Shareholders commend Sterling HoldCo performance, leadership

Date:

Sterling Financial Holdings Company Plc recently garnered commendation from its shareholders during a hybrid statutory meeting held in Lagos. 

The shareholders praised the board and management for their operational performance, earnings, and the successful diversification of the group’s business lines following the transition to a holding company structure.

At the meeting, both physical and online attendance resulted in unanimous approval of the adoption of the statutory report presented by the shareholders of the holding company.

Addressing the shareholders, Yemi Adeola, the Chairman of the board, expressed gratitude for the support received during the transition to a financial holding company. He emphasized the launch of The Alternative Bank, Sterling HoldCo’s ethical banking subsidiary, as a pivotal step in augmenting shareholder value.

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Yemi Odubiyi, Group CEO of Sterling Financial Holdings Company, highlighted the opportunities arising from this transformation, including potential diversification into various business lines alongside the existing commercial and ethical banking licenses operated by the company.

Dr. Faruk Umar, President of the Association for the Advancement of the Rights of Shareholders (AARNS), lauded the transition into a Holdco structure. He commended the successful launch of The Alternative Bank in Lagos, Abuja, and Kano and expressed confidence in the board’s leadership, particularly Yemi Adeola, the Chairman, for his substantial contributions to Sterling Bank during his tenure as CEO.

Dr. Umar also commended the Company Secretary, Mrs. Temitayo Adegoke, and Alhaji Mustapha Jinadu, Chairman of the Statutory Audit Committee, for effectively communicating with shareholders throughout the transition.

He concluded by affirming the shareholders’ satisfaction with the board’s composition and expressed hope for their support in advancing the institution. Dr. Umar highlighted the positive impact of the transition, reflected in the rise of the HoldCo’s share prices on the Nigerian Exchange Limited (NGX).

Other shareholders at the meeting shared similar sentiments, with discussions emphasizing the importance of robust risk management practices, the need for diversifying earnings, and the prospect of leveraging the financial landscape to become a comprehensive financial services provider.

With the adoption of the Holdco structure, Sterling now possesses the flexibility to explore other financial sectors, such as pensions, asset management, payment services, real estate, among others, complementing its existing banking licenses held by Sterling Bank and The Alternative Bank.

A Holdco is designed to manage equity investments in two or more companies, including financial services entities, with at least one being a bank.

This strategic move positions Sterling Financial Holdings Company Plc for broader growth and diversification within the financial services sector.

Note: The aforementioned discussion and outcomes are based on the hybrid statutory meeting held by Sterling Financial Holdings Company Plc and the statements expressed by its stakeholders.

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