E-Financial
Sterling Bank Carries Out Environmental Cleaning Exercises in 23 States Across Nigeria.
As part of its commitment to create a cleaner and safer environment for the citizenry and aquatic life under its Corporate Social Responsibility (CSR) initiative known as Sterling Bank Environmental Makeover (STEM), Sterling Bank Plc has recently carried out environmental cleaning exercises in 23 states across Nigeria.
L-R: Executive Director, Commercial and Institutional Banking, Sterling Bank, Mr. Tunde Adeola, Chief Executive Officer, Sterling One Foundation, Olapeju Ibekwe, Odenusi Olawale, Digital Marketing Communications Lead, Rite Foods, Chief Olumide Ilumo Oniru, Olopon of Iru Kingdom & the Otunba of Ilashe, General Manager, Corporate and Investment Banking, Sterling Bank, Mrs. Mojisola Bakare during a cleaning exercise at Oniru Beach to mark the World Recycling Day in Lagos recently.
The cleaning up exercises involved cleaning of markets, roads and beaches to commemorate the World Recycling Day, which held recently in every country in the world.
The exercises were simultaneously held in Ogun, Oyo, Osun, Kwara, Ondo, Ekiti, Kano, Jigawa, Kaduna, Abuja, Delta, Anambra, Edo, Abia, Imo, Rivers, Bayelsa, Akwa-Ibom, Gombe, Bauchi, Plateau, Katsina and Lagos.
More than 1,000 participated in the clean-up exercises; including staff of Sterling Bank and volunteers. In Lagos, it was executed in partnership with the Oniru Kingdom, Rite Foods, First Exploration and Petroleum Development Company, Bonnie Bio, Sterling One Foundation, Lagos State Waste Management Authority (LAWMA), African Clean Up Initiative and Lagos State Environmental Protection Agency (LASEPA).
Speaking at the beach cleaning exercise at Oniru Beach, Lagos, Mr. Abubakar Suleiman, managing director and CEO of Sterling Bank, said the bank embarked on cleaning exercises in 21 states out of the 24 states it is partnering with across the country.
The CEO who was represented by Mr. Tunde Adeola, executive director of Commercial and Institutional Banking at Sterling Bank remarked that, “We have been on this journey for more than 10 years. Every time, this happens, we have a cleaner and healthier environment.”
He said, “Sterling Bank is well positioned to do this,” adding that in the last two years, the bank has received recognition and awards for the initiative. According to him, Sterling Bank is also in the forefront of tourism in Lagos State.
Also speaking, Mrs. Mojisola Bakare, general manager, Corporate and Investment Banking with Sterling Bank said, “Sterling Bank is about impactful banking”, noting they believe that there is no way they will live on this earth without impacting on the environment, adding that for that reason, they have what is called the HEART of Sterling because they have strategically decided that they are going to impact specific areas of growth in the economy.
She said the HEART of Sterling stands for Health, Education, Agriculture, Renewable Energy and Transportation, adding that the head office in Marina, Lagos is being fitted with solar panels and soon it will be sustainably powered by the sun.
“It is very important that we take responsibility for our actions on the environment and preserve its beauty to boost the local economy and attract foreign tourists, and by extension, foreign exchange into the country,” Mrs. Bakare said.
Mrs. Uzamat Yussuf, Commissioner for Ministry of Tourism in Lagos State, said, “We are aware that Lagos is a place of aquatic splendour.” She said, “If we have water that is not well protected and
sustained, it is better we don’t have any of it at all and that is why it is important for us to sensitise the citizens of Lagos on the proper way to dispose wastes properly.
“When we do not dispose wastes properly, it becomes an issue for ourselves and the state at large because when the rain starts and all our drainages are blocked, then we continue to experience flooding. In developed countries, they sell their beaches to tourists and make huge money as well as increase level of employment for their people.”
The commissioner stressed the need for the citizenry to clean the beaches in a bid to encourage tourists to come and see what the state can offer, adding that the purpose of tourism is to create wealth; which ultimately will increase the GDP of the country. She implored all to continue to manage and dispose wastes properly in a bid to sustain the environment.
Abia State Commissioner of Transport, Mr. Godswill Uwanoruo, commended the management and staff of Sterling Bank for the cleaning exercise which started in the state since 2015.
He said, “I started this programme with them in 2015 when I introduced the bank’s team led by the incumbent CEO, Mr. Suleiman, who was the then Executive Director of Finance to the governor of the state, Dr. Okezie Ikpeazu.
“I am happy that they continued the programme by making sure that Abia State is clean,” Uwanoruo said.
He advised other banks in the country to emulate the good gesture of Sterling Bank because it is not an easy thing for members of staff of a company to leave their offices and go out to clean markets and roads.
The commissioner also advocated that the exercise be done monthly or quarterly instead of annually.
Mr. Iselema Gbaranbiri, commissioner of Environment in Bayelsa State, who graced the STEM event in the state noted that, “The state government is here with Sterling Bank to show the world that they are synergising and keeping Bayelsa clean.”
Also, Honourable Muktar Baloni, Chairman of the Kaduna North Local Government Area Council, said he was impressed by the level of consistency in Sterling Bank’s environmental cleaning exercise and would want to emulate the bank by directing officials in the local government to replicate what the bank is doing in the local government.
The World Recycling Day is celebrated across the globe every year on March 18th even as recycling is recognised as an important component of the United Nation’s Sustainable Development Goals (SDGs) 2030. It is estimated that the world generates over two billion metric tonnes of municipal solid waste and reusable items annually.
The theme of the year’s event is on the ‘Recycling Fraternity,’ which refers to people who put themselves on the frontline to collect waste and engage in recycling during the multiple lockdowns as a result of the Covid-19 pandemic.
In a bid to foster accurate public discourse as well as protect the stability of the financial sector, the Association of Corporate and Marketing Professionals in Banks (ACAMB) has stepped in to educate renowned content creator, Unofficial Osas, following his misrepresentation of facts concerning the Central Bank of Nigeria’s (CBN) recapitalisation drive, and subsequent invitation by the Nigerian Police Force.
ACAMB
The intervention by ACAMB led to the successful retraction of a misleading video regarding the CBN recapitalisation policy, demonstrating the Association’s commitment to its core mandate of public enlightenment.
In his official apology video, the content creator stated, “I was invited by the Nigerian police force national cyber crime centre in Abuja over the video I posted on the 15th of December, where i spoke about 12 banks that were shut down in relation to the CBN recapitalisation policy. I would like to offer an official retraction of that video and want to reiterate that no bank is shutting down.
“As a matter of fact, most of the banks have now met the ₦500 billion minimum capital base for banks with international and the N200bn for national banks recapitalisation requirements, so no bank is shutting down.
“I want to specifically appreciate ACAMB. They were very professional in handling this case and did well to educate and enlighten me on the recapitalisation process. I am now better informed and know better”
Commenting on the resolution, President of ACAMB, Jide Sipe, reinforced the Association’s dedication to protecting the integrity of the banking sector. “ACAMB stands for the restoration of professional banking ethics and public confidence through seamless information management and public enlightenment.
“We believe that an informed public is an empowered public. By engaging Unofficial Osas, we ensured that accurate information regarding the resilience and strength of our banks was disseminated to the millions of Nigerians who follow him.”
The Intervention shows ACAMB is dedicated to evolving strategies that enhance and sustain a good image for the nation’s banking sector as well as assist in fostering better banking habits among Nigerians.
E-Financial
FirstCap MD says Payment Security Remains Biggest Barrier to Bankable Gas and Power Projects
Ukandu E. Ukandu, Managing Director/CEO of FirstCap Limited, a leading investment banking firm and subsidiary of First HoldCo Plc., has reaffirmed that payment security remains the most decisive factor in determining whether gas and power projects in Nigeria secure financing.
He shared this perspective during a panel discussion on project bankability at the 2026 SPE Lagos Energy Week.
Ukandu noted that although several risks influence financing decisions, payment risk consistently emerges as the key barrier to financial close.
“Every major risk matter, but payment risk is the ultimate deal‑breaker. Without strong payment security and disciplined collections, no project can attract sustainable financing,” he said.
He explained that lenders typically evaluate three core risk pillars, payment reliability, foreign‑exchange exposure, and contract enforceability, with payment reliability presenting the greatest challenge across Nigeria’s energy value chain. Persistent collection inefficiencies, rising arrears, and liquidity pressures continue to weaken investor confidence.
To enhance payment security, Ukandu highlighted mechanisms widely used by financiers, including letters of credit, bank guarantees, escrow accounts with payment‑waterfall structures, reserve and sinking funds, sovereign or sub‑sovereign support, and take‑or‑pay offtake agreements.
Addressing foreign exchange risk, he noted that volatility remains difficult to manage, especially for projects with dollar‑denominated costs but naira‑denominated revenues. Lenders typically mitigate this through foreign exchange ‑linked tariff indexation, partial dollarisation for credible industrial offtakers, escrow protections, selective hedging, and foreign exchange reserve buffers.
However, he cautioned that indexation alone seldom eliminates exposure due to regulatory limits and timing delays.
On legal and regulatory certainty, Ukandu stressed the need for contracts that are enforceable and clearly structured, particularly around take‑or‑pay obligations, termination payments, step‑in rights, and dispute‑resolution frameworks. He added that factors such as tariff adjustments, licence changes, and price controls can significantly affect project viability if they are not fully addressed at the contracting stage.
While fiscal incentives such as tax holidays and accelerated depreciation can strengthen project economics, Ukandu emphasised that they cannot compensate for weak fundamentals.
“Incentives make a good project better, but they do not make a weak project bankable. Cash‑flow reliability and disciplined foreign exchange management must come first,” he said. He also noted that naira‑based incentives may lose value if project revenues are not indexed.
He concluded by urging industry players to prioritise revenue security from the earliest stages of project structuring: “Protect returns at the source. Build strong offtake arrangements with solid credit support and currency alignment to ensure cash is received in full and on time.”
Sterling Financial Holdings Company Plc (Sterling HoldCo) has begun allotting 12,581,000,000 ordinary shares of 50 kobo each at ₦7.00 per share from its 2025 Public Offer.
Sterling HoldCo
The process follows Central Bank of Nigeria (CBN) and Securities & Exchange Commission (SEC) approvals.
The offer, opened September 15, 2025, drew 18,280 applications for 16.84 billion shares worth ₦117.88 billion—109.79 per cent oversubscribed.
Valid applications from 18,276 shareholders totalled 13.81 billion shares; all compliant applicants receive full allotments.
Refunds for rejects/excess, plus interest, process via RTGS/NIBSS by February 17, 2026, handled by Pace Registrars Limited.
Shares credit to CSCS accounts by the same date; new accounts held in pool pending documentation.
The raise bolsters capital for banking subsidiaries, injects ₦10 billion into SterlingFI Wealth Management to meet SEC rules, and funds credit expansion, innovation, and support for businesses/households.
Strong Financials, Diversified Growth
FY25 interim results show 99 per cent profit before tax growth; gross earnings up 46 per cent to ₦476.5 billion; assets at ₦3.92 trillion; deposits up 18 per cent to ₦2.98 trillion; shareholders’ funds up 39 per cent to ₦424 billion.
Cost-to-income ratio improved to 63 per cent from 72 per cent.
Subsidiaries—Sterling Bank Limited (conventional), The Alternative Bank Limited (non-interest, 150+ branches)—comply with CBN capital rules.
Initiatives include Mata Zalla (women tricycle training) and Plateau agriculture programme.
The offer attracted first-time retail investors, broadening ownership.
Sterling HoldCo welcomes new shareholders, poised for sustained growth and economic impact.
ABoICT Lecture 2026 to Focus on Impact of AI, IoT on Business Operational Efficiency
Leo Stan @ 70: Blessed and Bruised by Country, Eyes Next Disruption
IXPN Positions as the Regional Internet Exchange Hub for West Africa
Pheelz Shares His Journey on Glo-Sponsored African Voices
AI-Driven Memory Chip Fuels Global Phone Price Surge
Nigeria’s 9 Top FinTech Firms Valued at $10.6Bn in January 2026
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals
CBN Upgrades Licences of Opay, Moniepoint, Kuda, Palmpay, Paga to National Status
NITDA, NBC Explore Strategic Collaboration on Digital Transformation, Media Regulation
Accidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake
Telecom2 days agoBanks, Telcos Settle Four-Year Dispute over N300Bn USSD Debt
General News2 days agoHow JustMarkets Is Empowering African Traders with Global Market Access
E-Financial2 days agoACAMB Educates Content Creator to Curb Misinformation on Bank Recapitalisation
Telecom2 days agoGroup Condemns Gabon’s Social Media Shutdown Amid Protests
General News3 days agoPalmPay Unveils First Batch of Winners in #LoveWithPalmPay Campaign
E-Business2 days agoMutual Benefits Assurance Settles ₦5.9bn Claims in January 2026
E-Financial3 days agoFirstCap MD says Payment Security Remains Biggest Barrier to Bankable Gas and Power Projects
Telecom2 days agoIXPN Positions as the Regional Internet Exchange Hub for West Africa