Jaiz Bank Plc has received the backing of its shareholders to raise as much as ₦150 billion in new capital, marking a significant step in the bank’s long-term expansion strategy.
The approval was granted during the lender’s 14th Annual General Meeting (AGM), conducted virtually on June 24, 2026.
The planned fundraising is designed to reinforce the bank’s capital base, improve its financial strength and position it to capitalize on future opportunities within Nigeria’s growing non-interest banking sector.
Multiple Financing Options to Be Explored
Under the resolution adopted at the AGM, the bank will have the flexibility to source funds through a variety of instruments and financing structures.
These include ordinary and preference shares, Sukuk, convertible and non-convertible securities, notes, as well as other financial instruments.
The capital programme may be implemented through public offerings, rights issues, private placements, book-building exercises, debt-to-equity conversions or a combination of these approaches, depending on prevailing market conditions and regulatory approvals.
Jaiz Bank also disclosed that the fundraising exercise could take place in both domestic and international capital markets and may be denominated in either local or foreign currencies.
Board Receives Broad Powers to Execute Capital Plan
To ensure smooth implementation of the proposed fundraising, shareholders authorized the Board of Directors to increase the bank’s issued share capital whenever necessary, subject to approvals from the relevant regulatory authorities.
The Board was equally empowered to make amendments to the bank’s Memorandum and Articles of Association where required and to engage professional advisers, including issuing houses, solicitors, stockbrokers and financial consultants, to oversee various aspects of the transaction.
In addition, shareholders agreed to waive their pre-emptive rights for portions of the capital raise executed through private placements, strategic investments or similar arrangements, giving the bank greater flexibility in attracting institutional investors.
Dividend Payment Confirmed for 2025 Financial Year
Beyond the capital raising initiative, shareholders endorsed the Board’s recommendation to distribute a final dividend of 11 kobo per ordinary share for the financial year ended December 31, 2025.
The dividend became payable on June 24, 2026, to investors whose names appeared on the company’s register at the close of business on June 2, 2026.
Payments remain subject to applicable withholding tax deductions.
Directors Retain Seats as Executive Appointment Gains Approval
The AGM also addressed board composition, with shareholders approving the re-election of Tajuddeen Aminu Dantata, Sa’adat Hamza Mohammed and Mustapha Ibrahim Ahmad as Non-Executive Directors after their retirement by rotation.
Shareholders further confirmed the appointment of Omolara Muinat Ismail as Executive Director, strengthening the bank’s leadership team.
The meeting also empowered the Board to determine the remuneration of the external auditors while acknowledging disclosures relating to the annual remuneration of the bank’s management in line with the Companies and Allied Matters Act (CAMA) 2020.
New Audit Committee Representatives Named
Shareholders elected Alhaji Shehu Mohammed, FCA, Alhaji Mohammed Gulani Shuaibu, FCA, and Alhaji Lawal Ibrahim Ozomata, FCA, to represent them on the Statutory Audit Committee.
The Board, on its part, nominated Alhaji Ibrahim Indimi and Dr. Aisha Waziri Umar to serve as its representatives on the committee.
Directors’ Remuneration Approved
As part of the resolutions passed at the meeting, shareholders approved directors’ fees for the 2026 financial year.
The Chairman’s annual remuneration was fixed at ₦48 million, while each Non-Executive Director will receive ₦40 million.
Capital Strengthening to Support Future Growth
The approval comes at a time when Nigerian banks are taking steps to reinforce their capital positions in response to changing regulatory expectations and expanding business opportunities.
With access to up to ₦150 billion in additional capital, Jaiz Bank is expected to improve its capital adequacy, expand its lending capacity and strengthen its competitive position in Nigeria’s non-interest banking industry while supporting its long-term growth ambitions.
