(SINL NIGERIA) Stanbic IBTC Holdings Plc market value reached about N751 billion on the Nigerian Exchange (NGX) as its chief executive officer, CEO, sets to bow out this month.
The financial services group’s 12.956 billion shares outstanding was valued at N750.858 billion at a unit price of N57.95 in the equities market, up from N57.50 at the beginning of the previous week.
Due to selloffs that plunged the company downward from its peak price, Stanbic IBTC is closer to its 52-week low (N45) at the current market price, than it is to 12 months high (N80) in the local bourse.
The stock is trading at 28% discount to its 52-weeka after marginal uptick recorded, according to data from the Nigerian Exchange.
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, 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 confident that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.
