The management of Jaiz Bank Plc has unfolded plans to meet the new recapitalization requirement set by the Central Bank of Nigeria (CBN), reiterating that it’s on course to becoming the first bank to cross the huddle.
This was disclosed by Dr Haruna Musa, Managing Director and CEO of Jaiz Bank Plc, on Tuesday at the 12th Annual General Meeting (AGM) of the bank held in Abuja.
Also, he informed that henceforth, shareholders of the bank will be smiling home with not less than N1 dividend, urging them to expect better performance in the years ahead.
Dr Musa said, “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”.
Meanwhile, Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has again recorded impressive growth in key financial indicators in 2023 and plans to sustain and exceed the performance in 2024 and beyond.
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 Chairman of the Board, Mohammed Mustapha Bintube, stated that, as of the end of December 2023, the bank recorded a profit of over N11 billion, which represented a growth of 67 per cent over performance in 2022.
He further stated that the half-year 2024 results were quite impressive, saying the results under review had already exceeded the bank’s full-year profit for 2023.
During the AGM, the board chairman said, “We have consistently paid dividends to our shareholders over the years, and we will continue to improve the amount of dividends we will pay to our shareholders over the coming years.”.
He further hinted 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.
Similarly, while appreciating the customers, he said, “We thank our loyal and supportive customers for their continued patronage and look forward to a deepened mutually beneficial relationship.”
Due to regulatory requirements, a number of directors who have reached a maximum of 12 years on the board retired during the year, and while applauding the outgoing directors of the bank, Bintube affirmed that their legacies would linger for generations to come.
In the same vein, the Board Chairman commended the effort of retired members of the Advisory Committee of Experts (ACE) for contributing towards the success of the bank.
According to Bintube, “To our present and pioneering staff, whose sweat and toil helped create and grow the bank, we say thank you very much.”
The chairman also asserted that the bank is committed to making Jaiz Bank the most successful ethical bank, not only in Nigeria but on the entire African continent.
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