Sterling Financial Holdings has disclosed that Ess‑ay Investment Limited, a company related to Mrs. Tairat Tijani, a Non-Executive Director of Sterling Bank Ltd, acquired shares worth N197.9 million on the Nigerian Exchange (NGX).
The transaction, referenced NGSTERLNHCO9, was executed in 18 tranches, according to a disclosure filed by the company and signed by Executive Director Olayinka Oni.
According to the filing, the purchases were carried out between 6 and 14 January 2026, at an average price of N7.34 per share, involving a total of 26,967,509 units.
The deal follows a similar transaction in late December 2025, when Seven Degrees North Limited, a private investment firm linked to Group Chief Executive Officer Yemi Odubiyi, acquired Sterling shares valued at N578.1 million.
What the company’s books are saying
According to the company’s most recent financial statements, Ess-ay Investment Limited was already a substantial shareholder in Sterling Financial Holdings, controlling a 5.14% stake, equivalent to 2,678,152,467 shares.
Following the recent acquisition of an additional 26,967,509 units, Ess-ay Investment Limited’s total holdings increased to 2,705,119,976 shares, lifting its stake to approximately 5.19%.
This places Ess-ay Investment Limited as the third-largest substantial shareholder in Sterling Financial Holdings, behind CardinalStone Asset Management Limited, which holds 31.98%, and Silverlake Investments Limited with a 20.61% stake.
Together, these substantial shareholders control 57.73% of the company’s issued share capital, representing 30,086,650,124 units out of the 52,117,012,414 outstanding shares listed on the Nigerian Exchange.
A similar transaction
In late December 2025, Seven Degrees North Limited acquired Sterling Financial Holdings shares valued at N578.1 million, giving Chief Executive Officer Yemi Odubiyi an indirect interest in the company.
Prior to the transaction, Mr. Odubiyi had no indirect shareholding. He now holds 82 million shares indirectly through Seven Degrees North Limited.
The purchase was executed at N7.05 per share, a level that appears to have attracted value-focused investors, as the stock has risen by over 6% year-to-date, trading above N7.50 by mid-session on 23 January 2026.
On the back of positive sentiment from expected full-year 2025 results, Sterling Financial Holdings could reach levels above N8.50, favoring recent purchases made around N7 per share.
Nine-month financial performance
For the nine-month period ended September 2025, Sterling Financial Holdings reported a 141% year-on-year increase in profit before tax, rising to N70.96 billion from N29.4 billion in the same period of 2024.
Interest income grew 38.73% to N262.4 billion, driven largely by loans and advances to customers, which contributed approximately N175 billion.
- After interest expenses of N119.3 billion, net interest income stood at N143 billion.
Non-interest income remained robust, with net fees and commission income of N35.8 billion, net trading income of N22.7 billion, and other income of N20.5 billion, bringing operating income to N222.2 billion, up 57.69% year-on-year.
- After accounting for impairment charges, operating income settled at N214.2 billion.
On the balance sheet, total assets expanded to N4.0 trillion from N3.5 trillion, while retained earnings rose 62% to N102.1 billion.
What to know
Ess‑ay Investment Limited is a Nigerian investment vehicle with a diversified portfolio of interests.
- The firm invests in real estate development, leases commercial and residential properties, and holds significant stakes in major Nigerian companies, including Sterling Financial Holdings.
- Recent share purchases by Ess‑ay Investment Limited and Seven Degrees North Limited reflect confidence in Sterling Financial Holdings’ valuation and earnings outlook.
Shares acquired between N7.05 and N7.34 per unit could benefit if the stock continues its upward trend above N8.5.
