Sterling Bank’s CEO, Abubakar Suleiman tipped for CBN Governor

There are indications that President Bola Ahmed Tinubu may appoint the Managing Director/CEO of Sterling Bank, Abubakar Suleiman as the next Governor of the Central Bank of Nigeria, NIGERIAN ANCHOR can report. 

This newspaper learned that the decision followed Abubakar’s achievements since he was appointed in 2018, as Sterling Banks’ helmsman. 

In his official Twitter handle seen on Monday in Abuja, Imran Muhammed said President Bola Tinubu was considering Abubakar, among several other names. 

“According to a source, President Tinubu is also considering Abubakar Suleiman as CBN Governor,” Muhammed tweeted. 

Several names are being touted in the past week following the inaugural speech of the President and subsequent suspension Godwin Emefiele. 

Tinubu has stated that his administration will reform the financial sector of the economy and unify the country’s exchange rate, which analysts say is a disincentive to investments.

Names that have been making the rounds concerning the Apex Bank appointment include former Governors, Abubakar Badaru and Nasir el-Rufai, former CBN Governor under President Goodluck Jonathan, and Wale Edu, just to name a few.

Analysts have said that the Sterling Bank CEO fits the bill considering his pedigree and what he has achieved since assuming the helm of affairs at the Bank. 

Since his assumption of office in March 2018, as Sterling Banks’ Managing Director/CEO, Abu as he is fondly called, has been able to move the Bank to new heights. 

Abubakar, in his five years as CEO, has brought a lot of innovations that have positioned the Bank among one of the most financially strong banks. 

A look at the bank’s balance sheet would reveal the work that is being put into making Sterling Bank a leading light in the banking sector 

Under his leadership, Sterling Bank has posted record profits with figures more than doubling the previous financial year’s returns. 

From 2019 till date, the bank continue to show a strong financial position. For instance, in 2019, in his first year as head of the Bank posted a net interest income growth of N47.53 billion for the third quarter ended September 30, 2019, representing 19.3 percent when compared with N39.83 billion recorded in the corresponding period. 

In 2020, which was a very difficult year globally due to the adverse effect of the Covid-19, Sterling Bank Plc reported a N12.4 billion profit before tax (PBT) representing a 15.9 percent growth compared to 2019.

In 2021, the Bank reported its highest nine-month profits in seven years as profit rose to N13.4 billion in September 2022, up 41.6 percent from N9.46 billion in September 2021.

According to the bank, it recorded an interest income of N90 billion in September 2022, up 8.8 percent from N82.7 billion in September 2021.

In 2022, the Abubakar-led management ensured that the Group’s Gross Earnings were up 16.64% to N175.14 billion from 150.15 billion posted in 2021. This was driven by strong growth in interest income.

Profit before Tax grew by 29.26% to N20.76 billion as against N16.06 billion posted in 2021.

According to the bank’s financial report, Net Interest Income rose by 12.65% to N76.39 billion from N67.39 billion in 2021.

He has held various positions such as the Institute of Directors, governing council of the Chartered Institute of Bankers of Nigeria, member of the Nigerian Economic Summit Group committee for Agriculture and Food Security, and also serves on the advisory council of the Lagos Business School.

As one of that rose through the ranks in the bank, Abubakar recently became the first CEO in Nigeria to virtually ring the closing gong for the trading day at the Nigerian Stock Exchange.

The Bank was named one of the top 100 places to work in Nigeria for 2018, also winning the Best Quality of Life Award for her human resource management practices under his leadership.

Abubakar was also named one of the Top CEOs in Nigeria at the BusinessDay Annual Top CEO and Next Bulls Awards 2020.