E-Financial
Sterling HoldCo Grows Assets To N2.5 Trillion
Major shareholders of one of Nigeria’s leading financial conglomerates, Sterling Financial Holdings Company PLC., expressed their delight with the leadership and financial performance of the group at its recently held inaugural annual general meeting. The comments came as a result of the group’s continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.
The holding company delivered a 36% increase in its assets size, growing to N 2.5 trillion, and a 26.6% rise in its earnings to deliver N 221 billion. Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year.
Dissecting the numbers further, the group earned N 156 billion and N 65.7 billion in interest and non-interest income respectively, representing a growth of 21.5% and 40.6% from the 2022 financial year’s numbers. It achieved this while attracting N 1.8 trillion in customers’ deposits into its two banking subsidiaries: Sterling Bank and The Alternative Bank.
These have helped the group post N 21.6 billion in profit, and an admirable 75 kobo in earnings per ordinary share for 2023. Numbers which signify continued growth of 11.8% an 11.9% for the respective performance metrics from the publicly traded company’s 2022 postings.
Commenting on the company’s immediate plans, Sterling HoldCo’s Group Chief Executive Officer, Yemi Odubiyi, said in his statement to the company’s shareholders, “In line with evolving regulatory standards and the recent introduction of minimum capital requirements by the Central Bank of Nigeria (CBN), we will be seeking shareholders’ approval to raise up to N200 billion from the market. This capital infusion will strengthen and position us for sustained growth.”
Odubiyi also highlighted the performance of the holding company’s current subsidiaries; Sterling Bank, a conventional bank, and The Alternative Bank, an ethical banking business, and intimated shareholders on the group’s intentions to build non-banking revenue lines to progress the group’s rapid growth and capture even more value for shareholders by offering a wider range of services under the trusted Sterling brand.
The Group CEO stated that the group will continue its current trajectory by maintaining a customer-centric approach, while making strategic investments in sustainable ventures that align with the company’s core values.
The published results maintain the trajectory of growth Sterling has achieved against the backdrop of macroeconomic headwinds, which have severely impacted the profitability of large corporations and small businesses alike in Nigeria.
Industry observers will recall that Sterling HoldCo recently completed a significant milestone by transforming from a bank to a full-fledged financial holdings company by delisting, transferring, and relisting all shares to the Sterling Financial Holdings Company on the floor of the NGX.
The holding company affords Sterling the opportunity to leverage its successful HEART strategy, which has seen the group make consolidated investments in the Health, Education, Agriculture, Renewable Energy, and Transportation sectors, growing the company’s year-on-year profits to record highs in recent years.
With the adoption of the Holdco structure now in full effect, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and ethical banking subsidiaries, Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.
Sterling has maintained impressive momentum in recent years, featuring on the prestigious the 100 fastest-growing companies in Africa list for 2023, as published by the globally recognized Financial Times, its citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, and was been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023.
Renowned for its irreverent brand voice and enviable talent management practices, Sterling recently received three citations for Company Leadership Gender Diversity, Gender Diversity in Supply Chain, and Family-Friendly Workplace as bestowed by the International Finance Corporation (IFC) and the Nigerian Exchange (NGX) at the Gender Leader Awards 2023.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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