank, assuring that the Exchange will continue to provide a platform to support listed companies to meet their strategic business objectives.

    In his closing remarks, Doyen of Stockbrokers, Sam Ndata also commended Sterling Bank for providing insights into facts behind the figures in its financial statements to stakeholders in capital market.

    “The CEO of Sterling Bank has spoken to the numbers and we are hopeful that he will continue to provide the market with useful information. The solutions you have highlighted explain the increased customer growth recorded by bank. We are sure the bank will deliver value to all stakeholders going forward,” Ndata said.