Lagos, Nov. 14, 2023 – Shareholders of Sterling Financial Holdings Company Plc have commended the board and management of the company for its performances and earnings over the years.
They also commended the company for the diversification of the group’s business lines since the completion of its transition to a holding company.
The shareholders gave the commendation at the recently held statutory meeting of the company in Lagos.
The hybrid statutory meeting, which was held with online and physical attendance, saw the unanimous passing of the singular motion of the day – the adoption of the statutory report for the meeting as presented by the shareholders of the holding company.
Addressing the shareholders of the company, Chairman of the board, Yemi Adeola, thanked the company’s shareholders for their support during the journey to the successful transition to a financial holding company, highlighting the launch of The Alternative Bank, Sterling HoldCo’s ethical banking subsidiary in increasing shareholder value.
Also in attendance at the meeting, Group Chief Executive of Sterling Financial Holdings Company, Yemi Odubiyi, addressed the opportunities the transformation presents with the diversification into other business lines along the commercial and ethical banking licenses being operated by the company.
During the meeting, Dr. Faruk Umar, the President of Association for the Advancement of the Rights of Shareholders (AARNS), commended the company for its transition into a Holding company.
He said that the change would enable Sterling to diversify its operations into other sectors of the Nigerian economy.
Umar, particularly commended the group for the successful launch of The Alternative Bank (TAB) in Lagos, Abuja, and Kano, highlighting the potential profitability of the initiative as well as an appreciation of the board and management of the group for the appointment of Yemi Adeola as board chairman.
He also noted Adeola’s significant contributions to the growth and development of Sterling Bank during his tenure as CEO, expressing confidence in the group’s continued growth trajectory under his leadership.
Umar also commended the Company Secretary, Mrs. Temitayo Adegoke, and the Chairman of the Statutory Audit Committee, Alhaji Mustapha Jinadu, for effectively communicating with shareholders about developments in the group during the transition from inception till completion.
Umar concluded by expressing the shareholders’ contentment with the board’s composition and expressed optimism that they would receive support in advancing the institution.
He said that the transition had already yielded positive results with a rise in the company’s share prices on the floor of the Nigerian Exchange Limited (NGX).
Other shareholders, who spoke at the meeting, echoed Dr. Faruk’s remarks.
Mr. Matthew Akinlade stressed the importance of enhancing the company’s risk management practices, particularly with the emergence of more subsidiaries in the group.
Mrs. Bisi Bakare Oluwayemisi, another shareholder, spoke on the need for building resilience and diversifying earnings within the group, while underscoring the robust nature of the Holdco structure.
Mr. Adeleke Adebayo advised the group to leverage the entire financial landscape to become a comprehensive financial services provider.
With the adoption of the Holdco structure to full effect, Sterling now has the latitude to make inroads into other areas of financial services such as pensions, asset management, payment services and real estate.
This will complement the current banking licenses held by its commercial and ethical banking subsidiaries, Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.
A holding company or Holdco is a company set up to make and manage, for its account, equity investments in two or more companies, which are its subsidiaries, engaged in the provision of financial services, one of which must be a bank. (GBN)
