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Shareholders approve Jaiz Bank’s bid for national licence

By on June 28, 2014

Shareholders of Jaiz Bank Plc yesterday approved the bank’s bid to get a national operating licence in order to establish its presence across the country.

It also emerged that the bank has grown its assets base to N34 billion as at the end of its 2013 financial year.

This represented an increase of 141 per cent compared to the N14 billion recorded in 2012.

Speaking in Abuja yesterday at the company’s second Annual General Meeting (AGM), Chairman of the bank, Alhaji Umaru Abdul Mutallab, said the shareholders’ approval represents the last phase of its procedures to finally get the nod from the Central Bank of Nigeria (CBN) to operate nationwide.

However, he said its overall financing activities were worth N9.3 billion or a 365 per cent increase over the previous financial period.

He said its customer deposits witnessed a significant leap reaching N21.9 billion or 567 per cent increase over the receipt for 2012.

He said: “We are extremely delighted by the results of asset growth and shareholders funds. These results are assuring and indicate that this alternative banking is feasible notwithstanding the difficult operating environment.

“We intend to increase our share capital to a stage whereby we would be eligible for a national license because we want to be a bank that is spread to every nooks and cranny of this country. This is a bank for all Nigerians because this is a bank that has a lot of future.”

He added that in no distant future, the company would be listed on the Nigerian Stock Exchange to afford more Nigerians the opportunity to invest and partake in the fortunes of the entity which according to him is a fast growing venture in the world.

The chairman said the bank had achieved significant progress following a recent structuring of various management positions, strengthening of staff performance as well as technological innovation.

“These measures substantially improved work procedures as well as the level and diversity of our banking services,” he said.

The Managing Director, Jaiz Bank, Mr. Muhammad Nurul Islam said the Islamic banking model was capable of alleviating poverty and enhancing the industrialisation of the country.

He said the bank hopes to acquire the National Operating License before the end of the third quarter, to enable it operate in all the 36 states of the federation.

According to him: “If this banking system is expended to the whole world, it would make good growth which is very possible.”

 

 

[This Day]