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One of Nigeria’s commercial banks, *Sterling* *Bank* , has announced plans to change its name

The move follows shareholders’ approval for the bank to operate a holding company that involves its pension fund, Islamic banking, others

Sterling Bank 2020 received approval from CBN to restructure its business and become a holding company Shareholders of Sterling Bank have approved to convert from a core banking business to a holding company.

 

On Monday, the shareholders of the bank agreed to transfer their investment into the HoldCo, which will become a parent company.

Checks on the Nigerian Exchange show over 28,790,418,124 ordinary shares of 50 Kobo each in the issued and paid-up share capital of Sterling Bank held by the Scheme Shareholders were transferred to Sterling Financial Holdings Company Limited.

This will hand investors who held the transferred shares in Sterling Bank the same volume of shares in the HoldCo.

 

A statement from Sterling bank shows the shareholders believe their decision will pave the way to make the company a dominant force in the financial market.

 

Aside from banking, Sterling Bank operates a pension fund and an Islamic bank subsidiary.

 

*Change* *of* *name* *benefits*

 

The transaction on Monday, September 26, means that Sterling Bank has restructured and taken on a new name, Sterling Financial Holdings Company Limited (HoldCo).

 

Embracing a Holdco structure confers Sterling Bank the leverage to make inroads into other sectors within financial services apart from commercial banking.

Pension, asset management, payments, and fintech are gaining traction among banks and offer opportunities for diversification as competition for interest income, which accounts for the majority of the banking industry’s revenue, heats up.

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Business

Breaking: PDP induces people to impersonate political parties, plans press conference.

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1 day ago

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March 25, 2023

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Concerned citizens in Ogun state on Friday raised an alarm over the inducement of some buyable politicians by PDP governorship candidate, Hon. Ladi Adebutu.

 

The insider source revealed that Adebutu, who lost out in the governorship election of last Saturday, has slated a press conference where some people will impersonate the executives of the Ogun State Chapter of Inter-Party Advisory Council (IPAC) along with few politicians claiming to be Chairmen of registered political parties, with a promise of N2 million naira each.

The press conference slated for Park Inn Abeokuta, owned by Ladi Adebutu’s father will hold any moment from now.

 

According to the insider source, “Ladi and his party know they cannot win at the Tribunal because they are quoting a wrong section of the Electoral Act 2022, while ignoring the relevant and applicable section of the law. That is why they are bent on inciting and inducing the public instead of going to the Tribunal”

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Business

Wema Bank Organises Financial Literacy Programme for Students to mark 2023 Global Financial Literacy Day

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2 days ago

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March 24, 2023

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Wema Bank Plc, Nigeria’s leading Innovative Financial Institution is championing financial literacy for the next generation by participating in the Global Money Week to commemorate the Financial Literacy Day on March 23, 2023.

 

In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organized financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.

 

The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.

 

Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions. In his words, “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”

 

Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.

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