Jaiz Bank Announces Completion of Private Placement

Jaiz Bank Plc, the leading Non-Interest Bank in Nigeria has announced its decision to offer 10,048,237,955 ordinary shares by way of private placement.

The Bank’s Chairman, Mohammed Mustapha Bintube, disclosed that the proceeds of the capital raising exercise will be deployed to improve service delivery on its various platforms to enable the Bank achieve its five-year strategic objectives.

Bintube further said, “the Bank chose this route to sustain its growth trajectory and also to ensure it remains well capitalised in line with its capital management strategy.” 

The Chairman added, “qualified investors should take advantage of this opportunity to invest as the Bank seeks to expand to other financial services via a Financial Holding Company structure subject to regulatory approval in the future.”

He also said an opportunity would be provided to existing shareholders by way of Rights Issue to invest additional capital in the Bank soon.