Sterling Bank (Nigeria)

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.

Sterling Bank Ltd.
TypeLimited Liability Company
IndustryBanking
Founded1960
Headquarters
Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Lagos State
,
Nigeria
Key people
₦ 107.96 billion (FY 2022)
Total assets₦ 1.85 trillion (FY 2022)
Number of employees
>3,043 (FY 2022)
ParentSterling Financial Holdings Company Plc.
Divisions140 Business Offices, 632 ATMs (FY 2022)
Websitehttps://sterling.ng/bank

As of December 2022, the Bank's branch network numbered 140,[3] distributed throughout Nigeria with total assets valued in excess of NGN 1.85 trillion).[3]

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/N Name of executive Title/designation
1 Asue Ighodalo Chairman
2 Abubakar Suleiman Managing Director and Chief Executive Officer
3 Raheem Owodeyi Executive Director[16]
4 Tunde Adeola Executive Director[16]
5 Michael Jituboh Non-Executive Director
6 Olaitan Kajero Non-Executive Director
7 Tairat Tijani Non-Executive Director
8 Folasade Kilaso Non-Executive Director
9 Manish Singhal Non-Executive Director
10 Olatunji Mayaki Non-Executive Director
11 Ashutosh Kumar Non-Executive Director
12 Michael Ajukwu Independent Director
13 Olusola Oworu Independent Director

Operations
Sterling Towers
Sterling Towers, 20 Marina, Lagos, Nigeria.

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:

  • Head Office, Sterling Towers, 20 Marina, Lagos[13]
  • 140 branches across the country
  • 16,291 POS terminals with several merchants
  • 632 ATMs across the country
  • Over 3 million USSD users across the country

Performance highlights

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

  • Gross earnings grew by 16.6% to N175.1 billion against N150.2 billion reported in FY 2021. The change was a combination of a 25.7% increase in non-interest income and a 13.7% growth in interest income.[15]
  • The Bank declared a dividend of 15K per share, representing a 10% dividend yield on the average stock price over the past year and a 50% improvement on the previous year's payout.[16]

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

Awards
  • Local Content Bank of the Year 2019 Award, Petroleum Technology Association of Nigeria (PETAN)[18]
  • Innovative Bank of the Year Award 2019 by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement Systems Plc[19]
  • Best Workplace to Work in Nigeria (Large Corporate), 2020[20]
  • Best in Building a Culture of Innovation (Large Corporates), 2021 Great Place to Work Institute[21]
  • Best in Maximising Human Potential (large Corporates), 2021 Great Place to Work Institute[22]
  • Best Workplace to Work in Nigeria (Large Corporates), 2021 Great Place to Work Institute[23]
  • 2022 Overall Best Workplace in Nigeria (Large Corporates) GPTW (Great Place to Work Institute)[24]
  • (The Victor Ligbago Award for Best Workplace for Millennials GPTW (Great Place to Work Institute) (2022)[25]
  • 5-Year Legends Awards for constantly making efforts to create a Great Place to Work GPTW (Great Place to Work Institute), 2022[26]
  • Approved Employer Certification - Trainee Development; Gold Category ACCA (Association of Chartered Certified Accountants)[27]
  • 2022 LinkedIn's 25 Workplaces in Nigeria[28]
  • 2022 BabyMigo's Top 30 Workplaces for Mums in Nigeria[29]
  • 2022 Best Work-Life Harmony HRPM (HR People Magazine)[30]

See also

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