Jaiz Bank lists N36.8bn shares on NSE

JAIZ Bank Plc, joined the league of
quoted companies as the Nigerian Stock
Exchange, NSE, admitted its 29,464, 249,300 ordinary shares at N1.25 per share, valued at
N36.8 billion on its Daily Official List.
The bank has also projected to pay its first dividend after its listing on the NSE in 2018,
saying it is meant for all Nigerians and not for any religious group.

Speaking on the facts behind its listing on the
NSE, Chairman of Jaiz Bank Plc, Dr. Umar Abdul
Mutallab said, “The bank is for all Nigerians and
not just for Muslims alone. It is for all religious
groups in the country. Our shareholders cut
across all segments of the society. Any person
can buy the shares here on the NSE. The bank
is here to bring all Nigerians together; the only
thing is that the bank does not pay interest on
nor invest in anything that is regarded harmful.”

Nigerian Stock Exchang
In his presentation, the Managing Director/CEO,
Jaiz Bank Plc, Mallam Hassan Usman said, “The
bank has diversified investors and before listing
has 30,000 shareholders. The shareholders
invested based on certain Islamic principles. We
are non-interest bank but not a nonprofit entity.

Our model of banking is non interest but profit
making.
“Basically, we earned income in range of
products and services that can broadly be
classified into three typologies. Basically, we
make profit from sales, partnership and lease.
We are anticipating to have a payout ratio
dividend to our shareholders of not less than 50
per cent over our current plan period in 2018.

“The paid up capital stood at N14.7 billion, the
major shareholders with five per cent and above
are controlling a total of about 65 per cent of the
total share capital of the bank. The shareholders
base of the bank is diversified with one foreign,
108 institutional, 220 corporate, 26,157
individuals, 156 joint, 6 states and 106 local
governments.”
In his remark, the Chief Executive Officer, NSE,
Mr. Oscar Onyema said, “I congratulate the
board and management of Jaiz Bank Plc on its

successful listing on the main board of the
Nigerian Stock Exchange. With large un-banked
populations as well as established middle
classes across the continent, which is home to
numerous member nations of Organization of
Islamic Countries, Africa has been openly touted
as a target Islamic finance market.”