Tag "Sterling Bank"

    Sterling Bank sets aside N20bn for SME loans

Sterling Bank sets aside N20bn for SME loans

Sterling Bank says it has set aside N20 billion to disburse as loans to entrepreneurs and owners of micro, small and medium-scale enterprises.Addressing journalists at the bank's headquarters in Lagos on Tuesday, Benedicta Sadoh, the bank's group head for retail assets and liability, said the loans are not targeted at importers.Sadoh explained that some of the loans will be made [...]

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    Sterling Bank sets aside 10% of loan portfolio for agric financing

Sterling Bank sets aside 10% of loan portfolio for agric financing

Yemi Odubiyi, executive director of corporate and investment banking at Sterling Bank, says the bank has dedicated 10% of its entire loan portfolio to agricultural financing.Odubiyi made this known to journalists at a press conference on Tuesday while discussing the bank's upcoming agricultural summit.The director said Sterling Bank is committed to assisting the farming business so as to sustain food [...]

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    Sterling Bank: Rebuilding profit despite high cost of funds

Sterling Bank: Rebuilding profit despite high cost of funds

Sterling Bank is feeling the pain of rising interest expenses that consumed more than all the increase in interest income at the end of half year operations in June 2018.Management is however maintaining the course of rebuilding profit for the second year from a 50% drop it experienced in 2016.A sharp drop on credit loss expenses and a strong growth [...]

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    TRENDING: Nigerian banks ‘troll’ one another in Twitter #BankWars

TRENDING: Nigerian banks ‘troll’ one another in Twitter #BankWars

Nigerian banks are in the middle of Twitter war, and it's not about their activities and services.A few top banks have been entertaining Nigerians all weekend with swinging jibes on the social media platform.On Friday, Sterling Bank Plc tweeted a photo in which it tacitly carpeted a few prominent banks without mentioning their names.The clever tweet generated a lot of reactions [...]

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    NSE fines seven banks for delayed financial results

NSE fines seven banks for delayed financial results

The Nigerian Stock Exchange has fined seven financial institutions for not filing their financial results before the regulatory due date.According to the listing rules provided by the stock exchange, companies are expected to submit their financial year-end result latest by 90 days after the end of each year.Quarterly results are also expected to be submitted at most 60 days after [...]

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    Sterling to microfinance bank: Show proof of N219m fixed deposit

Sterling to microfinance bank: Show proof of N219m fixed deposit

The management of Sterling Bank says Ohha Microfinance Bank should provide records of the N219 million fixed deposit it claims to have made with it.In a letter seen by TheCable, the bank said it had carried out a "comprehensive investigation of the alleged fixed deposit transactions" and found no records of the alleged transactions.The Enugu microfinance bank, through its lawyers, [...]

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    INVESTIGATION: How Sterling Bank illegally sold a customer’s collateral — for peanuts

INVESTIGATION: How Sterling Bank illegally sold a customer’s collateral — for peanuts

Grant Properties Ltd accuses Sterling Bank of illegally selling its collateral for an N8 billion loan, but the bank denies any wrongdoing. However, the role of the Asset Management Corporation of Nigeria (AMCON) has come under scrutiny, FEMI OWOLABI reportsSterling Bank, the "one-customer bank", has one customer giving it sleepless nights over a loan that not only went bad but has [...]

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    STEM, Sterling Bank’s cleaning initiative, to hit 8 cities on Saturday

STEM, Sterling Bank’s cleaning initiative, to hit 8 cities on Saturday

Sterling Bank is set to hold the 2017 edition of its Sterling Bank Environmental Makeover (STEM), a corporate social responsibility initiative.Launched eight years ago as a cleaning exercise promoting sanitation and hygiene, STEM has evolved into a national force championing the cause of the environment.It presently covers public enlightenment campaigns, partnership with waste management agencies in 14 states, tree planting [...]

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    Sterling Bank, Olamide excite Lagosians with clean flash mob

Sterling Bank, Olamide excite Lagosians with clean flash mob

Flash mob of street sweepers toured the city of Lagos recently, doing choreographed dances while "cleaning" on the go.Aptly named Skate and Clean, the youthful and colourful team of street sweepers on skates were led by music star Olamide Adedeji better known as Olamide Baddo.They wore and added class to the bright orange overall uniform of the Lagos Waste Management [...]

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    Court freezes 21 accounts linked to Stella Oduah

Court freezes 21 accounts linked to Stella Oduah

A Lagos federal high court has restrained Stella Oduah and Sea Petroleum and Gas Company Limited, from making any withdrawal from its account and those of three other companies domiciled with 21 banks.The other companies include: Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.The court issued the orders over an alleged indebtedness of the defendants [...]

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    Sterling Bank launches campaign to aid schools in Nigeria

Sterling Bank launches campaign to aid schools in Nigeria

Sterling Bank Plc has launched its Back-To-School Campaign, to relief parents, guardian, teachers and proprietors of schools in Nigeria.According to the bank, the campaign is aimed at providing succor for all stakeholders in the sector as schools resume in September.The primary target for the campaign are the primary and secondary schools (administrators, owners and teachers) while the secondary audience are [...]

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    EFCC raids Access Bank’s head office

EFCC raids Access Bank’s head office

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday afternoon raided the head office of Access Bank in Victoria Island, Lagos.The anti-graft agency, which has been carrying out investigations on alleged abuse of funds under the last administration, extended its dragnet to the banking sector recently.TheCable understands that Herbert Wiwge, the group managing director, was picked by the operatives [...]

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See how much your bank paid for flouting CBN rules

Six commercial banks paid N392.77 million in fines to the Central Bank of Nigeria (CBN) in 2013 for contravening various aspects of Banks and Other Financial Institutions Act (BOFIA), it has been revealed.The penalised banks are Diamond Bank, Zenith Bank, Skye Bank, UBA, First City Monument Bank (FCMB) and Sterling Bank.According to NAN, a breakdown of the figures contained in [...]

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Exchange Rates

December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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