Sterling Bank Limited, is a full-service national commercial bank licensed by the Central Bank of Nigeria. On Reuters and Bloomberg end point, it is identified as STERLNB. LG and STERLNBA: NL respectively. The bank serves individuals, small businesses and large corporations.
As of December 2022, the bank has a branch network numbering 140 spread across Nigeria with a total asset value of more than 1.85 trillion Nigerian Naira).
History
Sterling Bank was originally established in 1960 as Nigerian Acceptees Limited (NAL). The bank was licensed as Nigeria's first commercial bank in 1969. Under the Indigenisation Act 1972, the bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Illinois Continental International Finance Corporation and American Express Bank Limited from 1974 to 1992. In 1992, the bank was partially privatised and listed on the Nigerian Stock Exchange (NSE). Eight years later, in 2000, the federal government sold its remaining interest in the bank, effectively making it a fully privatised institution.
In January 2006, as part of the consolidation of the Nigerian banking sector, NAL Bank completed its merger with four other Nigerian banks, namely Magnum Trust Bank, NBM Bank, African Trust Bank and Indo-Nigerian Commercial Bank (INMB), and adopted the name "Sterling Bank". The merged entity has been successfully integrated and has been operating as a consolidated group since then.
Sterling Bank now operates as a national commercial bank, selling shares in subsidiaries and affiliates, in line with the Central Bank of Nigeria's abolition of universal banking. In mid-2011, Sterling Bank acquired the concessions of the former Equator Trust Bank. Pursuant to a special resolution dated September 19, 2022, Sterling Bank Plc transitioned to Sterling Bank Ltd as a subsidiary of Sterling Financial Holdings Company Plc.
Current Executive Officer
Abubakar Suleiman, the current Managing Director and Chief Executive Officer of Sterling Bank Ltd, assumed the position on September 19, 2022.
signal to noise ratio Executive Name Title/Title 1 Olatunji Mayaki Chairperson 2 Abubakar Suleiman Managing Director and Chief Executive Officer 3 Rahim Ovodeyi Executive Director 4 Tunde Adeola SPAN > Executive Director 5 Michael Gitubo Non-Executive Director 6 Oleitan Kajero Non-Executive Director 7 Terat Tijani Non-Executive Director 8 Forasad Kirasso Non-Executive Director 9 Manish Singhal Non-Executive Director 10 Ashutosh Kumar Non-Executive Director 11 Michael Ajukwu Independent Director 12 Olusola Oworu Independent DirectorAction
Sterling Towers, 20 Marina, Lagos, Nigeria.
The bank's operations and products are divided into four clusters: retail and consumer banking, commercial banking, institutional banking, and corporate banking.
Sterling has launched several initiatives under retail and consumer banking, such as correspondent banking (designed to appeal to the underbanked/unbanked), youth microfinance, and Specta (an automated retail lending platform). Its commercial banking business spans multiple sectors, including agriculture, where the bank has won several awards, while its institutional banking business provides value-added advisory and collection services to government parastatals. Sterling's corporate banking business spans multiple industries, including telecommunications, power and steel, food and beverage, and more.
Sources of operation of the bank:
- Headquarters, Sterling Towers, 20 Marina, Lagos
- 140 branches nationwide
- 16,291 POS end points, multiple merchants
- 632 ATMs nationwide
- More than 3 million USSD users nationwide
Performance highlights
Sterling Bank announced a series of results for 2022 as follows:
- Total revenue increased by 16.6% to 175.10 billion naira, compared to the naira reported for fiscal 2021 For 150.20 billion naira. Non-interest income increased by 25.7%, interest income increased by 13.7%
- The bank announced a dividend of 15K per share, representing a dividend yield of 10% on the average share price of the past year, which is 50% higher than the dividend yield of the previous year.
The Bank fulfills corporate social responsibility in the following areas: education, environment, health, empowerment, sports development, capacity building, etc.
Awards
- 2019 Best Local Content Bank Award, Petroleum Technology Association of Nigeria (PETAN)
- 2019 Innovative Bank Award from Central Bank of Nigeria (CBN) and Nigerian Interbank Settlement System Limited
- 2020 Best Place to Work in Nigeria (Large Enterprise)
- 2021 Best Innovative Culture Building Award (Large Enterprise), Institute for Excellence in the Workplace
- 2021 Best Human Potential Award (Large Enterprise), Institute for Excellence in the Workplace
- 2021 Best Place to Work in Nigeria (Large Enterprise)
- 2022 Best Overall in Nigeria Workplace (Large Enterprise) GPTW (Best Workplace Institute)
- (Victor Ligbago Best Workplace for Millennials Award GPTW (Institute for Excellence in the Workplace) (2022)
- 2022, 5-Year Legend Award in recognition of its continued efforts to create a Great Workplace GPTW (Great Workplace Institute)
- Accredited Employer Certification - Intern Development; Gold Award ACCA (Association of Chartered Certified Accountants)
- 2022 LinkedIn's 25 Workplaces in Nigeria
- 2022 BabyMigo Top 30 Workplaces for Nigerian Moms
- 2022 Best Work and Life HRPM (HR People Magazine)
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