BUSINESS

REVEALED: How Mike Adenuga Became 4th Largest Shareholder In Sterling Bank

Dr. Mike Adenuga, entrepreneur and owner of Nigeria’s first indigenous mobile network Globacom is a man with multiple business interests.

Besides telecom, Adenuga plays in the oil and gas industry with his Conoil Plc as one of the leading petroleum marketing players in Africa’s largest economy.

In sterling Bank Plc,  Adenuga ranks fourth amongst five major shareholders as at September 30, 2016.

Dr. Adenuga owns 5.63 percent representing about 1.63billion units of shares of Sterling Bank Plc. He can be regarded as the single largest individual shareholder in the bank as the other four major shareholders in the bank represents corporate interests.

Silverlake Investments Limited is the largest single corporate shareholder in Sterling Bank Plc with 25 percent equity holding which represents about 7.20billion units of ordinary shares of the bank. The Asset Management Company of Nigeria (AMCON) owns 2.55billion units of ordinary shares of the bank representing 8.86 percent while ESSAY Investments Limited holds 1.44billion shares representing 5.02 percent of total shares of the bank as at September 30, 2016.

Meanwhile, Sterling Bank Plc third quarter unaudited financial performance for the period ended September 30, 2016 showed that Gross Earnings (revenue) dropped by 2.64 percent year-on-year from N81.81billion in September 2015 to N79.65billion as at September 30, 2016.

Profit after Tax (PAT) declined to N5.54billion from N7.55billion year-on-year representing 26.62 percentage drop while Earnings per share dropped by 7kobo per share from 26kobo in third quarter 2015.

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