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Sterling Bank Signs $65m Facilities To Finance Private Sector Projects, Exports

The board of Sterling Bank Plc, on Tuesday hinted shareholders and other stakeholders through the Nigerian Stock Exchange (NSE) of two loan agreements valued at $65m obtained from the Arab Bank for Economic Development in Africa (BADEA).
Both facilities were signed on Monday, February 18, 2019 in Cairo, Egypt between His Excellency, Dr. Sidi Ould TAH, Director-General of BADEA, on behalf of his organization, and Yemi Odubiyi, Executive Director, Corporate & Investment Banking, for Sterling Bank.
In the notice to the NSE, jointly signed by Sterling Bank’s Company Secretary, Mrs. Justina Lewa and Principal Counsel, Sunny Kanabe, on February 19, 2019, explained that the first line of credit, $15m is to finance private sector projects, while the other, amounting to $50m “is for financing Arab exports to African importers, as part of BADEA’s programme for financing foreign trade.

Photo Caption: From left, Olumide Bolumole, Head, Listing Business Division, The Nigerian Stock Exchange (NSE) presenting a replica of the Closing Gong to Abubakar Suleiman, Managing Director/CEO, Sterling Bank Plc during the listing of Sterling Investment Management SPV Plc N32,899,000,000 Series 2, 7 years 16.25% Fixed Rate Unsecured Bonds due 2025 under the N65,000,000,000 Debt Issuance Program at the Exchange on Tuesday, February 19, 2019.

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