In a recent statutory meeting held in Lagos, shareholders of Sterling Financial Holdings Company Plc lauded the board and management for their exceptional performance, successful transition into a holding company structure, and diversification of the group’s business lines, resulting in impressive earnings.
The hybrid meeting, combining both physical and online attendance, witnessed unanimous approval of the adoption of the statutory report, presented by the shareholders of the holding company, as the primary motion of the day.
Chairman of the board, Yemi Adeola, expressed gratitude to the shareholders for their unwavering support during the company’s transition to a financial holding company. He highlighted the launch of The Alternative Bank, Sterling HoldCo’s ethical banking subsidiary, as a significant contributor to increasing shareholder value.
Group CEO of Sterling Financial Holdings Company, Yemi Odubiyi, emphasized the possibilities stemming from the company’s transformation, including diversification into other business lines alongside the existing commercial and ethical banking licenses.
During the meeting, Dr. Faruk Umar, President of the Association for the Advancement of the Rights of Shareholders (AARNS), commended the transition, foreseeing Sterling’s expansion into other sectors of the Nigerian economy.
Dr. Umar praised the successful launch of The Alternative Bank (TAB) across Lagos, Abuja, and Kano, acknowledging its potential profitability. He also applauded Yemi Adeola’s contributions to Sterling Bank during his tenure as CEO and expressed confidence in the group’s growth under his leadership.
Furthermore, Dr. Umar commended the Company Secretary, Mrs. Temitayo Adegoke, and the Chairman of the Statutory Audit Committee, Alhaji Mustapha Jinadu, for their effective communication with shareholders throughout the transition process.
The shareholders’ voices echoed similar sentiments, with emphasis on the need for robust risk management, diversification of earnings, and leveraging the financial landscape for comprehensive services.
With the Holdco structure now operational, Sterling is poised to explore diverse sectors within financial services, including pensions, asset management, payment services, and real estate, in addition to the existing banking licenses held by Sterling Bank and The Alternative Bank, operating as limited liability companies within the publicly traded holding entity.
This strategic transition into a holding company empowers Sterling to effectively manage equity investments in multiple subsidiaries engaged in financial services, elevating its potential for a more comprehensive market presence and impact.