15/4/2016/Sterling bank

Culled—–Proshare

In recognition of its excellent risk management practices, Sterling Bank was conferred with the award for the Best Bank in Nigeria in the Banking and Investment Services category of the Nigeria Risk Award (NRA) for 2015. The Award was presented to the Bank last weekend at Nigerian Economic & Social Risks Summit which held in Lagos.

This Award is coming barely one month after the One-Customer Bank emerged tops among Nigerian banks in the Lafferty Bank Quality Ratings. Sterling Bank beat other banks, insurance companies and other players in the financial services sector that submitted entries to win the Risk Award.

The Bank’s Executive Director, Finance & Strategy, Mr. Suleiman Abubakar in a statement made available to newsmen in Lagos, assured that the Bank will continue to put the necessary structures in place to ensure adequate risk management in the Bank and serve as a reference in risk management practice in the industry.

His words: “Sterling Bank is committed to best practice in risk management. This informs why we have continued to fortify our Risk Management team and provide adequate training programmes to ensure that they are up-to-date in current risk management practices worldwide.”

The Award, according to the Bank’s Director will serve as a morale booster for the Bank to further improve its risk management processes and sustain its leadership position; adding that the Award is based on the Bank’s commendable risk management practices and the entrenchment of a risk management culture within the Bank. “Over the years Sterling Bank has demonstrated its commitment to a sound, safe and stable financial institution through efficient management of risk”, Suleiman noted.

The Joachim Adenusi-led Conrad Clark Nigeria (CCN) Ltd, organizers of the Award is the pioneer dedicated risk management award for Enterprise Risk Management activities in Nigeria. The organization which is affiliated with the Institute of Risk Management, United Kingdom was set up to recognize organizations with impressive Enterprise Risk Management practices in the country.

Since the maiden edition, the one-customer bank has consistently maintained a commendable position in the Banking and Investment Services category of the Risk Award, with the “Highly Commended” position in 2013 and a “1^st Runner Up” position in 2014.

Meanwhile, the 54^th Annual General Meeting (AGM) of Sterling Bank Plc will hold on Tuesday, April 19, 2016 at the Eko Hotel & Suites, Plot 23, Adetokunbo Ademola Street, Victoria Island, Lagos at 10.00 a.m.

The Bank in a statement signed by the Company Secretary, Justina Lewa said that the shareholders at the meeting will receive the Audited Financial Statements for the year ended 31st December, 2015, together with the Reports of the Directors, Auditors and the Audit Committee; declare a Dividend; elect/re-elect Directors; approve the remuneration of the Directors; authorize the Directors to fix the remuneration of the Auditors and elect members of the Audit Committee.

A key item on the agenda for the AGM is the proposed dividend of N2.6 Billion which if approved would be paid to the expectant shareholders. The dividend represents a 50 percent increase over the sum approved and paid to shareholders at the end of the 2014 financial year.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Sterling Bank Plc said on Monday its pretax profit for the period ended December 31, 2015 grew 2.50 percent to N11.016 billion from N10.747 billion posted a year ago.

In the same vein, profit after tax (PAT) of the lender increased 14.30 percent to N10.292 billion from N9.004 billion in the same period of 2014.

Gross earnings of Sterling Bank grew from N103.67 billion in 2014 end to N110.19 billion in the review period of 2015; showing a growth of 6.28 percent, the lender said in a filing with the Nigerian Stock Exchange (NSE).

The lender proposed a nine (9) kobo per share dividend payment to its investors compared to six (6) kobo paid in 2014; showing an increase of 50 percent in the review period.

Sterling Bank says qualification date is April 1, 2016; while closure date has been scheduled for between April 4 and April 8, 2016.

The lender says Annual General Meeting (AGM) and payment dates will be April 19, 2016 respectively.

Click here to download Sterling Bank Plc full year results 2015

The post Sterling Bank Says 2015 Pretax Profit up 2.50%, Offers 9 Kobo per share Dividend appeared first on Investadvocate.

By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-President Muhammadu Buhari on Monday named Tijjani Mohammed Abdullahi as the new director general (DG) (Budget), who replaces Yahaya Gusau, the current DG.

This is coming on the heels of controversies surrounding the  proposed 2016 budget for Nigeria which is presently before the national assembly.

A statement from the Presidency signed by Femi Adesina, the special adviser to the President, (Media & Publicity) announced the appointment of Abdullahi as the new DG of Budget.

According to the statement, he is a fellow of the Certified National Accountants of Nigeria and a banker of repute with experience in managing public finance.

“The new Director-General (Budget) is expected to work with the Minister of Budget and National Planning to efficiently deliver on the mandates of the Budget Office of the Federation,” the statement added.

Similarly, the statement announced that appointment of Ben Ifeanyi Akabueze as the special adviser on Planning to the Minister of Budget and National Planning.

Akabueze is the immediate past commissioner for Economic Planning and Budget in Lagos State and has worked in seniour management positions in Citi Bank, Fidelity Bank, United Bank for Africa, NAL Merchant Bank, Sterling Bank and BIA Consulting Limited, among others.

He is Fellow of the Chartered Institute of Bankers; Fellow, Institute of Credit Administrators and Honorary Fellow, Chartered Institute of Bankers.

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