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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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Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

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Nigerian Army has acquired additional drones and other advanced force multipliers to strengthen surveillance operations, improve target acquisition, and enhance precision strike and casualty evacuation capabilities.

Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), said that the new drones will boost surveillance, precision strikes.

Shaibu, who disclosed this in a statement shared via the Nigerian Army’s official X handle, noted that the conference provided a platform for critical assessment of ongoing operations and the development of forward-looking strategies to address Nigeria’s evolving security challenges.

He said deliberations at the Nigerian Army Conference Centre, Asokoro, focused on sharpening operational responses, strengthening training frameworks and adapting to the demands of modern security warfare.

According to him, the resolutions reached are aimed at building a more agile, combat-ready, technologically driven and mission-oriented force capable of responding effectively to emerging threats.

A key highlight of the reforms is the Army’s increasing investment in modern warfare technology, including the acquisition of additional tactical drones and the reconfiguration of Army aviation assets for combat roles.

Shaibu explained that these developments have significantly enhanced intelligence gathering, precision targeting, operational mobility and casualty evacuation across various theatres of operation.

He also highlighted ongoing improvements in recruitment, advanced training, professional military education and leadership development, stressing that discipline, competence and meritocracy remain central to building a stronger institution.

Reaffirming his “soldier-first” philosophy, the COAS said troop welfare remains a top priority, stressing that “troop welfare remains non-negotiable; well-motivated soldiers operating in conducive environments are critical to mission success.”

He urged senior officers to ensure that resolutions from the conference are fully implemented in field operations, stressing that the true value of the gathering lies in measurable impact on the battlefield.

Describing the ongoing reforms, Shaibu said: “We are not just reforming the Army; we are building a lethal, technology-driven fighting force where only discipline, merit, and mission success matter.”

The Army Chief expressed appreciation to President Bola Ahmed Tinubu for his support, as well as the Minister of Defence, Minister of State for Defence, Chief of Defence Staff, service chiefs and intelligence agencies for their continued collaboration.

The conference ended with the presentation of commendation plaques to senior officers recognized for outstanding contributions to operational effectiveness.

 


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UK Special Envoy for Freedom of Religion or Belief Concludes Visit to Nigeria

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The UK Special Envoy for Freedom of Religion or Belief (FoRB), David Smith MP, concluded a three-day visit to Abuja this week, marking Nigeria as the first focus country he has visited under the UK’s FoRB strategy.

During the visit, David Smith MP held a wide range of meetings with senior Nigerian government officials, religious leaders, civil society organisations, and local communities – reflecting the UK’s commitment to sustained, practical engagement and partnership on freedom of religion or belief in Nigeria.

Meetings included discussions with the National Security Adviser, Mallam Nuhu Ribadu, the Honourable Minister of Information and National Orientation, Mohammed Idris, and the Governor of Plateau State, Caleb Mutfwang.

The Special Envoy also met with the co-chairs of the Nigeria Inter-Religious Council, Archbishop Daniel Okoh, President of the Christian Association of Nigeria, and HRH the Sultan of Sokoto, Muhammadu Sa’ad Abubakar III, President-General of the National Supreme Council for Islamic Affairs.

At the end of the visit, the UK Special Envoy for Freedom of Religion or Belief, David Smith MP, said: “Over the past few days, I have been honoured to meet a wide range of people — from senior government figures and civil society to faith leaders and local communities. I came to listen, learn, and see both how freedom of religion or belief is experienced in everyday life, and how it connects to – and is a core part of addressing – Nigeria’s wider challenges around security and cohesion.

“Some of the most powerful moments of this visit were at community level. Visiting Father Emmanuel Unamba’s parish and meeting Christian and Muslim neighbours living side by side was a real reminder that peaceful coexistence is something people build every day through leadership, dialogue, and shared responsibility.

“What I take away from this visit is the importance of further progress being Nigerian led, rooted in strong institutions and inclusive dialogue, with FoRB at its heart. The UK will continue to support practical efforts in ensuring greater peace, security and prosperity for all.”

The visit also included a roundtable with partners of the UK’s Strengthening Peace and Resilience in Nigeria (SPRiNG) programme, a £38 million UK government-funded conflict and resilience programme operating primarily in Kaduna, Katsina, Benue and Plateau states.

During the visit, Special Envoy David Smith MP held meetings with the Institute for Peace and Conflict Resolution, the Nigerian National Human Rights Commission, and civil society organisations working at the intersection of insecurity and religious freedom. He also visited the National Mosque and the National Ecumenical Centre in Abuja.

Speaking to the various stakeholders, Mr Smith called for greater tolerance across religion or belief in Nigeria and hoped that the cohesion he saw on a community level in the capital, could be achieved nation-wide with the same resolve. He hoped to continue these dialogues with interlocutors in the UK.

The visit builds on the momentum of President Tinubu’s State Visit to the United Kingdom in March 2026, which reinforced the UK-Nigeria Strategic Partnership and included interfaith events attended by President Tinubu and His Majesty The King, underlining both countries’ shared commitment to fostering constructive interfaith dialogue.


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How PalmPay Empowered 2,000+ Women in Kano & Kaduna to Bank Smarter

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Women’s financial inclusion remains a critical challenge globally. According to Women’s World Banking, over one billion women lack access to formal financial services, limiting their potential for economic empowerment.

The reality is no different in Nigeria. The EFInA Access to Financial Services (A2F) 2023 survey highlights a significant gender disparity in Nigeria: 30% of adult women are completely excluded from both formal and informal financial services, compared to 21% of men. This means that out of Nigeria’s 57 million adult women, approximately 17 million remain financially isolated.

To bridge this gap, PalmPay has been actively investing in grassroots women’s empowerment by dismantling the knowledge barriers that hinder financial growth. Last year, the fintech platform took this mission directly to the commercial heart of Northern Nigeria: Sabon Gari Market in Kano and Central Market in Kaduna.

In these markets, thousands of women set up their stalls to deal in spices, textiles, grains, and consumer goods. They are the undeniable backbones of the economy, working around the clock to provide for their families.

While these female entrepreneurs possess immense business acumen, a staggering number have historically been left behind by the formal financial sector. For a market woman, being unbanked means trading entirely in cash. Without basic financial literacy or the right digital infrastructure, hard work alone isn’t enough to scale a business.

Recognising this gap, PalmPay stepped away from traditional banking boardrooms and went directly to the market. PalmPay launched a targeted financial inclusion and capacity-building initiative across Kano and Kaduna states. The core mission was straightforward: take the mystery out of digital banking and equip thousands of women entrepreneurs with the exact knowledge and tools required to thrive in a digital economy.

Backed by the royal endorsement of the Emir of Kano, Dr Muhammadu Sanusi II, the solution was delivered through:

  • PalmPay team members conducted hands-on financial literacy workshops right inside the markets, teaching women how to separate personal expenses from shop revenue, calculate true profit margins, and budget for inventory.
  • Women opened digital bank accounts on the spot and were equipped with reliable PalmPay POS terminals and mobile app tools.
  • Micro-business branding support, including storefront branding, transactional merchandise, and market umbrellas to shield them from the elements.

The true impact of this initiative is best seen through the eyes of the market women themselves. Consider the transformation of a typical trader in Sabon Gari Market who spent years operating strictly with cash-box accounting.

Before the intervention, she faced the constant anxiety of missing cash, unverified bank transfers, and untracked inventory purchases. Today, with a PalmPay POS terminal on her counter and instant payment notifications triggering seamlessly on her phone, the chaos has been replaced by complete financial control.

When you empower a market woman, you don’t just improve a single business; you stabilise an entire household and uplift a community. By transitioning over 2,000 women in Kano and Kaduna from the vulnerabilities of an all-cash system to the security of digital banking, PalmPay has helped convert everyday survival into scalable success.

As these newly banked entrepreneurs continue to master cash-flow management and leverage instant digital settlements, they are proving that with the right partner, grassroots commerce can become a powerful engine for national economic growth.


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