Shareholders of Sterling Bank Plc yesterday lauded their Board and Management for being consistent in dividend payment.
They also praised the lender for its stellar performance in 2013 and the first quarter of 2014.
The shareholders also commended the management of the bank for its bold step towards consolidating its operations.
The President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said shareholders were appreciative of the efforts made by the management of the bank to judiciously use its capital to achieve optimum performance.
National Coordinator, Pragmatic Shareholders Association, Mrs. Bisi Bakare noted that the improvement in the share price of the bank on the stock market was indicative of the optimism on the future of the bank.
Sir Sunny Nwosu, National Coordinator Independent Shareholders Association of Nigeria (ISAN), noted that the company has consistently rewarded investors with consistent dividend; but called for enhanced dividend.
With overwhelming majority, the shareholders approved the increase of the bank’s authorized share capital.
They approved 25 kobo dividend for every share of 50 kobo proposed by the board of directors of the company.
In his address, chairman, Sterling Bank Plc, Alhaji S.A Adegunwa, said the bank remained committed to running a responsible and concerned business. He noted that in sync with these guiding principles, the board has redefined its purpose as an institution to enrich lives.
“This captures our essence and forms the fulcrum of our engagement with stakeholders, without whom our existence would be meaningless.
He told shareholders that sequel to their affirmation at the last AGM for the bank to raise capital, that the bank successfully commenced the process with a right issue, which was over- subscribed. According to him, total proceeds amounted to 12.9 billion, representing a 103.3 per cent subscription rate.
He said: “Consequently we closed the year with a total equity capital of N63 billion. This we achieved through your support and it is a measure of your confidence in the bank’s strategy and its execution capabilities. Other components of our capital raising exercise are on course and on going.”
Speaking in the same vein, the Managing Director/ Chief Executive Officer, Mr. Yemi Adeola, said he was confident and resilience of the bank’s business model and execution capabilities.
“We will pursue our capital raising programme with single-mindedness and priorities risk management in order to strengthen the foundation for an enduring institution. We will also speed up investments to grow our retail funding base and emphasis service delivery across all channels to enhance our customers’ experiences, “ Adeola noted.
