Jaiz Bank Plc, Nigeria’s leading non-interest bank, has announced its decision to offer 10,048,237,955 ordinary shares via private placement. The Bank’s Chairman, Mohammed Mustapha Bintube, disclosed this in a statement on Friday.
Bintube stated that the proceeds from the capital raising exercise will be used to improve service delivery across various platforms, enabling the Bank to achieve its five-year strategic objectives. He 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 further encouraged qualified investors to seize this opportunity to invest, as the Bank seeks to expand to other financial services via a Financial Holding Company structure, subject to future regulatory approval. “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 said.
In addition, Bintube mentioned that an opportunity would soon be provided to existing shareholders to invest additional capital in the Bank through a Rights Issue. This move is seen as a strategic step towards ensuring the Bank’s continued growth and success.
