Fresh insider-related dealings on the Nigerian Exchange are drawing renewed attention to Sterling Financial Holdings, as investment vehicles connected to senior figures within the group continue to build positions in the stock amid improving earnings and positive market sentiment.
Sterling Financial Holdings recently notified the market that Ess-ay Investment Limited, an investment company associated with Mrs. Tairat Tijani, a Non-Executive Director of Sterling Bank Ltd, has acquired additional shares in the company valued at ₦197.9 million. The transaction, disclosed under reference NGSTERLNHCO9 and signed by Executive Director Olayinka Oni, was executed in 18 separate tranches on the Nigerian Exchange.
According to the filing, the purchases took place between 6 and 14 January 2026 at an average price of ₦7.34 per share, amounting to a total of 26,967,509 units. The acquisition adds to Ess-ay Investment Limited’s already significant presence on Sterling’s register of shareholders.
Growing influence among substantial shareholders
Prior to the latest transaction, Ess-ay Investment Limited held 2,678,152,467 shares in Sterling Financial Holdings, representing a 5.14% stake. The additional purchases lifted its total holdings to 2,705,119,976 shares, increasing its ownership to approximately 5.19%.
This positions Ess-ay Investment Limited as the third-largest substantial shareholder in the group, behind CardinalStone Asset Management Limited with a 31.98% stake and Silverlake Investments Limited, which controls 20.61%. Collectively, these three shareholders now account for 57.73% of Sterling Financial Holdings’ issued share capital, equivalent to 30.09 billion shares out of the 52.12 billion units listed on the Nigerian Exchange.
A pattern of insider-linked buying
The Ess-ay transaction follows a similar high-profile deal concluded in late December 2025. At the time, Seven Degrees North Limited, a private investment firm linked to Group Chief Executive Officer Yemi Odubiyi, acquired Sterling Financial Holdings shares valued at ₦578.1 million.
That purchase, executed at ₦7.05 per share, marked Mr. Odubiyi’s first indirect equity exposure to the group. Through Seven Degrees North Limited, he now holds 82 million shares. The clustering of insider-related acquisitions around the ₦7 price level has been interpreted by market participants as a signal of management and boardroom confidence in the company’s valuation.
Since those purchases, Sterling Financial Holdings’ stock has gained momentum, rising more than 6% year-to-date and trading above ₦7.50 by mid-session on 23 January 2026. Analysts note that sustained positive sentiment could see the shares test levels above ₦8.50, particularly if full-year 2025 results meet expectations.
Strong nine-month financial showing
The improving outlook is underpinned by a robust financial performance for the nine-month period ended September 2025. Sterling Financial Holdings reported a 141% year-on-year jump in profit before tax to ₦70.96 billion, compared with ₦29.4 billion recorded in the corresponding period of 2024.
Interest income rose by 38.73% to ₦262.4 billion, driven largely by growth in loans and advances to customers, which contributed approximately ₦175 billion. After interest expenses of ₦119.3 billion, net interest income stood at ₦143 billion.
Non-interest income remained resilient, supported by net fees and commission income of ₦35.8 billion, net trading income of ₦22.7 billion, and other income of ₦20.5 billion. This lifted operating income to ₦222.2 billion, representing a 57.69% year-on-year increase. After impairment charges, operating income settled at ₦214.2 billion.
On the balance sheet, total assets expanded to ₦4.0 trillion from ₦3.5 trillion, while retained earnings climbed 62% to ₦102.1 billion, strengthening the group’s capital base.
What this means for investors
Ess-ay Investment Limited is a Nigerian investment vehicle with diversified interests spanning real estate development, property leasing, and equity stakes in major listed companies. Its latest share purchase, alongside that of Seven Degrees North Limited, reinforces the view that key insiders see further upside in Sterling Financial Holdings.
With recent acquisitions clustered between ₦7.05 and ₦7.34 per share, investors who entered at similar levels could benefit if the stock maintains its upward trajectory and breaks sustainably above the ₦8.50 mark. For now, continued insider accumulation and strong earnings growth have placed Sterling Financial Holdings firmly on the radar of value-focused market participants.