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Shareholders Unanimously Approve Holding Company Structure for Sterling

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L-R: Non Executive Director, Sterling Bank PLC, Tairat Tijani; Managing Director / Chief Executive Officer, AbubakarR Suleiman; Chairman, Asue Ighodalo; and Company Secretary of the Bank, Temitayo Adegoke, at a Court Ordered meeting of the bank in Lagos on Monday.
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Shareholders of Sterling Bank Plc unanimously voted in favor of the creation of a new non-operating holding company (HoldCo) to hold the shares in its commercial banking operation as well as the shares of a newly incorporated subsidiary, The Alternative Bank Limited, which will operate as a Non-Interest Banking (NIB) business.

L-R: Non Executive Director, Sterling Bank PLC, Tairat Tijani; Managing Director / Chief Executive Officer, AbubakarR Suleiman; Chairman, Asue Ighodalo; and Company Secretary of the Bank, Temitayo Adegoke, at a Court Ordered meeting of the bank in Lagos on Monday.

At the end of a court-ordered meeting in Lagos yesterday, the shareholders gave the approval for the carve out and transfer of the Bank’s non-interest banking business to The Alternative Bank Limited, under a proposed scheme of arrangement between Sterling Bank Plc and the holders of its fully paid-up ordinary shares of 50 kobo each.
All the shareholders who attended the meeting approved the initiative and commended the foresight of the directors. They also advised the board and management to work hard to nurture new businesses in a bid to enhance the growth of the holding company.
Addressing shareholders at the meeting, Chairman of Sterling Bank, Mr. Asue Ighodalo said under the new arrangement, the assets, liabilities, and undertakings of the non-interest banking business will be carved out of the Bank and transferred to The Alternative Bank Limited.
Ighodalo said, “Following the implementation of the scheme, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank, which will be a regulated entity for CBN purposes.”
Under the evolving scenario, the HoldCo will be registered as a public company and Sterling Bank Plc will be delisted from the Daily Official List of the Nigerian Exchange Limited (NGX) and the Holdco will be listed in its stead and the Bank (Sterling Bank) will subsequently be re-registered as a private limited liability company.
The Chairman added that the scheme would provide several benefits to the shareholders of the Bank, some of which include facilitating diversification into other permissible business lines, thereby promoting growth and enhancing shareholder value and facilitation of a consolidated financial strength of the group, which will improve access and ability to raise capital.
He explained that the proposed restructuring will ensure that the Bank’s retail depositors are not exposed to the risks associated with the other activities of the rest of the group and the HoldCo structure will provide the subsidiaries with access to group-wide expertise of the parent company model.
He said the HoldCo structure will also allow the Bank to focus solely on its core operations as against the burden of providing oversight and managing other subsidiaries, adding that it will not result in any adverse changes to the rights and ownership of existing shareholders of the Bank.

 


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Fortune Global Shipping Aims to Transform Nigeria’s Business Landscape

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Fortune Global Shipping and Logistics Limited is set to transform the business landscape of the logistics industry through services in oil and gas logistics, project cargo and lots more.

Managing Director and Chief Executive Officer of the company, Dr. Eric Opah, in a statement said the organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.

In the statement tagged, “Plans for 2025: Global Business Expansion, Exciting Benefits for Customers Top the List,” Opah said he remains committed to upholding and promoting global standards and will stop at nothing in providing value added services to support clients and help them thrive this year.

He said: “The organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.

“Much more, the number one Africa logistics partner has reiterated the commitment to provide innovative and ‘value-centric’ services in oil and gas logistics, project cargo and lots more.

“We remain committed to upholding and promoting global standards and will stop at nothing in providing value added services to support our clients and help them thrive this year.”


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Investing in Innovation Africa Shifts Focus to Growth-stage Startups in Response to US Aid “stop-work” Directive

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Investing in Innovation Africa (i3), a pan-African initiative for startups building the future of healthcare supply chains, has made a pivotal change to its third cohort selection to prioritize the immediate support for between five and seven growth-stage companies building the future of pharmacy care in Africa.

Funded by the Bill & Melinda Gates Foundation and sponsored by MSD, Cencora, Endless Foundation, HELP Logistics, Sanofi’s Global Health Unit and Chemonics, i3 is dedicated to facilitating the commercialization of promising early- and growth-stage companies.

Selected startups receive introductions to leading potential customers in industry, donor agencies and governments, grant funding, and tailored investment readiness support from leading accelerators Villgro Africa, IMPACT Lab, Startupbootcamp Afritech, and CcHUB.

This comes in response to the United States (US) State Department’s “stop-work” directive for foreign aid issued on January 25, which is anticipated to impact the distribution of essential medicine in Africa’s healthcare supply chains.

The order highlights and intensifies the need for locally-driven, market-creating approaches to health product distribution and service delivery across Africa.

 


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Fidelity Bank to Launch Dedicated SME Hub for Small Businesses and Creative Entrepreneurs

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Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


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