Sterling GMD, Directors Buy More Shares As Company’s Value Rises by Over N69bn in 8 Months

• Sterling Financial Holding has announced that some of its directors have purchased more shares in the company
• The directors include the Group Managing Director, Executive Director, and Non-Executive Directors
• Sterling has been one of the best-performing bank stocks on the Nigerian Exchange, which has helped its value rise by over N69bn from January to August 2023

Sterling Financial Holdings, the parent company of Sterling Bank, has announced that more of its directors have bought additional shares.

The latest deals were carried out by four directors, one of whom is Yemi Odubiyi, the Group Managing Director and Chief Executive Officer.

In a statement submitted to the Nigerian Exchange, the four sterling holdings executives spent N514.2 million to increase their stakes in the company, Punch reports.

The shares were priced at N3.30 per unit.

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Breakdown of the director's dealings

A non-executive director, Abubakar Suleiman, made the biggest transaction as he bought 50,874,649 ordinary company shares in one day for N167.89 million.

Following behind is Yemi Odubiyi, the company's GMD, as he spent N122.62 million on the same day to acquire 37,170,335 ordinary shares at N3.30 per unit.

Also, Tunde Adeola, an Executive Director at Sterling Bank Limited, a Subsidiary of Sterling Financial Holdings Company Limited, paid N111.86 million to add 33,896,166 units of shares to increase his shareholding.

Raheem Owodeyi, the Executive Director of Sterling Bank Limited, splashed about N111.86 million on 33,896,166 ordinary shares at N3.30 per unit.

Sterling Bank's market value increase

Sterling remains one of the best-performing financial institutions on the Nigerian exchange.

From the start of 2023 to date, the company's value has increased by N69.37 billion, thanks to a 168.53% rise in its shares, which have gone from N1.43 on January 3 to N3.84 at the close of trading on Friday, September 8, 2023.

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List of Nigeria's biggest banks by assets

Meanwhile, in another report, the biggest commercial banks in Nigeria have been ranked according to their assets.

Access Bank leads the table, while Wema Bank is in the 11th position with N1 trillion assets as of the end of 2022.

A solid asset base indicates that a business has resources it can use to generate revenue and profits.

Source: Legit.ng