Yemi Odubiyi acquires additional N5.5M worth of Sterling Holdings shares

Yemi Odubiyi, the Group CEO of Sterling Financial Holdings Company Plc, has recently procured an extra 1,556,263 shares within the company, with a total value of N5.5 million. This information came to light through an official communication on Director’s Dealing, as attested by Company Secretary Temitayo Adegoke and dispatched to the Nigerian Exchange Limited.

Increase in the number of shares

• With this acquisition, Yemi Odubiyi has increased his number of direct shares from 312,690,895 units as of 15th August 2023, to 314,247,158 units.
• The notice signed by Company Secretary, Temitayo Adegoke on 17th August 2023, indicated that the transaction was done on 16th August 2023.
• The 1,556,263 units of Sterling shares were bought at N3.75 per share.

Profile of Yemi Odubiyi

Mr. Odubiyi is the Group CEO of Sterling Financial Holdings Company Plc.

He started his banking career with the Nigeria unit of Citibank as an Operations & Technology Generalist serving across all its Operations and Technology functions and was thereafter enrolled in its Management Associate program undertaking stints across all key units of the Bank.

He left Citibank to join the turnaround team of the then Trust Bank of Africa in 2003 as Head of Operations & Technology.

Upon the consolidation of Trust Bank into Sterling Bank Plc, Yemi served as the pioneer Group Head, Trade Services.

Mr. Yemi Odubiyi served as the Executive Director, Corporate and Investment Banking at Sterling Bank Limited from February 2015 to June 2023. He holds a bachelor’s degree in Estate Management and a master’s in international law from the University of Lagos.

What You Should Know

Sterling FinancialHoldings Company reported its 2023 second-quarter results showing pre-tax profits grew by 44.40% year on year, reaching N7.044 billion. This took half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year.

The growth in pre-tax profit was driven by substantial growth in net interest income, net fees, commission income, and net trading gains.

Although the bank experienced a growth in pre-tax profit, it recorded a substantial increase of 136% in the impairment charge on loans.

This increase directly contributed to the 12.30% growth in credit loss expense on financial assets during the period.