Sterling Bank CEO disclose purchase of bank shares

Sterling Bank’s Managing Director, as well as a number of Executive Directors, purchased shares worth a total of N46 million.

The disclosure, which was filed on the Nigerian Stock Exchange (NSE) and duly signed by the company’s secretary, Temitayo Adegoke, revealed that the shares were all sold by Sterling Bank Staff Cooperative Multipurpose Society. The total transactions filed by the bank included the following:

• The Managing Director, Mr. Abubakar Suleiman purchased 18,457,500 units of shares at N1.24 on the 16th of July, 2020
• An Executive Director, Mr. Tunde Adeola, purchased 1,277,777 units at N1.25 on the 13th of July, 2020
• An Executive Director, Mr. Emmanuel Emefienim, purchased 8,368,688 units at N1.25 on the 14th of July, 2020
• An Executive Director, Mr. Raheem Owodeyi, purchased 2,121,258 units at N1.24 on the 16th of July, 2020
• An Executive Director, Mr. Yemi Odubiyi, purchased 7,128,882 units at N1.24 on the 15th of July, 2020.

The transactions cumulatively come to a total of N46 million.

Recall that the company’s Q1 2020 results had been impacted by the regulatory-induced fee cut on e-banking transactions resulting in a decline in Net Fee and Commission of 16% year-on-year, as well as an 8% increase in its operating expenses. The company’s share price was 1.22 as at close of market today; its EPS stood at 0.33, while its price to earnings ratio stood at 3.68.