Sterling Bank to seek for non-interest banking license – CEO

The outgoing Managing Director/Chief Executive Officer of the Sterling Bank Plc, Mr. Yemi Adeola, has revealed plans for the bank to seek a license for a stand-alone Non-Interest Bank (NIB) as soon as possible.

Speaking at a visit to the Nigeria Deposit Insurance Corporation (NDIC)  management in Abuja, Adeola said 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.

He praised the NDIC for its immense contribution to the safety and soundness of the Nigerian banking system since its inception. 

“The NDIC was renowned for the excellence of its Bank Examiners and the laudable reputation they acquired through the quality of their reports.”  

The management of the bank expressed the opinion during a courtesy call and formal introduction of its new MD/CEO Mr. Abubakar Suleiman to the NDIC.

In his response, the MD/CEO of the NDIC thanked the Management of Sterling Bank for the visit and promised to sustain the cordial relationship. 

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

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