Abubakar Suleiman increases stake in Sterling to 1.23%

Abubakar Suleiman, who serves as a Non-Executive Director at Sterling Financial Holdings Company Plc, has recently invested N27 million to acquire an additional 7,882,228 shares in the company. This significant transaction was officially disclosed through a statement on Directors’ Dealings. The announcement was signed by Temitayo Adegoke, the Company Secretary, and subsequently sent to the Nigerian Exchange.

Suleiman’s purchase of these 7,882,228 shares accounts for approximately 0.03% of the company’s total outstanding shares.

Increase in the number of shares.  

The Tier-2 Bank revealed that Abubakar Suleiman acquired 7,882,228 units of shares at N3.47 per share. 

This new acquisition increases his number of direct shares from 345,248,938 units as of 18th August 2023 to 353,131,166 units or 1.23%. 

The company also revealed that the transaction was done between 29th and 30th of August 2023. 

What You Should Know  

The Company reported its 2023 second-quarter results showing pre-tax profits grew by 44.40% year on year, reaching N7.044 billion. This took half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year. 

The growth in pre-tax profit was driven by substantial growth in net interest income, net fees, commission income, and net trading gains. 

Although the bank experienced a growth in pre-tax profit, it recorded a substantial increase of 136% in the impairment charge on loans. 

This increase directly contributed to the 12.30% growth in credit loss expense on financial assets during the period.