Jaiz Bank Plc, Nigeria’s foremost Non-Interest bank is considering joining the list of financial institutions in Nigeria that has adopted the holding company structure after 10 years of consistent profitable performance. This was made known by the bank’s board chairman Umaru Mutallab at the just concluded 10th AGM in Abuja.
According to the chairman, the new structure will help the bank to diversify its revenue base and help it to be competitive in the Nigerian financial market. Just as the board has also mandated the management to begin the process of raising N150bn either through equity or issuance of Sukuk in full or in series.
“That the Board of Directors be and is hereby authorized to undertake as it deems appropriate and in accordance with applicable laws, such steps, actions, business combinations or transactions that would enable the Company to achieve its short and long-term Growth Strategy, including but not limited to investment, acquisition, restructuring into HoldCo, capital raising, issuance of sukuk, expansion or any business arrangement required to secure a competitive advantage for the Company.
… to do all such things and take all such actions as are required by the Central Bank of Nigeria, Securities and Exchange Commission and any other regulatory authority to raise capital in the sum of N 150,000,000,000.00 through either Equity and/or issuance of Sukuk in full or in series.”
The board also approved a final dividend of NO.04kobo per share to be paid on Tuesday 16th August 2022 to shareholders whose names appeared in the Companys Register of Members by close of business on Thursday 26th May, 2022 subject to the deduction of the appropriate Withholding Tax at the time of payment.
Dr. Sirajo Salisu was also appointed MD designate upon the retirement of the current MD/CEO Mallam Hassan Usman who is due to retire on 15 October 2022. The appointment of Dr. Salisu is subject to the approval of CBN.