Jaiz Bank To Boost Operations With Additional Capital

Jaiz Bank Plc on Sunday said it would raise additional capital to boost its operations.

The Managing Director of the Bank, Hassan Usman, said this during a chat with journalists at the bank’s headquarters in Abuja.

He said the amount which is expected to be injected by the shareholders of the bank would be used to boost liquidity as well as expand its Information Technology infrastructure.

Usman said the proposed placement was approved at an Extra-Ordinary General Meeting held on 28th of October 2020 at the Bank’s Head Office in Abuja under the Chairmanship of Dr. Umaru Mutallab.

He said the capital injection is an affirmation of the confidence the Board and Shareholders have in the prospects of the Bank despite the economic uncertainties occasioned by the Covid-19 pandemic.

On reports about the rift among members of the board of the bank over the appointment of a new MD, he said none of such rift exists among tbem.

He said “There is no rift in the Board of the Bank other than legitimate exercise of divergent opinions on a matter in the ordinary course of the Directors’ duties. As a testimony to the absence of a rift, the Board and Shareholders of the

“The matter of succession for the current Managing Director was considered by the Board as the expiration of his contract approached.

“Whereas some Directors of the Bank opined that a change
of leadership was required to pursue some critical strategic goals, others believed otherwise, given the very impressive performance of the current Management.

“The Board nonetheless resolved to appoint a new successor in person of Mr. Muhammad Shaheed Khan. This decision was however rescinded at a subsequent meeting of the Board.

“The Board’s resolution to rescind its decision and consequently discontinue the appointment process was in line with the terms and conditions of the offer letter issued to Mr. Khan since the offer was subject to relevant regulatory approvals.

“Incidentally, the approval obtained from the relevant regulator materially modified the intention of the Board as expressed in the conditional offer to Mr. Khan, necessitating the Board’s decision to discontinue the process of his appointment.”

He assured the bank’s Customers, Shareholders, investing public and other stakeholders that the Board of the Bank remains committed to conducting its affairs within the stipulations of existing Corporate Governance Codes for banks and public companies in Nigeria.