Banking
Suleiman Speaks on Future Prospect of Sterling Bank
By Modupe Gbadeyanka
The Chief Executive Officer of Sterling Bank, Mr Abubakar Suleiman, has expressed his views on the future prospect of the financial institution.
Mr Abubakar, while speaking at the 58th Annual General Meeting (AGM) of the bank held recently virtually by proxy and streamed live from the Muson Centre in Lagos, noted that the lender plans to serve its customers with empathy and knowledge on their own terms.
To achieve this, he emphasised that the management has “laid a sound foundation for 2020 with significant investments in technology to accelerate our digitisation.”
According to him, “For a bank to succeed in these uncertain times, it must be agile, cautious, innovative, knowledgeable and prepared.”
He said last year, the unwavering commitment of Sterling Bank to a more disciplined deployment of scarce capital and the strength of its retail business contributed to a 15 percent growth in profit after tax to N10.6 billion.
The banker said in this present fiscal year, the financial institution will maintain this strategy and give more value to shareholders.
In the 2019 financial year, the bank’s shareholders’ fund grew by 22.2 percent to N119.6 billion because of increase in retained earnings despite the challenging operating environment under which it operated.
The board then recommended the payment of 3 kobo per share as dividend for the year ended December 31, 2019 to reward its loyal and committed shareholders.
This afforded the bank the required buffer to finance its growth ambitions, and effectively become a first-class, stronger, creative and extremely dependable financial institution.
Corroborating the CEO’s stance on the use of technology to grow earnings, Chairman of Sterling Bank, Mr Asue Ighodalo, said, “A direct contribution of our investments in technology and intelligent automation can be seen in the performance of SPECTA-Nigeria’s fastest digital retail lending platform.”
He noted that the recorded growth in total equity was attributable to growth in comprehensive income arising from gains recorded from investments in debt securities.
Commending the bank’s performance, National Coordinator Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, lauded the increase in the bank’s demand deposit which went up by 47 percent.
Another shareholder of Sterling Bank, Mr Nornah Awoh, expressed satisfaction with the level of openness of the lender, noting that, “I don’t think it is out of place to have payments of external assessors stated. I want other companies to learn from Sterling Bank and do the same.”
By Modupe Gbadeyanka
In its determination to help the government achieve a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has introduced two account packages for Nigerians in the Diaspora.
The central bank tagged these account options as the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In a circular signed by its acting Director for Trade and Exchange Department, Dr W.J. Kanya, the apex bank stated that the NRNOA allows account holders to remit their foreign earnings to the country and manage funds in both foreign and local currencies, while the NRNIA gives them the opportunity to invest in assets in Nigeria in either foreign or local currencies.
It explained that account holders may maintain both a foreign currency account of a local currency account or both to carry out their transactions or partake in diverse investment opportunities.
It stated that Nigerians abroad will have the opportunity to won any of the accounts from January 1, 2025, subject to meeting KYC requirements.
The CBN said it came up with these account products to improve access for non-residents to opportunities in the Nigerian economy and increased contribution of Diaspora community to the socio-economic developments of Nigeria.
According to the circular, account holders can use their accounts to participate in the country’s Diaspora bond and other debt instruments issued locally, specifically targeted at the Nigerian Diaspora or available to the investing public.
It said the accounts would also serve as a conduit for them to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations.
By Adedapo Adesanya
Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.
Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.
GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.
The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.
The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
By Modupe Gbadeyanka
No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.
The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.
It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.
“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.
“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.
“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.
“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.
One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.
“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.
“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”
Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.
The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
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