Sterling Financial Holdings Directors Display Confidence with Share Acquisitions

The directors of Sterling Financial Holdings Company Limited have demonstrated unwavering confidence in the financial institution by actively acquiring shares.

This resounding show of faith in the company’s prospects was evident in the most recent insider dealings carried out by four of the directors of the Holding Company, including the Group Managing Director and Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi.

On August 31, 2023, these directors collectively invested over half a billion naira to acquire 155,837,316 ordinary shares of the company in the secondary market of NGX Ltd, with each share priced at N3.30.

This significant transaction amounted to a total of N514,263,142.8.

Notably, Non-Executive Director Abubakar Suleiman, accounted for approximately 32.7 percent of these transactions, acquiring 50,874,649 ordinary shares, and investing around N167.89 million.

Yemi Odubiyi, the GMD/CEO, closely followed Abubakar with 23.9 percent of the transactions, amassing a total of 37,170,335 ordinary shares, equivalent to an investment of approximately N122.62 million.

Tunde Adeola, the Executive Director of Sterling Bank Limited, a subsidiary of Sterling Financial Holdings Company Limited, also significantly bolstered his shareholding by spending N111.86 million to acquire 33,896,166 units of shares at the same unit price of N3.30 in the secondary market of the NGX Ltd.

In parallel fashion, Executive Director Raheem Owodeyi invested around N111.86 million on the same day, acquiring 33,896,166 ordinary shares at the rate of N3.30 per unit. This accounted for 21.8 percent of the total insider dealings conducted by these four directors on August 31, 2023.

Company Secretary, Temitayo Adegoke, promptly notified the Nigerian Exchange Limited of these significant transactions that took place on the secondary market on August 31, 2023.

Meanwhile, Sterling Financial Holdings Company Plc has reported impressive earnings results for the second quarter and six months ending June 30, 2023.

In the second quarter, the company disclosed net interest income of N22.98 billion, a substantial increase from N16.85 billion in the same period the previous year.

Net income also witnessed significant growth, rising to N6.63 billion from N4.47 billion year-on-year.

For the six-month period, net interest income reached N45.13 billion, up from N33.70 billion a year ago. Net income similarly surged to N10.68 billion from N8.01 billion a year ago.

Basic earnings per share from continuing operations for the period stood at N0.37, compared to N0.28 in the preceding year, while diluted earnings per share from continuing operations followed the same trend, reaching N0.37 compared to N0.28 a year ago.