Sterling Bank originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The Bank was licensed as Nigeria's first merchant Bank in 1969. Consequent to the indigenisation decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company
Illinois and
American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatised and listed as a public company on the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the Federal Government sold its residual interest in the Bank, effectively making it a fully privatised institution. In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely, Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name 'Sterling Bank'. The merged entities were successfully integrated and have operated as a consolidated group ever since. In line with the
Central Bank of Nigeria's repeal of universal banking, Sterling Bank now operates as a national commercial bank, disposing of holdings in subsidiaries and affiliate companies. In mid-2011, Sterling Bank acquired the franchise of the erstwhile
Equatorial Trust Bank. Under a special resolution on September 19, 2022, Sterling Bank Plc transitioned to Sterling Bank Ltd, emerging as a subsidiary of Sterling Financial Holdings Company Plc. == Current executives ==