New CEO, Odubiyi Acquires 100m Shares Of Sterling Holdco 

The newly-appointed Group Managing Director/Chief Executive Officer, Sterling Financial Holdings Company Plc, Yemi Odubiyi, has acquired 100m units of the shares of the lender.

According to the Nigerian Exchange Limited, Odubiyi purchased the shares in transactions that took place on the platform of the exchange between Monday and Wednesday.

The 100m shares were bought at N3.54 per unit, which brings the value of the deal to N354m.

Odubiyi was appointed the Managing Director of the HoldCo on June 27, 2023.

As of the end of the first half of 2023, Odubiyi held 4,341,618 units of shares directly. With his new acquisition, Odubiyi’s shareholding stands at 104,341,618 units.

This is coming days after a non-executive director in the Holdco and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, also increased his stake in the business with the purchase of 50m units in a deal worth N168m.

Suleiman bought the shares at the rate of N3.36 per unit.

In its half-year report, Sterling FHC revealed that Suleiman held a direct 0.91 percent stake in the company amounting to 262,668,608. With his latest acquisition, the bank’s managing director had increased his stake to 312,668,608 share units.

The shares of Sterling closed trading on the NGX at N3.44 per unit with 32,673,904 units traded on Wednesday.

Punch/Olusola Akintonde