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Sterling Bank Grows Trading Income By 265% In Q3 2020

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Sterling Bank
Sterling Bank Plc, a full service national commercial bank, has reported a trading income of N7.1 billion for the third quarter ended September 30, 2020 compared with N1.9 billion for the corresponding period of 2019, representing an increase of 264.7 percent.
The bank made the remarkable financial performance despite the prevailing uncertainties that characterised the macro-economic environment in the wake of the outbreak of the Covid-19 pandemic and the attendant fiscal reforms by the Federal Government.
In his remarks on the impressive performance, Mr. Abubakar Suleiman, Managing Director and Chief Executive Officer (MD/CEO) of the bank said, “With economic activity picking up in the third quarter, following the gradual ease in the nationwide lockdown, we continued to leverage on our existing remote work policy to enhance workforce productivity while ensuring uninterrupted service delivery to both existing and new customers.
Our performance continues to reflect positive results of strategic decisions and investments in our focus areas as we continued to record significant improvement in both funding and operational costs. Overall, we delivered a 7.2 percent increase in operating income and a profit after tax of N7.37 billion despite prevailing uncertainties around the COVID-19 pandemic and recent fiscal reforms.”
The CEO said, a 26.2% dip in fee income occasioned by the downward review of electronic banking fees, and slower loan origination due to the protracted lock down was moderated by a 264.7% spike in trading income.
He said growth in balance sheet was driven by a 26.5 percent growth in low cost funds, which saw the bank’s CASA mix improve to 71 percent from 60 percent, delivering a 6.6 percent growth in customer deposits. Our cash and short-term balances increased in line with the higher regulatory reserves while interest income also declined by 6.7 percent, which was offset by a 17.0 percent decline in interest expense. This delivered a 120 bps drop in cost of funds and, consequently, a 100-bps increase in net interest margin.
Suleiman noted that in terms of asset quality, “We proactively increased our cost of risk by 100 bps to 1.9%, while recording a marginal increase in NPL ratio to 2.9%, well below our target of 5%”
He explained that the decline in OPEX was achieved by moderating administrative expenses despite growth in other operating expenses, including AMCON and insurance fees
The CEO said the bank was able to maintain a strong capital and liquidity position of 16.1 percent and 32.5 percent respectively above regulatory benchmark, adding that overall the bank delivered a profit after tax of N7.37 billion for the 9-month period.
Sterling Bank Plc is a leading national commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N1 trillion in total assets, 160 business offices and over 800 ATMs nationwide, Sterling Bank has grown into a major financial institution. The Bank prides itself as ‘Your one-customer bank’ that celebrates each customer as a unique individual. For further information, please visit http://www.sterling.ng.

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Adron Homes Sets Strategic Direction for 2026 at National Business Convention

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Adron Homes Sets Strategic Direction for 2026 at National Business Convention

 

Adron Homes has officially commenced its 2026 National Business Convention, themed “Breaking New Grounds, Beyond and Above 2.0,” reaffirming its commitment to innovation, growth, and leadership in Nigeria’s real estate sector.

 

The convention opened with a strategic address by the Chairman/Group CEO, Sir Aare Adetola Emmanuelking, who charged executives and managers across the organization to sustain excellence, embrace innovation, and drive sustainable expansion as Adron Homes strengthens its footprint nationwide.

 

Bringing together top executives, directors, and managers from across the country, the convention serves as a platform for strategic alignment, performance reviews, and planning for the 2026 business year.

 

At the session, the Executive Vice Chairman, Olori Aderonke Emmanuelking, presented the company’s overarching 2026 budget framework, outlining key growth priorities, operational benchmarks, and financial expectations designed to enhance efficiency and long-term value creation. The presentation underscored Adron Homes’ focus on disciplined planning and scalable impact.

 

Directors from various directorates also presented their 2026 budget proposals, highlighting expansion opportunities, operational optimization, and cross-functional collaboration to exceed previous performance milestones and deliver enhanced value to clients.

 

Participants described the discussions as insightful and energizing, noting the convention’s role in strengthening leadership engagement and reinforcing a unified growth vision across the organization.

 

Beyond budget deliberations, the convention features strategic training sessions led by senior executives to boost leadership capacity, operational effectiveness, and organizational readiness for the year ahead.

 

As “Breaking New Grounds, Beyond and Above 2.0” unfolds, Adron Homes continues to reinforce its brand as a forward-thinking real estate developer committed to innovation, sustainable growth, and transformative impact in Nigeria.

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U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation

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U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation. By George Omagbemi Sylvester | Published by saharaweeklyng.com

U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation.

By George Omagbemi Sylvester | Published by saharaweeklyng.com

“How Terra Industries, Led by Gen-Z Founders, Aims to Secure Africa’s Critical Infrastructure with Homegrown Autonomous Systems.”

 

In a landmark development that could reshape Africa’s security technology landscape, American tech billionaire and Trump ally Joe Lonsdale has led a significant $11.7 to 11.8 million funding round into a Nigerian defence technology startup, Terra Industries (formerly Terrahaptix). The investment round, led by Lonsdale’s venture capital firm 8VC, marks one of the largest ventures into Africa’s nascent defence tech sector and signals growing global investor confidence in African innovation grounded in real security challenges.

This strategic infusion of capital has immediate geopolitical, economic and technological implications, but not just for Nigeria but for the entire African continent. It offers hope that African nations can one day escape dependence on foreign military hardware by developing homegrown capabilities tailored to local realities.

 

Terra Industries: A Homegrown Response to African Security Needs.

Founded in 2024 by two young Nigerian entrepreneurs, Nathan Nwachuku (22) and Maxwell Maduka (24), Terra Industries is more than just a drone maker. Based in Abuja, the company develops and manufactures sophisticated autonomous systems (including long-range and mid-range drones, autonomous sentry towers and (UGVs) unmanned ground vehicles) designed to enhance surveillance, threat detection and response in areas where traditional security forces are overstretched.

 

According to official statements, Terra’s systems are already deployed to protect critical infrastructure valued at an estimated $11 billion, including hydropower plants in Nigeria and mining operations (gold and lithium) in Ghana. These are facilities that form the backbone of industrial expansion across West Africa but are increasingly vulnerable to insurgent attacks, sabotage and theft.

 

Terra’s mission encapsulates a pivotal shift: “to give Africa the technological edge needed for resource protection and counterterrorism,” co-founder Nwachuku emphasized, underscoring the urgency of addressing insecurity if economic progress is to endure.

 

Joe Lonsdale and 8VC: Strategic Capital Meets African Security Tech.

Joe Lonsdale, co-founder of Palantir Technologies and founder of 8VC, has long been a driving force in the global defence-tech ecosystem. His involvement in Terra’s funding round highlights a new frontier: Africa’s security challenges as a technology market.

 

8VC’s broad investor base in this round includes heavyweight venture firms such as Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investor Meyer Malka. As noted by multiple reports, Alex Moore (a partner at 8VC and a non-executive director at Palantir) has also joined Terra’s board, signaling a deep and sustained commitment beyond mere capital.

 

This backing places Terra in an elite category of high-potential defence startups at a time when global investors are increasingly targeting deep tech and sovereign security solutions. According to TechCabal, Terra’s seed round “sets it apart from a wave of smaller regional players” and signals rapid growth in investor confidence in organisations that offer scalable hardware and software defence solutions.

In the words of a respected global security analyst, “Investment in Africa’s defence tech is a defining moment, where necessity intersects with innovation. Investors today recognise that insecurity is not just a social problem but an economic barrier that tech can help dismantle.”

 

Why This Investment Matters: Africa’s Insecurity Landscape.

Africa’s security environment has deteriorated sharply in recent years, especially across the Sahel and West Africa. Extremist groups, including factions linked to Islamic State and al-Qaeda, have expanded operations from Mali through Burkina Faso to Nigeria. Governments struggle with stretched security forces, limited budgets and vast terrains that are difficult to monitor using conventional methods.

 

In this context, autonomous systems (drones, sensors, and networked defence platforms) can play a decisive role in deterrence, early warning and operational response. According to defence industry expert Dr. Marcus Rockefeller, “Autonomous technologies are the force multipliers of the 21st century. They allow nations with limited manpower to monitor vast areas, respond faster and reduce human risk in dangerous environments.”

 

Terra’s focus on integrating hardware and software into a comprehensive platform (reportedly including an operating system known as ArtemisOS) creates a sophisticated, unified battlefield picture that security forces can leverage in real time. This approach mirrors trends in Western defence tech but is uniquely tailored to African terrains and threats.

 

The Implications for Nigeria’s Industrial and Security Policy.

Nigeria, Africa’s largest economy, has long battled domestic and regional security threats, from Boko Haram and ISWAP in the northeast to banditry in the northwest. Despite decades of military spending, reliance on imported hardware and foreign training programmes, substantive progress has been elusive.

 

Terra’s rise signals a potent alternative: local innovation forging local solutions. As the World Bank notes, investment in technology and infrastructure resilience is essential for sustainable growth. Local manufacturing (especially in high-tech sectors) boosts job creation, builds technical ecosystems, and reduces dependency on external suppliers.

 

Professor Nkechi Onyema, an expert in African industrial development, observes: “When young Africans solve African problems, the solutions are not just technologically sound but contextually relevant. This is the moment Africa needs an era where we do not just import defence tech but pioneer it.”

 

What’s Next: Scaling, Security and Global Partnerships.

The new funding will be directed toward expanding manufacturing capacity, deepening Terra’s software capabilities, and supporting broader cross-border security and counter-terrorism deployments across Africa. Terra has signaled its ambition to become Africa’s first true defence prime which is a company capable of serving governments, infrastructure operators and strategic partners with scalable, sovereign technology.

 

Analysts say this model could reduce Africa’s reliance on foreign defence contractors and a dependency that historically left African governments beholden to external geopolitical interests.

Yet challenges remain: ensuring ethical use of autonomous systems, regulatory frameworks across multiple jurisdictions and balancing defence and civil liberties remain complex. Still, as African security landscapes evolve, the need for smart, local and scalable solutions is undeniable.

 

Final Take.

Joe Lonsdale’s investment in Terra Industries is more than a financial transaction, though it is a strategic vote of confidence in Africa’s capacity to lead technologically in the face of its greatest security challenges. It is a call to action for governments, private sector partners and young innovators across the continent to unite around a shared vision: security forged with African ingenuity and global collaboration.

 

In the words of Terra co-founder Nathan Nwachuku, “The future of African security must be shaped by Africans. We are determined to lead that future with solutions that are powerful, affordable and built for us.”

 

This pivotal moment is not just about drones. It is about Africa asserting technological sovereignty and a future where African defence innovation stands shoulder-to-shoulder with the world’s best.

U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation.

By George Omagbemi Sylvester | Published by saharaweeklyng.com

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Adron CEO Restates Support for Traditional Institutions During Oyo Palace Visit

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Adron CEO Restates Support for Traditional Institutions During Oyo Palace Visit

 

The Chairman, Adron Homes and Properties Limited, Aare Adetola Emmanuel-King, has reiterated the company’s unwavering commitment to Nigeria’s cultural diversity and traditional institutions during a courtesy visit to the Alaafin of Oyo, His Imperial Majesty, Oba Abimbola Akeem Owoade I.

According to the Adron CEO, the visit reflects the company’s belief that national development must be anchored on respect for heritage, culture, and indigenous authority across all ethnic nationalities.

“Nigeria’s greatest strength lies in its diversity. At Adron Homes, we recognise that culture and tradition are not obstacles to development, but the very foundation upon which sustainable progress must be built,” Emmanuel-King stated.

He emphasised that Adron Homes’ engagement with traditional institutions is inclusive and nationwide, cutting across regions and ethnic lines as part of its broader vision for unity and shared prosperity.

“Our respect for traditional institutions is not limited to any one region. We honour royal fathers across Nigeria because they are custodians of our identity, values, and social stability,” he added.

The Adron Chairman noted that the company’s expanding footprint across several states continues to contribute to housing delivery, job creation, and economic empowerment, while aligning modern real estate development with indigenous values.

“We remain committed to building communities that serve present needs without eroding the cultural heritage that future generations must inherit,” Emmanuel-King said.

He further reaffirmed Adron Homes’ readiness to support initiatives that promote cultural preservation, tourism, and community development, stressing that collaboration between the private sector and traditional institutions is vital for inclusive national growth.

In his response, the Alaafin of Oyo, Oba Abimbola Akeem Owoade I, commended Adron Homes for recognizing culture and tradition as pillars of development, offering royal prayers for the company’s leadership, continued success, and the peace and unity of Nigeria.

The visit concluded with royal blessings and goodwill, reinforcing Adron Homes’ position as a corporate brand committed to cultural solidarity, inclusivity, and a diverse future for Nigeria.

 

Adron CEO Restates Support for Traditional Institutions During Oyo Palace Visit

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