Business
Stanbic IBTC’s CEO, Demola Sogunle, increases stake in lender
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...