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Sterling HoldCo Delivers To Shareholders

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Sterling HoldCo Delivers To Shareholders,

…Receives Commendations At Inaugural AGM

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Major shareholders of one of Nigeria’s leading financial conglomerates, Sterling Financial Holdings Company PLC., expressed their delight with the leadership and financial performance of the group at its recently held inaugural annual general meeting.

The comments came as a result of the group’s continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.

The holding company delivered a 36% increase in its assets size, growing to N 2.5 trillion, and a 26.6% rise in its earnings to deliver N 221 billion.

Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year.

Dissecting the numbers further, the group earned N 156 billion and N 65.7 billion in interest and non-interest income respectively, representing a growth of 21.5% and 40.6% from the 2022 financial year’s numbers.

It achieved this while attracting N 1.8 trillion in customers’ deposits into its two banking subsidiaries: Sterling Bank and The Alternative Bank.

These have helped the group post N 21.6 billion in profit, and an admirable 75 kobo in earnings per ordinary share for 2023. Numbers which signify continued growth of 11.8% an 11.9% for the respective performance metrics from the publicly traded company’s 2022 postings.

Commenting on the company’s immediate plans, Sterling HoldCo’s Group Chief Executive Officer, Yemi Odubiyi, said in his statement to the company’s shareholders, “In line with evolving regulatory standards and the recent introduction of minimum capital requirements by the Central Bank of Nigeria (CBN), we will be seeking shareholders’ approval to raise up to N200 billion from the market.

This capital infusion will strengthen and position us for sustained growth.”

Odubiyi also highlighted the performance of the holding company’s current subsidiaries; Sterling Bank, a conventional bank, and The Alternative Bank, an ethical banking business, and intimated shareholders on the group’s intentions to build non-banking revenue lines to progress the group’s rapid growth and capture even more value for shareholders by offering a wider range of services under the trusted Sterling brand.

The Group CEO stated that the group will continue its current trajectory by maintaining a customer-centric approach, while making strategic investments in sustainable ventures that align with the company’s core values.

The published results maintain the trajectory of growth Sterling has achieved against the backdrop of macroeconomic headwinds, which have severely impacted the profitability of large corporations and small businesses alike in Nigeria.

Industry observers will recall that Sterling HoldCo recently completed a significant milestone by transforming from a bank to a full-fledged financial holdings company by delisting, transferring, and relisting all shares to the Sterling Financial Holdings Company on the floor of the NGX.

The holding company affords Sterling the opportunity to leverage its successful HEART strategy, which has seen the group make consolidated investments in the Health, Education, Agriculture, Renewable Energy, and Transportation sectors, growing the company’s year-on-year profits to record highs in recent years.

With the adoption of the Holdco structure now in full effect, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and ethical banking subsidiaries, Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.

Sterling has maintained impressive momentum in recent years, featuring on the prestigious the 100 fastest-growing companies in Africa list for 2023, as published by the globally recognized Financial Times, its citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, and was been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023.

Renowned for its irreverent brand voice and enviable talent management practices, Sterling recently received three citations for Company Leadership Gender Diversity, Gender Diversity in Supply Chain, and Family-Friendly Workplace as bestowed by the International Finance Corporation (IFC) and the Nigerian Exchange (NGX) at the Gender Leader Awards 2023.

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Stanbic IBTC Insurance CEO, Akinjide Orimolade to Keynote Business Journal Annual Lecture 2024

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Stanbic IBTC Insurance CEO, Akinjide Orimolade to Keynote Business Journal Annual Lecture 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited is the Keynote Speaker for the Business Journal Annual Lecture 2024 coming up on Thursday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos.

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria while the Panel Session will evaluate the impact of insurance on key sectors of the Nigerian economy such as local content development, aviation, telecoms, oil & gas, banking etc.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Tope Smart, Group Chairman of NEM Insurance Group would Chair the event.

Mr. Akinjide Orimolade is a Chartered Insurer with a wide range of experience in Insurance marketing, general underwriting, and claims administration.

He has experience in diverse aspects of corporate operations including human resource management, administration, and business development. His career has spanned pioneering start-up insurance firms within the industry and successful transformation of organisations he has led.

Akinjide has mentored young people in the industry most of whom are now at the top of their careers. He is currently the Deputy President of the Chartered Insurance Institute of Nigeria (CIIN) and the Chairman of the Governing Board of College of Insurance and Financial Management (CIFM).

He has over 32 years’ experience in the insurance industry and has been very influential in setting up startup insurance companies.

Orimolade worked with Law Union & Rock Insurance Plc Group as Chief Executive until November 2018. Before his employment with Law Union & Rock Insurance, Akinjide worked with AIICO Insurance as Executive Director – Technical, Liberty Life as Regional Director – West Africa, Zenith Insurance as Chief Executive, Sovereign Trust Insurance as the Assistant General Manager (Apapa Area Office), Central Insurance Company as Unit Head – Marketing, Bullion Insurance Broker as Deputy Manager, Financial Assurance Company as Superintendent Officer.

Akinjide holds an MSc in Marketing from the University of Lagos, He also has a Bachelor of Science (B.Sc) in Insurance from the University of Lagos. Akinjide Orimolade is a fellow of the Chartered Insurance Institute of Nigeria (CIIN).

Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“We are indeed honoured to have Mr. Akinjide Orimolade, Managing Director/CEO of Stanbic IBTC Insurance Limited as Keynote Speaker for the Business Journal Annual Lecture 2024.

A thoroughbred insurance professional, educator and mentor, he has meritoriously traversed the insurance industry landscape in Nigeria and Africa over a period of more than three decades. He remains a worthy inspiration and role model to current and future generation of insurance men and women in Nigeria and Africa. Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy.”

Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 yearsevaluate the current state of the marketevaluate the current challenges hindering its further growthevaluate the impact of insurance on key sectors of the economyidentify the emerging growth potential and opportunitiesand to project the future of the industry in the coming 10 years.

He stated that other guest speakers/panelists for the annual lecture would be unveiled in due course.

The Business Journal Publisher explained that the Business Journal Annual Lecture Series is the contribution of the Media Group to nation-building and critical support for the growth of the Nigerian economy.

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Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop

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Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of its ongoing commitment to continually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organizing an open workshop for all classes of Journalist across the media spectrum as one of its critical CSR intervention meant to positively impact key stakeholders. 

The 2024 media workshop with the theme: “Integrating AI tools in Contemporary Media practices for Innovation and Excellence” falls within the Bank’s intervention programs under its Education/Capacity Building Strategic Corporate Social Responsibility(CSR) pillar which deepens media relations, and contribute to the overall development of Nigeria’s media landscape.

Scheduled to hold on Thursday, October 24th, 2024, the media workshop aims to equip media practitioners with the latest tools and skills to navigate evolving challenges of modern journalism. 

With a focus on available and relevant Artificial Intelligence (AI) tools and use, participants will learn how to integrate these technologies into their day-to-day work, streamlining news gathering processes and ensuring accuracy in storytelling.

The workshop will also dive deep into contemporary new media tools and practices, while addressing available opportunities that enhances career development.

Focus will also be shed on key topics such as; data journalism, fact-checking, and solutions journalism—ensuring media professionals are equipped to thrive in the digital era.

Building on the success and feedback from previous workshops, especially that of 2023 edition, where hundreds of Journalists participated, the 2024 workshop promises to offer even greater value. 

This year’s event will highlight cutting-edge trends, such as media entrepreneurship and career development strategies in a competitive media landscape.

To deliver an impactful workshop, the Bank has assembled top faculty and distinguished subject experts as facilitators, including Dr. Chike Mgbeadichie, a Senior Lecturer at the School of Media and Communication, Pan-Atlantic University, Lekki, Lagos and Lekan Otufodunrin, Executive Director of the Media Career Development Network.

Their extensive knowledge and experience in media and communication will guide participants in understanding how to stay relevant, adapt to technological advancements, and maintain responsible journalism practices.

This initiative reflects Polaris Bank’s long-standing commitment to capacity building, particularly in empowering media practitioners to address the challenges of the digital age. 

By providing access to the latest knowledge and tools, the workshop aims to support the continuous development of the Journalists, and media landscape in Nigeria while fostering sustainable and impactful journalism.

Interested media practitioners can register to attend: Register Here.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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Ecobank Nigeria to Host Design and Build Expo, Featuring Premier Exhibitors

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Ecobank Nigeria to Host Design and Build Expo, Featuring Premier Exhibitors

LAJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Ecobank Nigeria is set to host its inaugural Design & Build Expo, aimed at highlighting the latest trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design.

This carefully curated five-day event tagged “Building Nigeria Together” will take place from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos, starting daily at 10:00 am. Approximately 60 exhibitors have already signed up to present their products and innovations at this significant fair.

During the event announcement in Lagos, Omoboye Odu, Head of SMEs, Partnerships, and Collaborations at Ecobank Nigeria, emphasized that the expo is part of the bank’s broader initiative to support the country’s economic development. The expo aims to provide a platform for professionals in the design and building sectors to showcase and sell their offerings to a larger audience, while also facilitating valuable networking opportunities for entrepreneurs, consumers, and stakeholders in the economy.

The expo will focus on businesses that include real estate development, kitchen fittings, tiling and flooring, interior design, lighting, woodwork, electronics, and construction tools and equipment.

“As a Pan-African bank, this expo aligns with our mission to contribute to the economic growth of the countries we operate in. It’s a unique opportunity for industry players to showcase their products, network, and promote the adoption of sustainable practices, emphasizing renewable materials and energy-efficient technologies,” Odu stated.

Ms. Odu also highlighted that exhibitors would gain significant exposure to key decision-makers, influencers, and potential clients, allowing them to showcase their offerings and engage in interactive sessions, workshops, and live demonstrations. This will enhance their brand visibility, provide valuable market insights, and help them explore emerging industry trends. She concluded with an open invitation to stakeholders and enthusiasts in the real estate sector – asking that they join us at this novel exhibition and collectively let us combine forces in Building Nigeria Together. 

In addition to the expo, Ecobank Nigeria has launched various initiatives to support SMEs and boost the economy, including the successful Adire Lagos Experience, +234 Art Fair, Ecobank National Schools Team Chess Championship, and Oja Oge 2024. The bank is also conducting its monthly MySME Growth Series, aimed at training and empowering over 1 million SME operators nationwide by the end of the year.

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