Sterling Bank’s Share Price Jacks Up by 4.91% As Lender Clears Name from Shady Deals

Sterling Bank Plc’s shares was the centre of attention for investors at the Nigerian Stock Exchange on Tuesday, May 10, as the lender clarified the recent issue involving itself and the Economic and Financial Crimes Commission, EFCC.

The Financial House, in a statement to the Bourse, affirmed that it did not hold account for the public officer from the previous administration to which brought about the case with the EFCC.

Some online reports had linked last week’s visit by the EFCC to the bank to the shady political dealings involving former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.

Following the clarification, Sterling Bank’s share price soared by 4.91 per cent on Tuesday, the eighth highest percentage gain within the five-hour trading session.

Sterling Bank’s share price closed at N1.71. The gain by Sterling Bank helped the banking sector to a positive close in a market overwhelmed by losses by several highly capitalized stocks.

Analysts at Afrinvest Securities stated that the gains by Sterling Bank and two other banks-Diamond Bank and Zenith Bank, were largely responsible for the extended bullish run of the NSE Banking Index, which rose by 0.6 per cent.