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Sterling Bank Transforms On The NGX, Relists As Sterling Financial Holdings

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Sterling Bank Transforms On The NGX, Relists As Sterling Financial Holdings

Sterling Bank Plc, has announced that it has now completed a significant milestone in its on-going transformation to a financial holdings company with the delisting, transfer, and re-listing of all shares to the Sterling Financial Holdings Company on the floor of the Nigerian Exchange. The relisting signifies another major development in the ongoing transition, as unanimously approved by its shareholders.

Under the Scheme of Arrangement, Sterling Bank’s issued and paid-up share capital, valued at 28.8 billion outstanding shares, will be passed to the holding company in exchange for the allotment of the same units to shareholders.

This move, as ratified by the Nigerian Exchange, follows an approval-in-principle for Sterling to convert to a non-operating financial holding company as granted by the Central Bank of Nigeria and is expected to enable Sterling to continue to diversify its investment portfolio and expand its presence in the financial markets.

The relisting also represents a strategic move for Sterling as it continues to build momentum and position itself for long-term success. Upon the completion of the transition, the Sterling Financial Holdings Company will commence operations with two banking subsidiaries; Sterling Bank, which will operate as a conventional commercial bank; and The Alternative Bank Limited, which will operate as a non-interest bank.

 

READ ALSO: Fidelity Bank acquires Union Bank UK

 

Commenting on the development, Sterling Bank Chair, Asue Ighodalo stated: “We are excited to embark on this journey as we seek to continue to provide the best services and product offerings to our customers, while continuing to create and deliver even
more sustainable value for our shareholders.”

In recent times, Sterling has become renowned for its HEART of Sterling strategy, which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the economy, its progressive and youth focused brand, which is a leading light in the financial services category, its award-winning talent recruitment and retention services as evidenced by the Best Place To Work In Nigeria record of victories, as well its recent successes in developing and shipping innovative products such as Specta, OneBank, i-Invest, Omni X, and Imperium in fulfilment of the needs of the Nigerian market.

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Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.

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Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.

 

The judge sentenced him after he was found guilty as charged.

NaijaNews reports that the Lagos State government had arraigned Usman on a two-count charge bordering on defilement of his two daughters, who were eight and five years respectively, at his No.2 Bale Street, Onisewo in the Apapa area of Lagos State.

The defendant was 37 years when he committed that offence in 2018, while the survivors were eight and five years.

His offence contravened the provisions of section 137 of the Criminal Law of Lagos State 2015.

He had pleaded not guilty to the two counts charge.

Usman was first arraigned before Justice Sybil Nwaka, sometime in October 2019 before the judge was elevated to the Court of Appeal and the case file was reassigned to Justice Oshodi wherein he was re-arraigned on two counts of charge.

He also pleaded not guilty to the two counts and the prosecution commenced trial.

During the trial, the prosecution called four witnesses, among which, was the first survivor, the eight-year-old, the Investigative Police Officer (IPO), the defendant’s wife and mother of the survivors, and a medical doctor from Mirabel Centre.

In her testimony, the survivor identified the defendant as her father and narrated how she was repeatedly defiled by the father.

She further testified of informing her school teacher, who is close to her mother.

She told the court that she did not tell her mother because the defendant had warned and threatened that she would die if she did so.

In her testimony, the defendant’s wife narrated how she discovered that her two daughters were defiled when she took them to the hospital.

She described their house and noted they all sleep in a room, adding that their parlour is not attached to the room.

Under cross-examination, the survivor’s mother told the court that there was a night she met the defendant and her daughter in their parlour.

But the defendant told the court that his wife lied against him because he wanted to marry another wife and relocate her to the village.

However, Justice Oshodi in his judgment, yesterday, exonerated the defendant of the second charge.

The court held that the prosecution failed to prove the second charge against the defendant, as the second survivor did not testify to the second charge related to her defilement.

On count one, the court held that the testimony of the first survivor corroborated the medical doctor’s testimony.

The court said that he has considered the ingredients of the offences, the confessional statement, circumstantial evidence and the eyewitness account and therefore sentenced him to life imprisonment.

The judge also directed that his name be registered in the Sexual Offenders’ Register of Lagos State.

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BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead

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BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead

 

The Chairman of DAAR Communications Ltd, High Chief Raymond Dokpesi, is dead.

 

He was aged 75. He was the founder of AIT/RAYPOWER, a leading media outfit in Nigeria. ROYAL NEWS reports that Dokpesi died on Monday in his Abuja residence.

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Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest

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Peter Obi calls for calm after being spotted at Asaba Airport on Tuesday after Saturday’s presidential election

Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest

The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has said he would not be attending the swearing-in ceremony of the President-elect, Asiwaju Bola Tinubu.

The former Governor of Lagos State would be sworn in as the 16th democratically elected President of the Federal Republic of Nigeria today at Eagle Square in Abuja.

Speaking to reporters in Abuja through his media aide, Tai Obasi, the LP flagbearer said it will be ‘extremely weird’ of him to attend Tinubu’s swearing-in when he is challenging his electoral victory in court.

Obasi noted that even though his principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs, he cannot act that weird and unreasonable.

The media aide, however, failed to confirm if the Labour Party leadership and Obi were sent individual invitations to the swearing-in ceremony.

He said, “My principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs. But it will be extremely weird for him to attend a ceremony of a man whose election victory he is challenging in court.

“My principal cannot act that weird and unreasonable. I can’t confirm if he receives an invitation to the swearing-in ceremony. But I am telling you that you can’t see him there.”

Speaking further, Obasi also denied rumuors that the former Anambra State governor is planning a demonstration ahead of today’s inauguration.

He said, “I don’t know where that report is coming from. We don’t know anything about it or who is behind the proposed protest. But I can categorically tell you that my principal is not aware of anything.

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“He is Obi and his followers are Obidient. I agree that on some occasions, they may act on their own, no matter how you tell them to keep calm. These guys are angry. They are not happy about how everything was manipulated against Obi who has given them so much hope. They followed him and waited for him all the way.”

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