The Managing Director and Chief Executive Officer of Sterling Bank Plc, Mr. Yemi Adeola, was at the weekend rewarded for his sustained efforts aimed at positioning the Bank as a reference financial institution in the country and as a major player in the Nigerian Stock Exchange (NSE).
He was conferred with Outstanding CEO Award.
The Award was instituted by BuisnessDay Media Limited last year to identify, reward and celebrate chief executives behind the success stories recorded by their institutions in the Nigerian economy. 24 other chief executives of companies quoted on the NSE were also conferred with awards at an elaborate event held at the Wheat Baker Hotel, Ikoyi, Lagos.
The organizers, in a statement signed by its Chief Executive of BusinessDay, Mr. Frank Aigbogun, explained that despite the lull in the economy especially in the 2014 financial year, the chief executives of the companies being recognized, added over N333 billion to shareholders funds and realized N107.1 billion as profit after tax as at the end 2014 compared with N66.8 billion realized in the corresponding period of 2013.
“It is to this effect that we celebrate these men and women who have contributed to the successes recorded by their companies and the Nigerian economy in general in 2014”, he said.
Speaking after receiving the award, the Sterling Bank boss commended the organizers for instituting the award and commended them for taking the pains to analyze the financials of the companies assessed and for coming up with the list of winners who have indeed contributed to the growth of their institutions and the economy by extension
Adeola, who was represented at the award ceremony by the Bank’s Executive Director, Commercial & Institutional Banking, Mr. Lanre Adesanya, assured that Sterling Bank would continue to sustain its growth pattern through the adoption of the right strategy and leverage on its highly skilled workforce to continue to deliver quality products and services to its increasing customer base.
The Sterling Bank’s story is one that is characterized by institutional resilience and bold steps. From its emergence as the pre-eminent investment bank in the country in 1960, through the 2006 banking industry consolidation exercise and the acquisition of the business interest of the defunct Equitorial Trust Bank in 2011, the Bank has consistently demonstrated its capacities to withstand regulatory and macro-economic headwinds.
The Bank continues to deliver double digit growth (above industry average) along key financial metrics.
The pioneering role of Sterling Bank in key areas in the industry is commendable. Apart from being the first financial institution to raise additional funding from the equities market after the collapse of the stock market, Sterling Bank was the first bank to launch and promote financial inclusion, introduce the award winning product, Kia-Kia to take care of the banking needs of the unbanked in the society and launch the agency banking scheme.
The Bank also pioneered the implementation of the Growth Enhancement Scheme (GES) introduced by the Central Bank of Nigeria (CBN) to support the transformation agenda in the agriculture sector. This earned the Bank a presidential Award in 2014.
The role of Sterling Bank in enriching lives through its various Corporate Social Responsibility (CSR) initiatives especially in the areas of environment and education is outstanding. The over five-year partnership with the Lagos State Waste Management Authority (LAWMA) and the periodic cleaning exercise embarked upon by the staff of the bank nationwide is noteworthy. It is interesting to note that Sterling Bank donates 25,000 kits to LAWMA for use by highway managers and sweepers engaged by the authority in Lagos. Such partnership has now been extended to the following states – Kaduna, Enugu, and Delta.
In the area of education, Sterling Bank has set up a desk solely for education and introduced a staff volunteer scheme where staff of the Bank dedicate their time to transferring knowledge to pupils in various schools. As part of its support for financial literacy, the Bank published two books – Funds and my Little Money Book – for kids highlighting basic knowledge about money and savings.