Jaiz Bank gets approval to list on Nigerian Stock Exchange

October 27, 2016

Shareholders of Jaiz Bank Plc, Nigeria’s first non-interest bank, on Wednesday unanimously voted its shares to be listed and traded on the floor of the Nigerian Stock Exchange.

According to the bank, this will open opportunities for individuals who desire to own shares in the bank.

Speaking at the Extraordinary General Meeting of the bank in Abuja, its Chairman, Dr. Umaru Abdul Mutallab, said with the shareholders’ endorsement, the bank’s authorised share capital had been sub-divided from 15,000,000,000 ordinary shares of N1 each to 30,000,000,000 ordinary shares of 50 kobo each.

Also speaking at the event, the Managing Director/Chief Executive Officer, Jaiz Bank, Mr. Hassan Usman, said once listed on the NSE, existing shareholders would be free to trade their shares while new investors could also invest by buying the shares.

He said, “We want the general public to benefit from the bounties of profit opportunities available so that we can all grow together as one big Jaiz family. The potential is enormous.

“As you may be aware, few months ago, the bank’s Rights Issue of 2.9 billion ordinary shares was successfully subscribed. We call on everyone to take advantage of this opportunity to own shares in Jaiz Bank Plc.”

In its notice of the EGM, the bank further noted that its Memorandum of Association be altered to reflect the sub-division of its authorised share capital. Source: Punch