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Sterling Financial Bucks Banking Slump, Emerges Among NGX’s Top Gainers

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By Gloria Ikibah

Sterling Financial Holdings Company Plc defied the broader downturn in the banking sector on Thursday, with its shares rising 6.67 per cent to close at ₦8.00, placing the company among the top-performing stocks on the Nigerian Exchange (NGX).

The impressive performance came on a day when the NGX Banking Index fell by 2.04 per cent and the broader equities market extended its losing streak for a second consecutive trading session.

The company’s shares finished third on the day’s gainers’ chart, contrasting sharply with the wider market, where investors continued to take profits following July’s rally.

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Market data showed that the NGX All-Share Index declined by 0.7 per cent, while losers outnumbered gainers by more than two to one. Over the two trading sessions, approximately ₦1.65 trillion was wiped off the total value of listed equities.

Despite the market pressure, Sterling Financial attracted sustained investor interest, with 36.01 million shares valued at about ₦286.8 million exchanged during the day’s trading.

The strong market performance followed the Group’s recently released half-year financial results, which showed a 20.4 per cent increase in profit after tax to ₦50.3 billion, alongside continued growth in customer deposits and total assets approaching the ₦5 trillion mark.

The Group also strengthened its capital position during the period through a successful ₦96.6 billion public offer, which increased shareholders’ funds by 27.8 per cent to ₦547.7 billion, providing additional capacity to support lending and business expansion.

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Sterling Financial’s financial performance was further underpinned by improved earnings from its core operations. Net interest income rose by 41 per cent to ₦137.4 billion, while return on average equity stood at 20.6 per cent. Return on average assets also improved to 2.35 per cent from 2.05 per cent recorded in the corresponding period of the previous year.

Industry analysts attributed the stock’s resilience to the company’s strong earnings performance, strengthened capital base and diversified business model, which have continued to bolster investor confidence despite prevailing market volatility.

Sterling Financial operates as a diversified financial services holding company with interests spanning commercial banking through Sterling Bank, non-interest banking under The Alternative Bank, and wealth management services through SterlingFI.

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Shock as Politician Who Swore on Quran to Back Kwankwaso Defects to APC

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Kabiru Adamu Abdullahi, a long-time ally of Kwankwasiyya leader and Vice-Presidential candidate of the Nigerian Democratic Congress (NDC), Rabiu Musa Kwankwaso, has defected to the All Progressives Congress (APC).

Abdullahi, who previously swore on the Qur’an to affirm that Kwankwaso did not send Governor Abba Kabir Yusuf to the APC earlier this year, announced his resignation from the NDC in a letter addressed to the party chairman of Kofar Ruwa Ward in Dala Local Government Area of Kano State.

He said his decision was prompted by frustration over what he described as “failed promises” within the NDC, adding that he would now support President Bola Tinubu’s re-election bid under the APC.

“I have been with Kwankwaso for 29 years but have only benefited from failed promises. I will go to where I will be respected more,” Abdullahi said.

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In his resignation letter, he thanked the NDC for the opportunity to serve the party but announced his immediate resignation from its membership.

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Alleged Christian Genocide: Trump reviews U.S. designation of Nigeria as ‘country of particular concern’

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Second Session of the U.S.-Nigeria Joint Working Group to Address Nigeria’s Country of Particular Concern Designation

Under Secretary of State for Political Affairs Allison Hooker hosted the second Joint Working Group (JWG) with a Nigerian delegation led by Nigerian National Security Advisor Mallam Nuhu Ribadu in Washington on August 12, 2026.

The engagement builds on progress made since the first session held in Abuja, Nigeria, on January 22, 2026.

Discussions centered on three priority areas: protecting Christian communities in Nigeria’s Middle Belt, holding perpetrators of violence accountable by strengthening judicial and security institutions, and military-to-military cooperation.

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Under Secretary Hooker and the Nigerian delegation reviewed progress on internally displaced persons’ (IDP) resettlement to their ancestral homes, counterterrorism prosecutions, and combatting the financing of terrorism.

The JWG identified continuing challenges, including reports of civilian fatalities and gaps in humanitarian expenditure transparency.  Discussions on military-to-military cooperation continue today at the Pentagon.

The United States noted Nigeria’s reported efforts to date, including the prosecution of hundreds of Boko Haram and Islamic State-West Africa (ISIS-WA) suspects, expansion of judicial capacity, and recruitment and training of 50,000 additional police officers.  Both sides acknowledged that more work lies ahead, particularly with supporting IDPs.

The two sides also discussed continued cooperation on countering terrorism financing, biometric information sharing to support accountability measures, and law enforcement capacity building through the Department’s Bureau of International Narcotics and Law Enforcement Affairs (INL) and Bureau of Counterterrorism (CT).

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Under Secretary Hooker separately met with NSA Ribadu to further advance bilateral priorities and reaffirm the United States’ commitment to working with Nigeria to protect Christian communities and to deepen joint security cooperation.

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Fire guts hostel at St Louis College, Jos

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Fire has gutted one of the hostels at St Louis College, Jos, Plateau State, destroying furniture, mattresses and other valuables.

The fire reportedly broke out at the school, located after Standard Junction, Jos, at about 6pm on Thursday.

The incident occurred while the students were on holiday, averting possible casualties.

An eyewitness, Taiwo Olayinka, who spoke to our correspondent, said several properties were destroyed in the affected hostel.

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He said, “An unfortunate fire gutted one of the hostels in the school. Thankfully, students are on holiday, but furniture, mattresses and other valuables are being consumed by the inferno.”

The cause of the fire was not immediately known as of the time of filing this report.

Olayinka, however, said security operatives, including men of the fire service, had been deployed to the school to put out the fire.

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