Abubakar Suleiman, a non-executive director at Sterling Financial Holdings, has bolstered his investment in the company by acquiring 19.6 million shares for N160.6 million, according to a filing on the Nigerian Exchange (NGX) on August 6, 2025. Purchased at N8.16 per share under transaction code NGSTERLNHCO9, this move increased Suleiman’s stake from 580.3 million units (1.11% of share capital) to 600 million units (1.15%), positioning him as the second-largest director shareholder behind Yemi Odubiyi, who holds 707.9 million units (1.36%).
Suleiman’s purchase follows two other significant transactions disclosed after Sterling’s half-year financials on July 30, 2025. Chief Operating Officer Temitayo Adegoke bought 5.7 million shares for N39.4 million, while Seven Degrees North Limited indirectly acquired 20.8 million shares worth N141.5 million. These investments reflect confidence in Sterling’s robust H1 2025 performance, which saw pre-tax profit soar to N45.5 billion, up from N17.3 billion in H1 2024.
The company’s financial growth was driven by a 38.29% rise in interest income to N167.1 billion, with N115.4 billion from customer loans and advances. Interest expenses grew modestly by 10.2% to N69.7 billion, enabling net interest income to nearly double to N97.4 billion from N57.5 billion. Other revenue streams also thrived: net fees and commissions increased 45% to N22 billion, net trading income rose 5% to N13 billion, and other operating income surged 178.62% to N10.3 billion. This propelled operating profit to N142.8 billion, up from N88.9 billion.
Sterling’s balance sheet expanded to N4.08 trillion in total assets, up from N3.5 trillion, with retained earnings climbing 51.54% to N95.5 billion. The company’s strong financials, coupled with Nigeria’s broader economic gains—such as a 67.12% surge in capital importation to $5.64 billion in Q1 2025 and a 39.98% year-to-date NGX gain—likely fueled the recent share purchases. Despite challenges like naira volatility (N1,565/$1 in the parallel market) and 22.22% inflation in June, Sterling’s performance signals resilience and investor optimism.
