22 January 2018

Nigeria: Sterling Bank Endorses NDIC's Examination Reports

Sterling Bank Plc has commended the Nigeria Deposit Insurance Corporation (NDIC) for the quality of their bank examination reports, which have contributed to the safety and soundness of the nation's banking system.

The bank gave the commendation during a courtesy call and formal introduction of its new Managing Director and Chief Executive Officer, Abubakar Suleiman, to the corporation last weekend.

The bank team, led by the outgoing Managing Director and Chief Executive Officer, Yemi Adeola, was received by the Managing Director/Chief Executive Officer of NDIC, Alhaji Umaru Ibrahim, along with the two executive directors- Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor.

Adeola told NDIC management that the selection procedure for the the new CEO of the bank was a rigorous process handled by the reputable consulting firm KPMG.

While expressing the hope that the courtesy call would further strengthen the excellent relationship between the bank and the corporation, he used the opportunity to brief the corporation on the future outlook of the Sterling Bank, which includes the planned expansion of its Non-Interest Banking (NIB) window.

He informed NDIC of the plan to apply for a license for a stand-alone NIB as soon as possible, adding that the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB.

The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian Banking system along with challenges.

In his response, Umaru thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship.

Nigeria

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