Sterling Bank (Nigeria) Overview and Achievements

Sterling Bank (Nigeria) is one of the leading banks in Nigeria, with a rich history dating back to 1892.

The bank has undergone significant transformations over the years, with a major milestone being its rebranding in 2013.

Sterling Bank has made significant investments in technology, with a focus on digital banking and financial inclusion.

The bank has a strong presence in Nigeria, with over 175 branches across the country.

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Sterling Bank is a Nigerian commercial bank that was originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria's first merchant bank in 1969.

It has a long history, with the government owning it from 1972 to 1992. During this time, the bank was managed in partnership with several international companies. In 1992, the bank was partly privatized and listed on the Nigeria Stock Exchange.

Today, Sterling Bank operates as a national commercial bank, having disposed of its holdings in subsidiaries and affiliate companies. The bank has a significant presence in Nigeria, with a customer base that includes individuals, small and medium-sized enterprises (SMEs), and large corporations.

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Sterling Bank has a rich history that spans over six decades. It was originally incorporated in 1960 as Nigeria Acceptances Limited (NAL).

The bank was licensed as Nigeria's first merchant bank in 1969, marking a significant milestone in its journey.

In 1972, the indigenisation decree made the bank fully government-owned, and it was managed in partnership with several international banks until 1992.

That same year, the bank was partly privatised and listed on the Nigeria Stock Exchange (NSE) as a public company.

Eight years later, in 2000, the Federal Government sold its residual interest, making Sterling Bank a fully privatised institution.

In 2006, the bank completed a merger with four other Nigerian banks, Magnum Trust Bank, NBM Bank, Trust Bank of Africa, and Indo-Nigeria Merchant Bank (INMB), and adopted the name 'Sterling Bank'.

The merged entities were successfully integrated and have operated as a consolidated group ever since.

In 2011, Sterling Bank acquired the franchise of the erstwhile Equatorial Trust Bank.

On September 19, 2022, the bank transitioned to Sterling Bank Ltd, emerging as a subsidiary of Sterling Financial Holdings Company Plc.

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Sterling Bank has a strong leadership team in place. Abubakar Suleiman is the current Managing Director and Chief Executive Officer, assuming this position on 19 September 2022.

The Chairman of the bank is Olatunji Mayaki. He plays a crucial role in guiding the bank's overall direction.

Here's a look at the current executives of Sterling Bank:

Sterling Bank has earned numerous awards and recognition for its exceptional services and commitment to its employees and customers.

The bank was awarded the Local Content Bank of the Year 2019 by the Petroleum Technology Association of Nigeria (PETAN).

Sterling Bank also received the Innovative Bank of the Year Award 2019 by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement Systems Plc.

The bank has been recognized as a great place to work, earning the Best Workplace to Work in Nigeria (Large Corporate) award in 2020.

In 2021, Sterling Bank was awarded the Best in Building a Culture of Innovation (Large Corporates) and Best in Maximising Human Potential (large Corporates) by the Great Place to Work Institute.

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The bank continued its streak in 2021, earning the Best Workplace to Work in Nigeria (Large Corporates) award by the Great Place to Work Institute.

Sterling Bank's commitment to its employees and customers earned it the 2022 Overall Best Workplace in Nigeria (Large Corporates) award by the Great Place to Work Institute.

The bank was also recognized as the Best Workplace for Millennials in 2022 by the Great Place to Work Institute.

Sterling Bank's dedication to employee development earned it the 5-Year Legends Awards for constantly making efforts to create a Great Place to Work in 2022 by the Great Place to Work Institute.

The bank's efforts to create a great work environment have also been recognized by the Association of Chartered Certified Accountants (ACCA), which awarded Sterling Bank the Approved Employer Certification - Trainee Development; Gold Category.

Sterling Bank's commitment to its employees and customers has also been recognized by LinkedIn, which included the bank in its 2022 list of 25 Workplaces in Nigeria.

The bank was also recognized as one of the top 30 workplaces for mums in Nigeria by BabyMigo in 2022.

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Sterling Bank's efforts to create a great work-life balance earned it the 2022 Best Work-Life Harmony award by HRPM.

In 2023, Sterling Bank was recognized as one of the top 25 workplaces in Nigeria by LinkedIn.

The bank's rapid growth and expansion earned it the 2023 Fastest Growing Company award by Financial Times and Statista.

Sterling Bank's commitment to its customers and employees earned it the 2024 Platinum Service Award by the Development Bank Of Nigeria (DBN).

Here are some of the notable awards and recognition received by Sterling Bank: