Banking
Prospect of Sterling Bank Paying Higher Dividend in Future Excites Shareholders
By Modupe Gbadeyanka
Shareholders of Sterling Bank Plc have expressed optimism about the financial institution paying higher dividend to them in the nearest future as a result of its present performance.
Speaking at the recently concluded Annual General Meeting (AGM) of the company in Lagos, the shareholders expressed confidence in the ability of the present board and management to take the bank to an enviable position.
They applauded the board and management for sustaining improved performance over the years, urging them not to rest on their oars.
One of the shareholders who spoke at the meeting, Mr Gbenga Idowu, who is the National Coordinator of Shareholders United Front (SUF), said the results of the bank in 2018 reflected successful and seamless management transition.
He said the financial position of the bank in the 2018 business year clearly showed that the new Chief Executive Officer, Mr Abubakar Suleiman, has the ability to provide good leadership for the executive management of the bank since April 2018 when he took over from Mr Yemi Adeola.
Another shareholder at the meeting, Mr Timothy Adesiyan, who is the former president of Nigeria Shareholders’ Solidarity Association (NSSA), said the performance of the bank was highly commendable in view of the massive improvement in most of the indices, especially in gross earnings, net interest income, liquidity ratio and profit after tax.
He noted that even though the bank is not paying any dividend to shareholders for the year, shareholders are happy with the appreciation in share price and the prospect of higher dividends in future.
Mr Adesiyan also commended the board and executive management of the bank, noting that the good results underscored good corporate governance practice which makes the bank a dependable and solid bank.
Chairman of Sterling Bank Plc, Mr Asue Ighodalo, while addressing the shareholders, said the 2018 financial results reflected an even stronger business performance despite the impact of an ailing operating environment.
He noted that the bank closed the year with an improved balance sheet position as total assets grew steadily by about 2.9 percent to N1.1 trillion, thereby maintaining the over one trillion Naira mark achieved in the previous year.
“We continued to sustain operational efficiencies and our focus in growing the bank’s retail franchise. This resulted in an improved deposit base and moderate growth in our loan book, specifically riding on the 108.3 percent growth in retail and consumer loans delivered mainly by SPECTA – Nigeria’s fastest digital lending platform,” Mr Ighodalo said.
He added that the bank was able to maintain the cost of funds at 7.4 percent despite high-interest environment which persisted for a significant part of the year.
On the future prospect of the bank, Mr Ighodalo remarked that the Nigerian business environment for 2019 would remain a story of two halves.
Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed that profit after tax rose to N9.2 billion in 2018 as against N8 billion in 2017. Gross earnings had increased by 14 percent from N133.4 billion to N152.2 billion.
The report showed that in line with the bank’s commitment to sectors that will create jobs, improve living standards and bring about economic growth for the country, Sterling Bank increased its financing efforts in the agriculture sector which accounted for about 10 percent of its loan book.
The bank also maintained a healthy capital and liquidity position at 13.3 percent and 42.2 percent respectively on account of additional tier 2 capital injection.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
