Banking
Sterling Bank Cleans up Markets, Roads in Lagos, Kano, Imo, Others
By Modupe Gbadeyanka
To commemorate World Recycling Day, a financial institution in Nigeria, Sterling Bank Plc, recently cleaned up some markets, roads and beaches in 23 states of the federation.
This was done through the lender’s Corporate Social Responsibility (CSR) initiative known as Sterling Bank Environmental Makeover (STEM).
It is part of its commitment to creating a cleaner and safer environment for the citizenry and aquatic life and the exercise was carried out simultaneously in Ogun, Oyo, Osun, Kwara, Ondo, Ekiti, Kano, Jigawa, Kaduna, Abuja, Delta, Anambra, Edo, Abia, Imo, Rivers, Bayelsa, Akwa-Ibom, Gombe, Bauchi, Plateau, Katsina and Lagos.
It was gathered that more than 1,000 participated in the clean-up exercises; including staff of Sterling Bank and volunteers.
In Lagos, it was executed in partnership with the Oniru Kingdom, Rite Foods, First Exploration and Petroleum Development Company, Bonnie Bio, Sterling One Foundation, Lagos State Waste Management Authority (LAWMA), African Clean-Up Initiative and Lagos State Environmental Protection Agency (LASEPA).
Speaking at the beach cleaning exercise at Oniru Beach, Lagos, Mr Abubakar Suleiman, Managing Director and CEO of Sterling Bank, said the bank embarked on cleaning exercises in 21 states out of the 24 states it is partnering with across the country.
The CEO who was represented by Mr Tunde Adeola, Executive Director of Commercial and Institutional Banking at Sterling Bank remarked that, “We have been on this journey for more than 10 years. Every time, this happens, we have a cleaner and healthier environment.”
He said, “Sterling Bank is well-positioned to do this,” adding that in the last two years, the bank has received recognition and awards for the initiative. According to him, Sterling Bank is also at the forefront of tourism in Lagos State.
Also speaking, Mrs Mojisola Bakare, General Manager, Corporate and Investment Banking with Sterling Bank said, “Sterling Bank is about impactful banking”, noting they believe that there is no way they will live on this earth without impacting on the environment, adding that for that reason, they have what is called the HEART of Sterling because they have strategically decided that they are going to impact specific areas of growth in the economy.
She said the HEART of Sterling stands for Health, Education, Agriculture, Renewable Energy and Transportation, adding that the head office in Marina, Lagos is being fitted with solar panels and soon it will be sustainably powered by the sun.
“It is very important that we take responsibility for our actions on the environment and preserve its beauty to boost the local economy and attract foreign tourists, and by extension, foreign exchange into the country,” Mrs Bakare said.
Commissioner for Ministry of Tourism in Lagos State, Mrs Uzamat Yussuf said, “We are aware that Lagos is a place of aquatic splendour.”
She said, “If we have water that is not well protected and sustained, it is better we don’t have any of it at all and that is why it is important for us to sensitise the citizens of Lagos on the proper way to dispose of wastes properly.
“When we do not dispose of wastes properly, it becomes an issue for ourselves and the state at large because when the rain starts and all our drainages are blocked, then we continue to experience flooding. In developed countries, they sell their beaches to tourists and make huge money as well as increase level of employment for their people.”
The commissioner stressed the need for the citizenry to clean the beaches in a bid to encourage tourists to come and see what the state can offer, adding that the purpose of tourism is to create wealth; which ultimately will increase the GDP of the country. She implored all to continue to manage and dispose wastes properly in a bid to sustain the environment.
Abia State Commissioner of Transport, Mr Godswill Uwanoruo, commended the management and staff of Sterling Bank for the cleaning exercise which started in the state since 2015.
He said, “I started this programme with them in 2015 when I introduced the bank’s team led by the incumbent CEO, Mr Suleiman, who was the then Executive Director of Finance to the governor of the state, Mr Okezie Ikpeazu.
“I am happy that they continued the programme by making sure that Abia State is clean,” Mr Uwanoruo said.
He advised other banks in the country to emulate the good gesture of Sterling Bank because it is not an easy thing for members of staff of a company to leave their offices and go out to clean markets and roads.
The commissioner also advocated that the exercise be done monthly or quarterly instead of annually.
The Commissioner of Environment in Bayelsa State, Mr Iselema Gbaranbiri, who graced the STEM event in the state noted that, “The state government is here with Sterling Bank to show the world that they are synergising and keeping Bayelsa clean.”
Also, Mr Muktar Baloni, Chairman of the Kaduna North Local Government Area Council, said he was impressed by the level of consistency in Sterling Bank’s environmental cleaning exercise and would want to emulate the bank by directing officials in the local government to replicate what the bank is doing in the local government.
World Recycling Day is celebrated across the globe every year on March 18th even as recycling is recognised as an important component of the United Nation’s Sustainable Development Goals (SDGs) 2030. It is estimated that the world generates over two billion metric tonnes of municipal solid waste and reusable items annually.
The theme of the year’s event is on the Recycling Fraternity, which refers to people who put themselves on the frontline to collect waste and engage in recycling during the multiple lockdowns as a result of the COVID-19 pandemic.
By Adedapo Adesanya
First Holdco Plc has commenced a public offer to raise about N1.4 trillion (approximately $1 billion) after securing approval from the Central Bank of Nigeria (CBN).
The offer, which opened on Monday, involves the sale of 10.4 billion ordinary shares, according to the chief executive of its banking subsidiary, First Bank of Nigeria Limited, Mr Olusegun Alebiosu.
The capital raise follows the company’s earlier plan to transfer about a quarter of its shares to RC Investment Management Ltd., which served as a bridge holder after Barbican Capital Limited exited its investment in the lender amid a prolonged ownership and leadership dispute.
First Holdco had previously indicated that the shares would eventually be offered to the investing public once the necessary regulatory approvals were obtained.
Speaking in an interview with Bloomberg, Mr Alebiosu said proceeds from the offer would strengthen the capital base of First Bank and support the holding company’s expansion strategy.
According to him, the group intends to diversify beyond banking by establishing an insurance underwriting business and a fintech services company.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Mr Alebiosu said, expressing confidence in strong investor demand.
Investors appeared to respond positively to the announcement, with First HoldCo’s shares climbing as much as 5.9 per cent to a record high during trading on Monday before easing to a 3.1 per cent gain at N133.60 by early afternoon in Lagos.
The lender has been one of the best-performing banking stocks on the Nigerian Exchange (NGX) Limited over the past year, with its share price rising more than fourfold since July 2025, when Barbican Capital’s stake was transferred to RC Investment Management.
The fresh capital injection comes as its largest shareholder, Mr Femi Otedola, continues to strengthen his stake in Nigeria’s oldest bank. With the billionaire holding around a 26 per cent stake in the company, analysts say he has his eyes set on full control once his equity crosses the 30 per cent mark.
By Adedapo Adesanya
One of Nigeria’s top digital banks, PalmPay, has appointed a former executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Samuel Oluyemi, as its chief operating officer.
In his new role, Mr Oluyemi will oversee the financial technology company’s operations in Nigeria, where it offers a broad range of digital financial services to individuals and businesses.
Mr Oluyemi will also engage with regulators to ensure the company’s expansion aligns with Nigeria’s financial, digital and social inclusion objectives.
Prior to joining the company, Mr Oluyemi spent more than two decades at NIBSS, where he served as business development lead.
During his tenure, he drove the development of several critical payment infrastructure projects, including the digital validation of Nigerian international passports, e-Dividend Mandate Management System (e-DMMS), and the Electronic Pensions Contribution Collection System (EPCCOS).
Also, he played a key role in the introduction and early adoption of the NIBSS Instant Payment (NIP) platform, Nigeria’s first real-time interbank transfer system launched in 2011, and later supported its extension to other financial institutions.
Mr Oluyemi obtained a master’s degree in Monetary Economics from the University of Ibadan and has participated in several local and international professional training programmes.
Commenting on the appointment, Managing Director of PalmPay Nigeria, Mr Chika Nwosu, said that the company was strengthening its leadership team to support its longterm vision.
By Adedapo Adesanya
Africa’s most valuable fintech, Flutterwave, has signalled that its long-anticipated initial public offering (IPO) remains firmly on the back burner as the company intensifies efforts to transform itself into a licensed financial institution across the continent.
The firm’s chief executive, Mr Olugbenga Agboola, said the firm is focused on building sustainable profitability, diversifying its revenue streams and expanding its banking footprint before considering a stock market listing.
Speaking to The Africa Report, Mr Agboola described an IPO as a future financing milestone rather than an immediate strategic objective.
“An IPO is a financing event, not a strategy,” he said. “We are not holding any pressure to go public. This gives us the flexibility to be patient and ensure when we do list, we’re doing so from a position of strength.”
The comments come as Flutterwave embarks on an acquisition-led expansion strategy aimed at securing banking licences and deeper regulatory access across Africa.
Mr Agboola revealed that the company is currently in the process of acquiring a bank in East Africa, though he declined to disclose the institution or country involved.
The planned acquisition is expected to provide Flutterwave with an established customer base, existing banking infrastructure and regulatory approvals, significantly shortening the time required to enter new financial services markets.
According to Mr Agboola, the company’s expansion priorities include Kenya, Ghana, Rwanda, Tanzania, South Africa and Egypt, while the Democratic Republic of Congo and Ethiopia remain under consideration for future growth.
Rather than building banks from scratch in every market, Flutterwave intends to adopt a mix of acquisitions, licences and strategic partnerships depending on local regulatory conditions.
“The vision is not to form a bank in every country but to ensure that every African business has access to more than financial services,” Mr Agboola said in the interview.
The banking push follows recent regulatory and corporate developments, including the Central Bank of Nigeria’s approval of Flutterwave’s banking licence and the acquisition of open banking startup Mono.
Together, the moves underscore a broader strategy to expand beyond payments and establish new revenue streams in lending, liquidity management and business banking services.
Flutterwave plans to focus on institutional deposits from businesses already using its platform rather than competing aggressively for retail deposits.
The company intends to leverage transaction data from its payments network to provide short-term working capital, merchant financing, invoice discounting and trade finance products for small and medium-sized enterprises.
Mr Agboola disclosed that the bulk of the capital earmarked for banking operations will be directed toward credit support and liquidity buffers, with additional allocations for lending and banking infrastructure.
The strategy reflects a growing trend among African fintech firms seeking banking licences to reduce dependence on traditional financial institutions and gain greater control over settlement, liquidity management and product development.
Despite speculation about a near-term public listing, Mr Agboola maintained that Flutterwave’s immediate focus remains execution and growth.
He noted that the company will only consider an IPO after achieving stronger profitability and establishing scale across its payments, banking and remittance businesses.
In February 2025, he told Bloomberg that Flutterwave would only pursue a public offering after becoming profitable. He also stated in late 2024 that the company was “not in the IPO race.”
Founded in 2016, Flutterwave has processed more than one billion transactions valued at over $40 billion across 35 African countries. The company recently secured fresh funding that lifted its valuation to $3.3 billion, with American blockchain firm Ripple leading the investment round.
For now, however, Flutterwave appears more interested in building the foundations of a pan-African financial institution than rushing to the public markets, positioning banking expansion as the next phase of its growth story while keeping an eventual IPO firmly on the long-term horizon.
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