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Stanbic IBTC’s CEO, Demola Sogunle, increases stake in lender



Stanbic IBTC posts N75.035 billion profit at Full Year 2019

The Chief Executive Officer of Stanbic IBTC Holdings Plc, Demola Sogunle, has increased his stake in the Deposit Money Bank (DMB).

Sogunle acquired 1.52 million shares between March 21 and 24, 2023, a corporate document notifying shareholders and the investing public disclosed.

The bank chief paid N56.35 million to purchase the 1.52 million shares on the Nigerian stock exchange to raise his total stake in the firm to 4.93 million which is worth N185.70 million.

Prior to the share acquisition, Sogunle owned 3.41 million indirect shares as of December 31, 2022. He held 2.41 million indirect shares in Stanbic IBTC.

He has been increasing the total shares held in Stanbic IBTC since 2021 when he held 2.41 million indirect shares before increasing them to 3.41 million last year.

Sogunle maintained his position behind the company’s largest shareholder, Ifeoma Esiri, who holds 40.38 million direct shares and 3.11 million indirect shares as of December ending 2022, both of which are valued at N1.63 billion.

Read also:Stanbic IBTC counsels on benefits of life insurance policy

Meanwhile, Stanbic IBTC reported N287.53 million as gross turnover for the financial period of 2022, surpassing the N206.64 million generated in the preceding year.

Stanbic IBTC also recorded growth in its Net Interest Income which grew to N113.11 billion in 2022, above the N75.37 billion posted in 2021.

Also, the financial institution closed last year with N80.81 billion net profit, improving on the N56.96 billion profit after tax Stanbic IBTC earned the corresponding period of 2021.

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