Stanbic IBTC Holdings Plc’s market value on the Nigerian Exchange (NGX) has hit almost N75 billion as its chief executive officer, CEO, prepares to step down this month.
The financial services company’s 12.956 billion outstanding shares were valued at N750.858 billion in the stocks market at a unit price of N57.95, up from N57.50 at the start of the previous week.
Stanbic IBTC is closer to its 52-week low (N45) at the current market price than it is to its 12-month high (N80) on the local bourse, owing to selloffs that pushed the stock down from its top.
According to statistics from the Nigerian Exchange, the stock is trading at a 28% discount to its 52-week low following a minor rise. In the just concluded week, the Board of Directors announced the retirement of our Chief Executive, Dr. Demola Sogunle, with effect from 31 October 2024.
Stanbic IBTC Chief has put in an incredible 35 years of dedicated service with significant impact on the Group performance, guiding the Organization through numerous challenges and achievements.
Following the retirement of Dr. Demola Sogunle, the Board has received Regulatory approval to appoint Dr. Kunle Adedeji as Acting Chief Executive of the Company.
The new Stanbic IBTC chief leadership is expected to begin with effect from 01 November 2024. Dr. Adedeji, brings a wealth of experience and a strong track record of leadership within Stanbic IBTC group, the financial services company said.
Dr. Adedeji, who was appointed as an Executive Director in 2019, is a seasoned financial expert with over 25 years in the banking sector. He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland.
Stanbic IBTC told the regulators that its appointee is also the current Chief Finance and Value Management Officer of the company and will continue in this capacity throughout the duration of his tenure as Acting Chief Executive of the company. The group expressed confidence that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.
