Sterling GMD, directors acquire N514m new shares

Bisola David
Bisola David
Sterling GMD, directors acquire N514m new shares

The Sterling Financial Holdings Company Limited’s directors have persisted in buying up their shares, demonstrating their belief in the financial institution’s ability to survive.

The Punch reported that the most recent insider trading transactions made by four of the Holding Company’s directors, including the  Group Managing Director and Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi, revealed that more than 500 million naira was used to purchase 155,837,316 ordinary shares of the company on August 31, 2023, in the secondary market of the NGX Ltd.

The price of the shares was N3.30 per unit, or N514, 263,142.8.

A Non-Executive Director of Sterling Financial Holdings firm Limited, Abubakar Suleiman, was responsible for about 32.7% of the total transactions, increasing his ownership of the firm by 50,874,649 ordinary shares in a single day. He invested over N167.89 million in the shares.

Odubiyi came in second place to Abubakar in terms of the number of transactions made by the directors on HoldCo shares on August 31, 2023, with 23.9 percent. A total of 37,170,335 ordinary shares valued at N3.30 each were acquired by the GMD/CEO, totaling about N122.62 million.

Executive director of Sterling Bank Limited, Tunde Adeola, a subsidiary of Sterling Financial Holdings Company Limited, invested N111.86 million to purchase 33,896,166 more units of shares to expand his ownership. The exchange that occurred on the secondary market of the NGX Ltd on August 31, 2023, was priced at N3.30 per unit.

Additionally, the Executive Director of Sterling Bank Limited, Raheem Owodeyi, invested in the holding company’s shares on the same day, spending about N111.86 million on 33,896,166 common shares at N3.30 each, or 21.8 percent of the total insider trading by the four directors on August 31, 2023.

Sterling Financial Holdings Company Limited’s company secretary, Temitayo Adegoke, informed the Nigerian Exchange Limited of the secondary market transactions that took place on August 31, 2023.

The profits figures for the second quarter and the six months ending June 30, 2023, were released by Sterling Financial Holdings Company Plc. Net interest income for the second quarter was N22.98 billion, up from N16.85 billion in the prior quarter. Compared to N4.47 billion a year ago, net income was N6.63 billion.

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