Jaiz Bank Seeks to Grow Capital Base to N70bn

•Bintube recounts how Dangote rescued venture from collapse

James Emejo in Abuja

Chairman, Jaiz Bank Plc, Alhaji Mustapha Bintube, has disclosed plans to grow its capital threshold to N70 billion by the end of the year.

Speaking at a send-off ceremony for 11 retired board members, including the bank’s pioneer Chairman, Alhaji Umar Abdul Mutallab, in Abuja, Bintube further declared that the bank recorded profit of N11 billion in 2023.

He said as of June 30, 2024, the bank had already surpassed the last year’s profit,  indicating robust growth and operational success.

Jaiz Bank and other non-interest banks have till March 31, 2026 to shore up their capital base to N20 billion to qualify for a national banking licence as directed by the Central Bank of Nigeria (CBN) under the current banking system recapitalisation drive.

However, the Jaiz Bank chairman said, “Our major dream is to expand our presence globally.”

He also reflected on the bank’s humble beginning in 2012 with an initial capital of N6 billion, attributing its success to the  dedicated team and strategic partnerships, that have enabled its growth and resilience in a competitive financial sector.

Bintube also relished the bank’s aggressive expansion drive, increasing its branches from the initial three in Abuja, Kaduna, and Kano to currently 54 branches, with plans to reach 60 branches by year-end.

However,  in his remarks. Abdul-Mutallab, expressed his pride in the bank’s achievements as the country’s first non-interest Islamic bank.

He commended the efforts of various institutions, particularly the Islamic Development Bank (IDB), which played a crucial role in the bank’s establishment.

He recounted the challenging early days when the bank’s promoters had only N4 billion, adding that it was the timely intervention of Africa’s richest man, Alhaji Aliko Dangote, who provided N1 billion to meet the N5 billion required for registration, pointing out that this gesture saved the venture from collapse.

Abdul-Mutallab specifically commended former CBN Governor, Sanusi Lamido Sanusi, for his encouragement and support in realising the aspirations of Jaiz Bank.

He took the occasion to acknowledge and appreciate the contributions of other individuals and institutions, both living and deceased, who have supported the bank’s journey.

He said, “Jaiz Bank sees itself as a major Islamic bank in Nigeria”, urging the current management to continue striving for excellence and expansion.

He also expressed confidence in the bank’s future, emphasising the importance of perseverance and strategic vision in achieving its goals.

Other speakers took their turns to attest to the bank’s unwaivering commitment to non-interest banking principles and its focus on ethical financial services which had positioned it as a trailblazer in the country’s banking sector.