Jaiz Bank set to get new executive directors

Jaiz Bank has appointed some executive directors and forwarded their names to the Central Bank of Nigeria for approval.

The premier non-interest bank in Nigeria owned by over 26,000 shareholders spread over the six geo-political zones of the country, in a note to the Nigerian Stock Exchange on Monday, confirmed that its board of directors had an emergency meeting on July 22, 2020 and decided on the appointments and other issues.

The note signed by the company’s secretary, Mrs. Ruskayat Dahiru, did not disclose the names of the out-going and in-coming directors, but promised to inform the public after CBN’s approval.

Jaiz Bank, which grew its balance sheet from N12bn in 2012 to about N62bn, with asset financing of over N30bn, has 13 directors, mostly from the northern part of Nigeria. They include Dr. Umaru Abdul Mutallab (Chairman), Hassan Usman (Managing Director/CEO), Mahe Abubakar (Deputy Managing Director), Abdulfatah Amoo (Executive Director, Operations/CFO), Seedy Mohammed (Non-Executive Director), Dr. Muhammadu Indimi and Dr. Aminu Dantata.

The bank’s balance sheet size increased by 11.57 per cent from N167.273bn as at December 31, 2019 to N186.625bn at June 30, 2020.

Jaiz also grew its total income by 29.3 per cent from N4.82bn as at June 2019 to N6.23bn at the end of June 2020, while earning per share rose by 174.48 per cent from N1.45 in the first half of 2019 to N3.98 in the first half of 2020.

The shareholders at its 8 h Annual General Meeting in July approved the first dividend payment of N0.03 kobo per 50 kobo ordinary share for the year ended 2019.

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