Sterling CEO increases stakes in company in N160m deal

Abubakar Suleiman, the Chief Executive Officer of Sterling Financial Holdings has increased his stake in the company with the purchase of 19,684,442 share units valued at N160.6 million.

The transaction as disclosed in a filing on the Nigerian Exchange, showed that the units were purchased on August 6, 2025, at N8.16 per share.

Before the purchase, Suleiman held 580.3 million units, representing 1.11 per cent of the company’s share capital, as stated in Sterling’s recently released financial statements.

With the latest acquisition, his total shareholding has risen to 600 million units, now amounting to 1.15 per cent, making him the second-largest director shareholder after Mr. Yemi Odubiyi, who holds 707.9 million units or 1.36 per cent.

Suleiman’s move follows two other significant share purchases made since the company released its half-year financials on July 30, 2025.

These acquisitions by the directors of Sterling HoldCo followed the announcement of a public offer in a matter of weeks as the holdco seeks to meet the new capital threshold set by the Central Bank of Nigeria.

In a statement accompanying the release of its half-year financial report, said, “The group is set to enter the public phase of its capital raising programme in the coming weeks, aiming to close the N53bn recapitalisation gap of Sterling Bank and further strengthen the institution’s capacity for sustained growth across its diversified income streams.

“This public offer is the first phase of the US$400m capital raising programme approved by Sterling Holdco’s shareholders at its Annual General Meeting, which was held on the 30th of June 2025.”

The group had raised about N100bn via private placement and rights issue in the past, which it said enabled the full recapitalisation of Alternative Bank (its ethical banking subsidiary) and strengthened the capital base of Sterling Bank, its flagship subsidiary.

Also, Temitayo Adegoke, the Chief Operating Officer, acquired 5.7 million shares worth N39.4 million, while Seven Degrees North Limited made an indirect purchase of 20.8 million units valued at N141.5 million.

Sterling Financial Holdings delivered a strong performance in the first half of 2025, with pre-tax profit rising to N45.5 billion, well above the N17.3 billion reported in the same period last year.

This growth was largely driven by a surge in interest income, which climbed 38.29 percent to N167.1 billion from N120.8 billion in H1 2024.

A significant portion of this came from loans and advances to customers, contributing N115.4 billion.

Although income increased, interest expenses rose only slightly by 10.2 percent to N69.7 billion, allowing net interest income to reach N97.4 billion, nearly twice the N57.5 billion recorded the previous year.

The bank also saw solid improvements in other income streams.

Net fees and commissions rose by 45 percent to N22 billion, net trading income edged up by 5percent to N13 billion, and ‘other operating income’ jumped 178.62 percent to N10.3 billion.

These gains pushed operating profit to N142.8 billion, up from N88.9 billion in the first half of 2024, helping boost overall profitability despite higher expenses.

Sterling’s balance sheet also expanded, with total assets growing to N4.08 trillion from N3.5 trillion, and retained earnings rising 51.54 percent to N95.5 billion.

Beyond its strong financials, the company also shows positive momentum on the stock market.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE