Yemi Odubiyi Purchase N65 Million Sterling Financial Holding Shares

Sterling Financial Holdings firm Plc's Group CEO, Yemi Odubiyi, has purchased an additional 17,500,000 shares in the firm for N65 million; it wasn't up to a week since he purchased N354 million worth of shares in Sterling Financial Holdings.

A letter from the Board of Directors Dealings signed by Company Secretary Temitayo Adegoke and forwarded to the Nigerian Exchange Limited showed this. 

The 17,500,000 shares purchased represent 0.06% of the company's total outstanding shares. Yemi Odubiyi's direct shareholding has grown from 295,190,895 units on August 10, 2023, to 312,690,895 units, or 1.09%, as a result of the transaction. 

The transaction was completed on August 11, 2023, according to the notification issued by Company Secretary Temitayo Adegoke on August 14, 2023. The 17,500,000 Sterling shares were purchased for N3.75 per share. 

The company announced its 2023 second-quarter results, revealing that pre-tax earnings increased by 44.40% year on year to N7.044 billion. This increased half-year pre-tax earnings to N11.46 billion, up from N8.62 billion at the same time the previous year. 

Pre-tax profit increased significantly due to increases in net interest income, net fees, commission revenue, and net trading profits. 

Even though the bank's pre-tax earnings increased, the net loss charge on loans increased by 136%.  This rise led directly to the 12.30% increase in credit loss expense on financial assets during the period. 

Before the Acquisition, These Were the Shares He Purchased Recently

Yemi Odubiyi purchased 100 million shares in the firm for N354 million on Thursday 10th August 2023. This was stated in a notice of Directors Dealings signed by Company Secretary Temitayo Adegoke and delivered to the Nigerian Exchange Limited.

The 100 million shares purchased represent 0.35% of the company's total outstanding shares. Yemi Odubiyi's direct shareholding grew from 195,190,895 units in June 2023 to 295,190,895 units, or 1.02%, as a result of the transaction.

The transaction was completed between the 7th and 9th of August 2023, according to the notification signed by Company Secretary Temitayo Adegoke on the 9th of August 2023. The 100 million Sterling shares were purchased for N3.54 per share.