Jaiz Bank added N36 billion to the total market capitalisation of the Nigerian Stock Exchange (NSE). The bank announced the official listing of its ordinary shares of N29.4 billion of 50kobo each at N1.25. The chairman of Jaiz Bank, Alhaji Umaru Abdul Mutallab, debunked insinuation that the bank was designed to only service the Islamic community, saying it was a bank for all Nigerians interested in doing ethical business. Jaiz Bank commenced operations in 2012 with a N3 billion deposit base. Since then it had a growth rate of 30%, with a current workforce of 600 staff across 30 branches across the country. On the future outlook of the bank, CEO Hassan Usman said Jaiz Bank’s prospects are bright, adding that the projection for the next five years indicated a gross revenue of N16 billion by 2021.
Shareholders of Jaiz Bank unanimously voted for its shares to be listed and traded on the Nigerian Stock Exchange. The bank disclosed that this development will now open windows of opportunities for numerous individuals who desire to own shares in Jaiz Bank. Chairman of the Bank, Alhaji Umaru Abdul Mutallab, said the Bank’s authorized Share Capital has been sub-divided from 15, 000, 000, 000 Ordinary Shares of N1.00 each to N30, 000, 000, 000 Ordinary Shares of 50k each. Also speaking at the event, CEO Hassan Usman said once listed on the Nigerian Stock Exchange, existing shareholders can trade their shares while new investors can also invest by buying the shares.
The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation. Chairman of Jaiz Bank Alhaji Umaru Abdul Mutallab said the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times. Alhaji Sa’ad Abubarkar III, the Sultan of all Muslims in Nigeria, congratulated and warned that Jaiz bank must conform with all rules and regulations of Islam.
Chairman, JAIZ Bank, Alhaji Umaru Abdul Mutallab has denied that the institution is distressed and called for more players in the Islamic banking system in a bid to compete favourably in Nigeria’s financial sector. He made the call in Kaduna while donating cash and non-food items to two foundations by the JAIZ Foundation, saying the bank’s deposit base was increasing astronomically. Engr. Garba Muhammad, Mutallab disclaimed text messages in circulation that the bank was in trouble and assured that it was growing day by day. The bank has recently got approval in principle for a national licence to operate in all regions of Nigeria, he added.