Companies linked to Sterling Financial Holdings Plc’s group managing director and a non-executive director bought a combined 108.54 million shares in the lender for about ₦821 million, signaling insider confidence.
The purchases were disclosed in separate insider-dealing notices dated Sept. 16 and involved Seven Degrees North Ltd., related to Group Managing Director Yemi Odubiyi, and Black Rising Ltd., related to Non-Executive Director Abubakar Suleiman.
The purchases bring two senior Sterling Financial Holdings insiders onto the buy side at a time when Nigerian bank shares are becoming a more direct play on recapitalization, interest-rate normalization and renewed foreign attention to the local equity market.
Seven Degrees North bought 46.26 million Sterling shares at ₦7.60 each on Sept. 15, while Black Rising acquired 62.28 million shares at ₦7.55 on Sept. 14. The combined purchases were executed through the Nigerian Exchange platform.
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