Sterling Financial Holdings Company Directors Acquire  N514 Million Share Purchase

In a display of unwavering confidence in the strength and potential of Sterling Financial Holdings Company Limited, the company’s directors have taken decisive action by acquiring additional shares worth N514 million.

On August 31, 2023, four key directors, including Group Managing Director and Chief Executive Officer Yemi Odubiyi, engaged in insider dealings that resulted in the acquisition of a substantial 155,837,316 ordinary shares of the company from the secondary market of the NGX Ltd.

These shares were purchased at a unit price of N3.30, totaling N514,263,142.8.

Abubakar Suleiman, a Non-Executive Director of Sterling Financial Holdings Company Limited, led the charge by acquiring 50,874,649 ordinary shares in a single day, representing about 32.7 percent of the total transactions, at a cost of approximately N167.89 million.

Yemi Odubiyi closely followed with a 23.9 percent stake in the insider dealings. He secured a significant 37,170,335 ordinary shares at the same unit price, amounting to approximately N122.62 million.

Tunde Adeola, an Executive Director of Sterling Bank Limited, a subsidiary of Sterling Financial Holdings Company Limited, invested N111.86 million to augment his shareholding with 33,896,166 units of shares, all purchased at N3.30 per unit.

Similarly, Raheem Owodeyi, also an Executive Director of Sterling Bank Limited, joined in on the share acquisition spree, investing N111.86 million in 33,896,166 ordinary shares of the holding company, contributing to 21.8 percent of the cumulative insider dealings conducted by the four directors on August 31, 2023.

Company Secretary Temitayo Adegoke officially notified the Nigerian Exchange Limited of these transactions, which took place on the secondary market.

Meanwhile, Sterling Financial Holdings Company Plc released its financial results for the second quarter and six months ending on June 30, 2023. 

Notably, the company reported robust figures with net interest income of N22.98 billion for the second quarter, compared to N16.85 billion the previous year. Net income for the same period amounted to N6.63 billion, up from N4.47 billion a year ago.

For the six-month period, net interest income stood at N45.13 billion, compared to N33.70 billion in the previous year, and net income reached N10.68 billion, compared to N8.01 billion in the same period last year.

 Basic earnings per share from continuing operations also increased to N0.37, up from N0.28, while diluted earnings per share from continuing operations mirrored the same increase, reaching N0.37, compared to N0.28 in the previous year. 

These results reflect the company’s continued growth and profitability in the financial sector.

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