Sterling Bank (Nigeria) Explained

Sterling Bank Ltd.
Type:Limited Liability Company
Foundation:1960
Location City:Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Lagos State
Location Country:Nigeria
Industry:Banking
Operating Income:₦ 107.96 billion (FY 2022)
Assets:₦ 1.85 trillion (FY 2022)
Num Employees:>3,043 (FY 2022)
Parent:Sterling Financial Holdings Company Plc.
Divisions:140 Business Offices, 632 ATMs (FY 2022)
Homepage:https://sterling.ng/bank

Sterling Bank Ltd.[1] is a full-service national commercial bank licensed by the Central Bank of Nigeria. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively.[2] The Bank provides services to individuals, small businesses, and large corporations.

, the Bank's branch network numbered 140,[3] distributed throughout Nigeria with total assets valued in excess of NGN 1.85 trillion).

History

Sterling Bank originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The Bank was licensed as Nigeria's first merchant Bank in 1969. Consequent to the indigenisation decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatised and listed as a public company on the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the Federal Government sold its residual interest in the Bank, effectively making it a fully privatised institution.[4]

In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely, Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name 'Sterling Bank'.[5] The merged entities were successfully integrated and have operated as a consolidated group ever since.

In line with the Central Bank of Nigeria's repeal of universal banking, Sterling Bank now operates as a national commercial bank, disposing of holdings in subsidiaries and affiliate companies. In mid-2011, Sterling Bank acquired the franchise of the erstwhile Equatorial Trust Bank.[6] Under a special resolution on September 19, 2022, Sterling Bank Plc transitioned to Sterling Bank Ltd, emerging as a subsidiary of Sterling Financial Holdings Company Plc.[7]

Current executives

Abubakar Suleiman is the current Managing Director and Chief Executive Officer of Sterling Bank Ltd, assuming this position on 19 September 2022.[8] [9]

S/NName of executiveTitle/designation
1Olatunji MayakiChairman
2Abubakar SuleimanManaging Director and Chief Executive Officer
3Raheem OwodeyiExecutive Director[16]
4Tunde AdeolaExecutive Director[16]
5Michael JitubohNon-Executive Director
6Olaitan KajeroNon-Executive Director
7Tairat TijaniNon-Executive Director
8Folasade KilasoNon-Executive Director
9Manish SinghalNon-Executive Director
10Ashutosh KumarNon-Executive Director
11Michael AjukwuIndependent Director
12Olusola OworuIndependent Director

Operations

The Bank's operations and products are grouped into four clusters: Retail and Consumer Banking, Commercial Banking, Institutional Banking and Corporate Banking.

Sterling has launched several initiatives under the Retail & Consumer Banking such as Agent Banking (designed to attract the underbanked/unbanked),[10] Micro-credit for youths and Specta (an automated retail lending platform). Its Commercial Banking deals in several sectors including Agriculture[11] for which the bank has won several awards while its Institutional Banking offers value adding advisory & collection services for government parastatals. Sterling's Corporate Banking covers several sectors including Telecommunications, Power and Steel, Food and Beverages among others.[12]

The bank operates from:

Performance highlights

Sterling Bank delivered a set of results in 2022 as follows:[14]

The Bank carries out corporate social responsibility in these areas: education, the environment, health, empowerment, sports development, capacity building, among others.[17]

Awards

See also

External links

Notes and References

  1. Web site: Sterling Bank Lending Platform; Myspecta - fintechblogger.com. November 2022 .
  2. Web site: Bloomberg.com. Bloomberg.com. 2017-08-29.
  3. Web site: 25 February 2021. Sterling FY 2019 Investor Presentation. 25 February 2021. Sterling Bank.
  4. http://unpan1.un.org/intradoc/groups/public/documents/aapam/unpan028228.pdf
  5. Web site: About Sterling Sterling Bank Plc - The One-Customer Bank. sterlingbankng.com. 2016-04-22.
  6. Web site: Sterling Bank signs acquisition agreement with ETB - Vanguard News. Vanguard News. English. 2016-04-22.
  7. Web site: 21 April 2023 . Sterling Bank Annual Report . 21 April 2023 . www.sterling.ng.
  8. Web site: 2019-02-15 . Board Of Directors - Sterling Bank . 2023-09-23 . sterling.ng . en-US.
  9. Web site: Abu Suleiman, Sterling Bank PLC: Profile and Biography . 2023-09-23 . Bloomberg.com . en.
  10. Web site: Agent Banking Sterling Bank Plc - The One-Customer Bank. sterlingbankng.com. 2016-04-22.
  11. Web site: Commercial Agricultural Credit Scheme Sterling Bank Plc - The One-Customer Bank. sterlingbankng.com. 2016-04-22.
  12. Web site: Corporate Sectors Sterling Bank Plc - The One-Customer Bank. sterlingbankng.com. 2016-04-22.
  13. Web site: Sterling Towers · Marina Rd, Lagos Island 102273, Lagos, Nigeria . 2023-09-23 . Sterling Towers · Marina Rd, Lagos Island 102273, Lagos, Nigeria . en.
  14. Web site: 31 December 2019. STERLING BANK PLC RELEASES AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019.
  15. Web site: Ugwu . Chris . 2023-05-03 . Sterling Bank Plc reports Gross Earnings of N175.14 billion in 2022 . 2023-09-23 . Nairametrics . en-US.
  16. Web site: WOLE . 2023-05-03 . Sterling Bank Plc declares 15 kobo dividend to shareholders, grows PAT by 28.46% in FY 2022 . 2023-09-23 . StocksWatch . en-US.
  17. Web site: Corporate Social Responsibility Sterling Bank Plc - The One-Customer Bank. sterlingbankng.com. 2016-04-22.
  18. Web site: Popoola . Nike . 2019-12-05 . Sterling Bank gets PETAN's recognition . 2023-09-23 . Punch Newspapers . en-US.
  19. Web site: 2019-03-27 . Sterling Now Nigeria's Most Innovative Bank 2023 - Sterling Bank . 2023-09-23 . sterling.ng . en-US.
  20. Web site: Sterling Bank Emerges Overall Best Workplace in Nigeria - THISDAYLIVE . 2023-09-23 . www.thisdaylive.com . en.
  21. Web site: Work . Great Place To . Sterling Bank Plc's journey to creating, living and experiencing the future of work. . 2023-09-23 . Great Place to Work . en-gb.
  22. Web site: Making of a Great Place to Work: The Sterling Bank Example - Daily Trust . 2023-09-23 . dailytrust.com.
  23. Web site: Nigeria . Guardian . 2021-12-06 . Sterling Bank, Courteville, 15 others emerge best places to work in Nigeria . 2023-09-23 . The Guardian Nigeria News - Nigeria and World News . en-US.
  24. Web site: Best Workplaces in Nigeria 2022 . 2023-09-23 . Great Place To Work - English . en-gb.
  25. Web site: Nwokoji . Chima . 2023-05-01 . Sterling Bank retains top employer status for 2023 . 2023-09-23 . Tribune Online . en-GB.
  26. Web site: Online . Tribune . 2022-12-06 . Sterling clinches 5th straight Great Place To Work award . 2023-09-23 . Tribune Online . en-GB.
  27. Web site: admin . 2022-12-15 . Again, Sterling Bank bags Great Place to Work awards . 2023-09-23 . en-US.
  28. Web site: Top Companies 2022: The 25 best workplaces to grow your career in Nigeria . 2023-09-23 . www.linkedin.com . en.
  29. Web site: Salau . Seyi John . 2022-08-29 . Babymigo releases 2022 list of 30 best workplaces for mums in Nigeria . 2023-09-23 . Businessday NG . en-US.
  30. Web site: 2022-03-07 . Finalists & Winners - HR People Magazine Awards . 2023-09-23 . hrpmagazineawards.com . en-GB.

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