Jaiz Bank Gets Shareholders’ Approval To Raise N150bn For Expansion

Shareholders of Jaiz Bank Plc on Tuesday gave approval to the Board of Directors of the bank to raise the sum of N150bn through issuance of Sukuk or Equity from the Nigerian capital market.

The approval was unanimously given at the Bank’s 10th Annual General Meeting held in Abuja.

Through the endorsement of the shareholders, the Board of Directors has been given the power to take all such actions as required by the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange and other authorities to raise the amount.

With this move, the bank can now undertake actions, business combinations and transactions that would enable it to achieve its short and long-term growth strategy required to improve competitiveness.

The shareholders also approved the dividend payment of 4 kobo per share which was initially proposed by the Board of Directors for the 2021 financial year.

This translates into a total dividend payout of N1.38bn for the entire shareholders of the bank.

Speaking at the event, the Chairman of the Board of Directors of Jaiz Bank, Alh Umaru Mutallab, said within the last ten years, the business of the bank which is in line with the non-interest banking principle has shown incredible resilience.

He said the bank’s profit before tax soared higher by recording a growth of 43 per cent from N3.07bn in 2020 to N4.37bn in 2021.

Mutallab explained that during the year under review, the bank increased its total assets by 20 per cent from N223.6n in 2020 to N279.3bn in 2021 while total deposits rose to N209.08bn in 2021 from N175.51bn in 2020.

He said, “During the year 2021, the market perception of our brand has equally continued to improve with the bank being awarded the most-improved Islamic Bank in the world by the United Kingdom-based GIFA for a second year in a row.”

On the future outlook of Jaiz Bank, the Chairman expressed optimism that the bank will continue to make progress in the coming years.

He said, “The future looks bright, the macroeconomic indices are projected to have an uptick as most of the economies have rebounded except some few.

“As for the bank, we will remain resolute in providing our customers better services in an efficient and delightful manner.

“Our digital roadmap will be judiciously executed in order to simplify our processes and engender employees’ productivity while optimizing shareholders return.”