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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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Polaris Bank Partners NCF to Extend Tree Planting Initiative to Abuja, Anambra

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Polaris Bank Partners NCF to Extend Tree Planting Initiative to Abuja, Anambra

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank, in a robust display of its commitment to environmental sustainability, has expanded its nationwide tree-planting initiative in collaboration with the Nigerian Conservation Foundation (NCF).

The latest exercise took place at Government Secondary School, Gwagwalada, in the Federal Capital Territory (FCT) on October 14, 2024, following a similar event at Chukwuemeka Odumegwu Ojukwu University in Anambra State just days earlier and Professor K.K Nwozor commended the Bank for its conservation efforts.

The initiative is part of a broader strategy by Polaris Bank to align its operations with the United Nations Decade on Ecosystem Restoration (2021–2030), which stresses the urgent need for land restoration and resilience against desertification and drought. The theme resonates with the 2024 World Environment Day, underscoring the bank’s proactive stance in promoting sustainable practices aimed at restoring degraded lands and enhancing biodiversity across Nigeria.

Osazuwa Igbinoba, Directorate Head for Abuja, articulated the bank’s ethos, stating, “Sustainability is embedded in our business strategy and actions at Polaris Bank.” He noted that the tree-planting efforts not only aim to restore natural ecosystems but also focus on planting economic trees to ensure a sustainable environment for future generations.

Chiwetalu Nwatu, Directorate Head for the South East, echoed this sentiment by emphasizing that sustainability is at the heart of the Bank’s operations, encompassing more than just financial services. He noted that Polaris Bank’s approach integrates responsible banking with societal empowerment and environmental responsibility, all grounded in Environmental, Social, and Governance (ESG) principles.

The significance of tree planting as a countermeasure against climate change cannot be overstated. Thus, the initiative addresses critical issues such as soil erosion, air quality improvement, and climate regulation through carbon dioxide absorption. The bank’s efforts are not isolated; they form part of a nationwide campaign that has seen similar initiatives executed at various educational institutions and community reserves across Nigeria.

The Bank’s nationwide Tree planting exercises were held recently at Tai Solarin University, Ijebu Ode in Ogun State on July 1st; Ajingi Community Reserve, Kunkurawa in Kano State on August 30th; and University of Ibadan, Oyo State on October 3rd.These events illustrate Polaris Bank’s commitment to sustainable development and environmental restoration.

This project not only enhances local ecosystems but also serves as a public call to action on the importance of environmental preservation. Through collaborative efforts like these, Polaris Bank seeks to inspire individuals, communities and organizations to engage in environmental restoration and contribute to a sustainable future for all.

Polaris Bank, in collaboration with the NCF, remains steadfast in its commitment to environmental stewardship, community well-being and corporate responsibility, as demonstrated through these impactful tree-planting activities. Through this project, the Bank aims to inspire individuals, communities and organizations to foster a culture of sustainability throughout Nigeria.

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Origin Tech Group and NALDA Partners on Greener Hope…

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…Set to sign MOU towards transforming Nigeria’s Agricultural Productivity.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In a bold step towards consolidating its quest for revolutionizing large-scale mechanized agriculture in Nigeria, the Greener Hope Large Scale Mechanisation Programme’s team paid a courtesy visit to the Executive Secretary of the National Agricultural Land Development Authority (NALDA), Mr. Cornelius Oluwasegun Adebayo.

L-R, Engr Olusegun Owolabi SA Technical, NALDA; Prince S J Samuel (Chairman, Origin Tech Group); Mr Cornelius Oluwasegun Adebayo (Executive Secretary] and Dr Musa Olasupo (Director of Programmes, Greener Hope Agriculture Productivity Programme – GHAPP, during the courtesy call on the Executive Secretary of National Agricultural Land Development Authority (NALDA), recently in Abuja.

The focus of the meeting was to establish a strong partnership between Origin Tech Group and NALDA, aimed at ensuring the smooth implementation of Greener Hope, a transformative agricultural initiative aimed at addressing the food insecurity concerns in the Country.

This collaboration brings together the expertise of both organizations in key areas such as land clearing, mechanization, and the establishment of large-scale model farms across Nigeria. The goal is to unlock new opportunities in sustainable farming, boost productivity, and ultimately transform Nigeria’s agricultural landscape through Greener Hope, which is set to substantially revolutionalize Nigeria’s agriculture by providing sustainable access to modern farm machinery and implements, eliminate drudgery, manage post-harvest loses and significantly boost crop yields across the country.

Origin Tech Group, an agricultural value-chain conglomerate is extremely pleased to be working with the Federal Government to birth this innovative program with critical structures and promises to place Nigeria on a higher pedestal to impact every aspect of farming both in the commercial segment and small-holder enterprises; raising and promoting the new agricultural ecosystem in her quest for food security, wealth creation, job opportunities and help spur economic growth.

Speaking about the partnership with NALDA, the Executive Chairman of Origin Tech Group, Prince S. J. Samuel, expressed his optimism: “Our partnership with NALDA is a critical step toward realizing the full potential of Nigeria’s agriculture. By integrating mechanization and land development, we are positioning the country for food security and long-term economic growth.”

During the meeting, Dr. Musa Olasupo, Director of Programs for Greener Hope’s large-scale mechanization program, and Engr. Olusegun Owolabi, Special Adviser on Technical Affairs to NALDA, joined the discussion to outline practical steps for launching model farms across the country, ensuring Nigeria’s agriculture attains self-sufficiency.

Similarly, Mr. Cornelius Oluwasegun Adebayo, NALDA’s Executive Secretary, emphasized the importance of public-private partnerships in achieving agricultural transformation on a large scale: “At NALDA, we are excited to collaborate with Origin Tech Group on this groundbreaking initiative. Together, we’ll empower farmers, create job opportunities, boost food production, and improve rural prosperity by mitigating rural-urban migration, especially amongst the youth population across Nigeria.”

Dr. Musa Olasupo also highlighted the urgency of this novel initiative, saying: “Nigeria’s food security is at a critical juncture, with challenges like insecurity, climate change, and smuggling that combine to threaten our food supply. Bridging those gaps, Greener Hope will provide the infrastructure farmers need to transition to large-scale farming, increase their yields and secure a sustainable food productivity future.”

The Greener Hope Large-Scale Mechanization Programme, a collaborative effort with the Federal Ministries of Agriculture and Food Security is designed to overhaul Nigeria’s agricultural sector through the provision of modern farming machinery and equipment, capacity building on equipment use and servicing for youths and the establishment of medium to large scale model farms that will serve as hubs for agricultural best practices.

As the team continues to partner with key agencies like NALDA, both organizations are committed to driving agricultural transformation, enhancing food security, and contributing to Nigeria’s economic growth.

For more information, visit www.greenerhopeng.com.

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Fearless Energy Drink Wins ‘Outstanding Energy Drink of the Year 2024’ Award

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

…Blazes the Trail in its Market Segment

Fearless Energy Drink, Nigeria’s leading energy drink brand from the stable of Rite Foods Limited, has clinched the coveted “Outstanding Energy Drink of the Year 2024” Award at the recent Marketing Edge Awards held at Sheraton Balmoral, Lagos.

Mr. Olaniyi Aderuku, Brand Manager, Fearless Energy Drink (Middle), flanked by Mrs. Ruth Mark, Assistant Brand Manager, Rite Sausages (Left), and Mr. Innocent Adulugba, Corporate Communications Manager (Right), all of Rite Foods Limited, during the Marketing Edge Awards, where Fearless Energy Drink Brand of Rite Foods Limited won the “Outstanding Energy Drink of the Year 2024” Award on Saturday, 28th September 2024, at Sheraton Balmoral, in Ikeja, Lagos.

Fearless Energy Drink with the Fearless Classic and Fearless Red Berry variants emerged as the winner in its category, after a thorough rating and evaluation of the highly saturated energy drink market, where the brand made entrant in 2017 with the first-ever packaged polyethylene terephthalate (PET) bottle packaging that has been the standard for competitors.

The recognition stems from the brand’s unique flavour, originality, and numerous contributions to the industry in talent promotion, human development, and sustainability initiatives that have significantly impacted human and national development.

Extolling the brand for the win, Mr. John Ajayi, the organiser, and publisher of Marketing Edge Magazine affirmed that the Fearless Energy Drink brand has truly demonstrated its market leadership in all ramifications, surpassing its competitors through sponsorship of effective strategic initiatives. He stated that the feat was also due to the brand’s distinctiveness, innovation, and the positive energy it offers.

While receiving the award, Olaniyi Aderuku, the Brand Manager of Fearless Energy Drink, expressed gratitude to Marketing Edge for the acknowledgment of the brand as the number one in its category, a position that has earned it numerous accolades and has also defined the market standard.

He said, “Fearless Energy Drink will continually strive for taste superiority, excellence, and innovation in providing exceptional experience to its consumers, adding that the laurel attests to its strong commitment to consumer connection and satisfaction.”

According to him, “Our Fearless Energy Drink with its tagline ‘Embrace The Thrill’ offers its consumers the unquenchable desire to make a difference in their endeavours, with the positive energy it provides, through credible platforms that resonate with its values of courage, leadership, and the willpower to succeed”

The Fearless Energy Drink brand has garnered so many awards that validate its profile, including Media Consortium Awards 2024: “Energy Drink Brand of the Year”; Brand Exchange Awards 2024: “Best Value for Money”; the “Most Outstanding Energy Drink in Consumer Engagement” in 2023; Best Value for Money – Energy Drinks Brand 2023; and the “Most Outstanding Energy Drink Brand of the Year” in 2021, among other laurels.

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