Sterling Financial Holdings Company Plc has announced the appointment of Laoye Jaiyeola and Chinedu Ikwudinma as Independent Non-Executive Directors of Sterling Bank Limited. Their appointments follow regulatory approval from the Central Bank of Nigeria (CBN). This was disclosed in a notice filed with the Nigerian Exchange (NGX) and signed by the Company Secretary, Sunny Kanabe.
What they are saying
According to the disclosure, Jaiyeola’s appointment became effective on August 17, 2026, while Ikwudinma joined the board on August 20, 2026. “Mr. Laoye Jaiyeola was appointed as an Independent Non-Executive Director of Sterling Bank Ltd, effective 17th August 2026.”
“Mr. Chinedu Ikwudinma was appointed as an Independent Non-Executive Director of Sterling Bank Ltd, effective 20th August 2026.”
Experienced financial sector leaders join board
Jaiyeola brings more than 35 years of experience in financial services, corporate governance and public policy.
He is the Founder and Pro-Chancellor of Hillside University of Science and Technology (HUST) and previously served as Managing Director and Chief Executive Officer of Kakawa Discount House Limited, now Quest Merchant Bank. Before that, he spent nearly two decades at the Central Bank of Nigeria in various capacities. His previous leadership roles include serving as President of the Chartered Institute of Bankers of Nigeria (CIBN) and Chief Executive Officer of the Nigerian Economic Summit Group (NESG). He currently serves on the boards of FMDQ Group Plc, the NESG Advisory Board and the Policy Innovation Centre. Jaiyeola holds a degree in Economics from Obafemi Awolowo University, a Master’s degree in Banking and Finance from the University of Lagos, and an MBA from Bangor University.
International banking experience
Ikwudinma joins the board with over 30 years of international banking experience covering risk management, corporate and investment banking, commercial banking, transaction banking and governance across African and global markets. Most recently, he served as Group Chief Risk Officer of Ecobank Transnational Incorporated, overseeing enterprise-wide risk management and internal controls across the banking group’s operations. He also previously held the role of Group Chief Credit Officer at Ecobank. Prior to Ecobank, he spent more than two decades with Citibank, where he held senior positions in Nigeria, Zambia and Uganda, including Managing Director and CEO of Citibank Uganda.
He also served as Executive Director and Country Risk Manager at Citibank Nigeria. Ikwudinma was the pioneer Managing Director of Nova Merchant Bank and currently serves as Chairman of CS&C Associates Limited. He holds a Civil Engineering degree from the University of Nigeria, Nsukka, an MSc in Structural Engineering, an MBA in Finance from the University of Lagos, and a Diploma in French from Alliance Française. Directors retire from the board
The bank also announced the retirement of several directors following the completion of their tenures. Those retiring are:
Michael Ajukwu, Independent Non-Executive Director
Olusola Oworu, Independent Non-Executive Director
Olaitan Kajero, Non-Executive Director
In addition, Executive Director Tunde Adeola has retired after attaining the mandatory retirement age for executive directors. Get up to speed
The board appointments come shortly after Sterling HoldCo secured shareholder approval to raise up to $400 million in fresh capital to strengthen its balance sheet and support expansion across its businesses.
The approval was granted at the company’s third Annual General Meeting (AGM). Under the mandate, the group may raise funds through a mix of debt, equity or hybrid instruments, including bonds, ordinary shares, preference shares, convertible securities and global depositary receipts. The capital raise may be executed in one or multiple tranches through public offers, private placements, rights issues or other structures approved by regulators and the board. The company noted that the new fundraising approval is separate from capital-raising mandates previously approved at its July 2025 AGM. What you should know
Sterling Bank reported a pre-tax profit of N55.53 billion for the six months ended June 30, 2026, representing a 21.9% increase from N45.55 billion recorded in the corresponding period of 2025. For the second quarter, profit before tax stood at N27.62 billion, slightly below the N27.92 billion reported in the first quarter of 2026 but higher than the N27.28 billion recorded in the second quarter of 2025.
The lender’s half-year performance was driven by strong growth in net interest income and other operating income streams.
