By: Elizabeth Christopher
Jaiz bank plc, says it is awaiting final approval of the Central Bank of Nigeria, CBN to meet the new capital requirement set for deposit money banks in Nigeria.
Managing Director and CEO of Jaiz Bank Plc, Dr. Haruna Musa, disclosed this at the 12th Annual General Meeting (AGM) of the bank held in Abuja.
He said the bank is poised to meeting the yearnings of its shareholders with not less than N1 dividend.
“Prior to the announcement by the Central Bank of Nigeria (CBN) about the new capital structure, our Board has been very proactive by arranging a private placement.
“Our core investors have invested the sum of N10.4 billion. Looking at our current verified capital by the CBN, which is about N18.7 billion, we have only N1.3 billion shortfall, and again, we have N10.4 billion to bring in.
“Like our Chairman has pointed out earlier, we are almost 99.9 per cent complete. We are waiting for the CBN final clearance and by grace of God Almighty, we are going to be the first bank in Nigeria to cross the new CBN recapitalization requirement.
“We have heard the clamour of most of our shareholders. They have given us a marching order. We have to move to a minimum of N1 upwards as dividend henceforth; that’s what we are promising”.
The Chairman of the Board, Mohammed Mustapha Bintube, said the bank is committed to supporting the real sectors of the Nigerian economy by providing adequate funding for productive activities.
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, recorded growth in key financial indicators in 2023 and plans to sustain and exceed the performance.
In a statement released to the Press in Abuja, the bank said that despite the challenging economic and financial environment in which it operates, it has consistently declared dividends annually.
The bank revealed that as of the end of December 2023, it recorded a profit of over N11 billion, which represented a growth of 67 percent over performance in 2022.
During the AGM, the board chairman said that the bank will continue to leverage its digital channels to improve customer experience and services.
“These days, our customers mostly use our digital and electronic channels to conduct their various banking transactions,” the chairman stated.
“We thank our loyal and supportive customers for their continued patronage and look forward to a deepened mutually beneficial relationship,” he added.
