*Fined for missing regulatory filings, non-submission of Internal Control over Financial Reporting, auditor’s independence attestation, insider dealing during a closed period
WorldStage– Sterling Financial Holding Company Plc, a tier-2 bank, declared three of the six sanctions regulators slammed on it, thus misleading the Financial Reporting Council of Nigeria in filing its compliance report for 2025
The two X-Compliance reports the Nigeria Exchange Group (NGX) published in February and April, and the bank’s disclosure in its Nigeria Code of Corporate Governance (NCCG 2018) compliance report revealed a total of N35 million in fines, a warning letter, and another fine pending.
And the council, the Security Exchange Commission, and the NGX flagged and fined Sterling Bank for missing regulatory filings, non-submission of Internal Control over Financial Reporting, auditor’s independence attestation, and insider dealing during a closed period, for which it got a warning.
In its NCCG report for 2025, Sterling, however, listed only the quarterly report filing, the ICFR report, and the attestation, adding up to N26 million. The 2024 audited financial statement and its Quarter 1 filings Sterling missed, for which it earned a total of N8.9 million fine, got no mention in the report.
The bank recently announced it would miss the March 31 deadline for its regulatory filing. The failure already got its name on the X-Compliance list of non-compliant companies.
