Sterling Bank Seeks Licence to Operate as Non-Interest Bank

By Modupe Gbadeyanka

Plans are being taken by Sterling Bank Plc to obtain a licence to operate as a Non-Interest Bank (NIB) in the country.

Managing Director of the lender, Mr Yemi Adeola, made this disclosure when he visited management of the Nigeria Deposit Insurance Corporation (NDIC) in Abuja.

Mr Adeola, who leaves the position in March, was at the NDIC office to formally introduce his successor, Mr Abubakar Suleiman, to the agency.

Speaking during the visit, the outgoing chief executive disclosed that Sterling Bank wants the NIB licence judging from the potential market and financial resources of customers expected to embrace the system.

According to him, this came from the feasibility studies conducted by the bank on the possible impact NIB would have on the bank’s operations.

During the visit, Mr Adeola commended the NDIC for its immense contribution to the safety and soundness of the Nigerian banking system since its inception.

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

Managing Director/CEO of the NDIC, Mr Umaru Ibrahim, while responding, thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship with the financial institution.