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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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SiBAN Partners Vontech to Strengthen Nigeria’s Blockchain Ecosystem with $100,000 AWS Cloud Support for Startups

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The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) is proud to announce a strategic partnership with Vontech, an AWS Advanced Consulting Partner, to advance blockchain innovation and capacity building across Nigeria’s digital economy.

Through this collaboration, blockchain startups and developers in Nigeria will gain access to $100,000 in AWS Cloud credits, empowering them to build, scale, and optimize solutions that leverage cloud infrastructure and artificial intelligence.

This partnership represents a significant milestone in SiBAN’s mission to create an enabling environment for blockchain adoption, regulatory engagement, and sustainable innovation within the country. By connecting local builders with global technology resources, SiBAN continues to champion a future where Nigerian blockchain projects can compete and collaborate on a global scale.

“At SiBAN, our vision is to make Nigeria one of the safest and most vibrant blockchain ecosystems in the world. This partnership with AWS and Vontech reflects our commitment to equipping our members and startups with the technical foundation needed to innovate confidently and grow sustainably,” Obinna Iwuno

SiBAN invites blockchain founders, startups, and ecosystem enablers to join its growing network of innovators, regulators, and investors working together to strengthen Nigeria’s digital asset and Web3 landscape.

By becoming a SiBAN member, you gain access to training programs, international partnerships, policy advocacy, and exclusive opportunities like this AWS initiative designed to drive real impact across the blockchain sector.

 


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UK Launches Phase Two of Nigeria–UK PACT Fund to Boost Clean Energy and Climate Action

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United Kingdom has officially launched Phase Two of the Nigeria–UK PACT (Partnering for Accelerated Climate Transitions) Fund, unveiling a new package of support aimed at powering Nigeria’s clean energy transition and climate resilience.

The announcement was made at the UN Climate Change Conference (COP30) in Brazil, where the UK government revealed eight new technical assistance projects and five expert deployments designed to help Nigeria implement its Nationally Determined Contributions (NDCs) and achieve net-zero emissions by 2060.

UK PACT is a flagship programme under the UK Government’s International Climate Finance portfolio, jointly managed by the Foreign, Commonwealth and Development Office (FCDO) and the Department for Energy Security and Net Zero (DESNZ).

It operates across Africa, Asia, and Latin America, providing technical assistance, capacity building, and knowledge exchange to support climate commitments and inclusive transitions.

Launched in 2021, the Nigeria–UK PACT Fund has supported Nigeria in strengthening climate governance, mobilising finance, and implementing clean energy and nature-based solutions aligned with the country’s Energy Transition Plan, Climate Change Act, and NDCs.

The new portfolio focuses on two key areas: clean energy transition and climate policy and governance.

Five clean energy projects will scale up decentralised renewable energy solutions, enhance energy sector institutions’ capacity to integrate renewables, and create market-enabling environments to attract private investment.

Implementing partners include Landell Mills, Africa PPP Advisory Services, Mercy Corps, Wayne Energy Consult, and Glasgow Caledonian University.

Three climate policy and governance projects will build institutional capacity, improve data systems for evidence-based policymaking, and foster policy frameworks to encourage private sector innovation.

Expert deployments will support the Nigerian Electricity Regulatory Commission (NERC), Rural Electrification Agency (REA), and National Council on Climate Change (NCCC). Partners include the Greenhouse Gas Management Institute, Perspectives Climate Research gGmbH, and University of York.

The projects are expected to enhance climate data tracking, facilitate small-scale hydropower deployment, strengthen Nigeria’s climate negotiation skills, and unlock over $8 billion in private investment for renewable energy in the healthcare sector.

The UK government said these efforts form a foundation for deeper engagement in Nigeria’s journey to net zero.


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AfriTECH 5.0 and ATAEx Awards Light Up Lagos Today

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The anticipation is electric. Tomorrow, November 13, 2025, the grand halls of the Oriental Hotel, Lekki, will pulse with innovation, ideas, and inspiration as Africa’s brightest technology minds gather for the Africa Tech Alliance Forum (AfriTECH) 5.0 and Africa Tech Alliance Excellence (ATAEx) Awards.

From 9:00 AM (WAT), industry leaders, regulators, investors, and digital disruptors will converge under one compelling theme: “AI and Sovereign Tech: Building Africa’s Digital Independence.”

At a time when artificial intelligence is transforming global industries, AfriTECH 5.0 stands as a rallying point, a call to Africa to own its narrative, shape its technologies, and build sustainable digital systems powered by homegrown innovation.

“This isn’t just another tech conference,” says Chike Onwuegbuchi, Co-Convener of AfriTECH 5.0. “It’s where bold ideas meet real impact, where Africa’s digital journey is redefined through collaboration, vision, and courage.”

The stage will welcome a constellation of thought leaders including Dr. Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC), Dr. Vincent Olatunji, national commissioner, Nigeria Data Protection Commission (NDPC), Prof. Obadare Peter Adewale, founder/Chief Visionary Officer, Digital Encode Ltd., George Agu, Group President, ActivEdge Technologies, Engr. Ikechukwu Nnamani, CEO, Digital Realty Nigeria, Muhammed Rudman, CEO, Internet Exchange Point of Nigeria (IXPN), and Dr. (Mrs.) Ebehijie Momoh CEO, AfriGOPay Financial Services Limited.

Others are; Tokunboh George-Taylor, CEO, SKOT Communications, Mr. Chidi Okpala, Personal Branding Expert, Mr. Chudi Ajuzie, Group CEO, WTES Ltd, and John Itodo, AI & Tech Innovator for Emerging Markets.

This year’s event goes beyond speeches; it’s a story of Africa’s awakening. The Fireside Chat, hosted by Lagos Blockchain Week, featuring: Chukwuemeka Enoch Mbaebie, convener, Lagos Blockchain Week, Senator Ihenyen, lead partner at Infusion Lawyers, and past President of SiBAN, and Damilare Aregbesola, West Africa Lead – Coinbase, will ignite conversations around blockchain, transparency, and the continent’s march toward decentralized governance.

And when the day turns to mid-day, the spotlight shifts to the Africa Tech Alliance Excellence Awards (ATAEx), a celebration of excellence, honoring individuals and organizations shaping Africa’s digital destiny.

Supported by Digital Encode (Platinum Sponsor), alongside itel, SKOT Communications, Tecom, AfriGoPay, Tizel Cybersecurity, and ActivEdge Technologies, AfriTECH 5.0 is powered by a shared vision: to make Africa’s digital future truly sovereign.

Backed by over 15 media outlets including, AriseTV, TechTrends.Africa, TechBuild.Africa, RavenewsOnline.com, NigeriaCommunicationsWeek.com.ng, GrassRoots.ng, ITPulse.com.ng TechnologyMirror.com.ng, DigitalTimesng.com, CyberEra.com.ng, TechnologyMirror.com.ng ITRealms.com.ng, SwiftReporters.com, BusinessRemarks, BusinessMetricsng.com, TechandBizNews, amongst others, attendance to AfriTECH 5.0 is free, but registration is required. For virtual participants, join live via this link.


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