Jaiz Bank Plc, Nigeria’s pioneer non-interest financial institution, has announced the appointments of Ahmed Mohammed Indimi and Nike Kolawole as members of its Board of Directors.
The appointments come as the Bank unveiled an impressive financial performance for the year ended 31 December 2024, reporting a Profit After Tax (PAT) of N23.48 billion and proposing a dividend of 7 kobo per share to shareholders.
The announcement, made in Abuja over the weekend, highlights Jaiz Bank’s strategic focus on strengthening its leadership with experienced professionals who possess a proven track record in ethical and strategic governance.
Ahmed Mohammed Indimi joins the Board as a Non-Executive Director. He is a prominent entrepreneur and energy sector executive, currently serving as the Director and Head of Crude Marketing at Oriental Energy Resources. In his current role, Indimi oversees commercial operations, negotiates crude pricing strategies, and manages client relationships. He is widely recognised for combining technical expertise with strong business acumen and stakeholder engagement.
Indimi holds a Bachelor’s degree in Information Technology with a focus on Internet Security and an MBA from the American InterContinental University in Atlanta. His addition to the Jaiz Bank Board brings a strategic perspective rooted in real-world experience in Nigeria’s vital energy sector.
According to the Bank, Indimi’s appointment is aligned with its goal of deepening industry-specific expertise on the Board while promoting ethical banking that supports national economic development.
Also joining the Board as an Independent Non-Executive Director is Nike Kolawole, a seasoned finance executive with decades of experience in investment banking, risk management, and energy finance. Kolawole’s appointment has received the approval of the Central Bank of Nigeria (CBN), further reinforcing the Bank’s commitment to sound corporate governance.
Kolawole has worked with top-tier international institutions including Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse, where she served as Vice President overseeing asset management and Eurobond issuances. She later joined the Nigerian National Petroleum Corporation (NNPC), where she rose to the position of Group General Manager, LNG Investment Management Services. There, she led key project financing initiatives and played a significant role in landmark transactions, including the award-winning 2012 RDP Funding deal.
She holds a Bachelor’s degree in Economics from Suffolk University in Boston and an MBA from Durham University Business School in the UK. She is also a registered member of the UK’s Financial Conduct Authority (FCA).
Her appointment is expected to strengthen the Bank’s capacity in capital mobilisation, project finance, and global stakeholder engagement.
Commenting on the appointments, Chairman of Jaiz Bank, Mohammed Mustapha Bintube, stated:
“We are delighted to welcome Ahmed Indimi and Nike Kolawole to the Board. Their deep industry knowledge, integrity, and global perspectives will add significant value as we expand our footprint in ethical banking and inclusive finance.”
Jaiz Bank’s latest financial results signal robust growth across all major indicators. The Bank recorded a PAT of N23.48 billion, representing a 108.99 per cent increase from N11.05 billion posted in 2023. This remarkable performance underscores the institution’s resilience and strategic positioning in Nigeria’s competitive banking space.
Gross earnings surged to N82.87 billion in 2024, up by 86.5 per cent from N44.44 billion in the corresponding period of 2023. Income from financing contracts rose by 17 per cent to N32.04 billion, while income from investment activities more than doubled to N44.36 billion, marking a 158.56 per cent increase from N17.16 billion in 2023.
Total assets also crossed the N1 trillion mark for the first time, reaching N1.08 trillion in 2024. This represents an 86.3 per cent increase from N580.13 billion in 2023. The growth was driven largely by a 129.7 per cent rise in Sukuk investments, which climbed to N349.6 billion from N152.2 billion the previous year. Additionally, customer current deposits soared by 93.2 per cent to N904.79 billion, up from N466.57 billion in 2023.
Key performance ratios also improved significantly. Return on Equity (ROE) climbed to 34.21 per cent in 2024 from 28.12 per cent in 2023, while Return on Assets (ROA) increased to 2.26 per cent from 1.91 per cent. The Bank’s Capital Adequacy Ratio (CAR) strengthened to 23.87 per cent, compared to 17.96 per cent in 2023, and its liquidity ratio rose to 47.35 per cent from 37.24 per cent.
Managing Director of Jaiz Bank, Dr Haruna Musa, attributed the stellar performance to the Bank’s strategic focus on customer-centric, ethical financing solutions and operational efficiency.
“Despite the challenging operating environment, we have continued to post significant growth across both financial and non-financial metrics. Our vision remains clear — to become Africa’s leading ethical bank,” Musa said.
He emphasised the Bank’s commitment to innovation, digital banking, and inclusive financial services that support individuals, businesses, and communities.
“We are confident in our journey to lead the future of ethical finance in Africa. Our focus remains on building lasting relationships with our customers and delivering long-term value to all stakeholders,” he added.
In a move to reward shareholders, the Board of Jaiz Bank has proposed a dividend payout of N0.07 per share for the 2024 financial year, an increase from the N0.04 per share paid in 2023.
This development, combined with the new Board appointments and the Bank’s strong financial footing, positions Jaiz Bank as a major player in Nigeria’s ethical banking space — one that is committed to innovation, integrity, and long-term impact.
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