Shareholders of Jaiz Bank Plc have approved a plan to raise up to ₦150 billion in fresh capital through multiple funding options as the non-interest lender seeks to strengthen its capital base and support future growth.
The resolution was passed at the bank’s 14th Annual General Meeting (AGM), held virtually on June 24, 2026, where shareholders also approved the payment of an 11 kobo final dividend per ordinary share for the 2025 financial year.
According to the resolutions released by the bank, the proposed capital raise will allow Jaiz Bank to issue ordinary shares, preference shares, Sukuk, convertible or non-convertible securities, notes and other financial instruments through various channels, including public offers, rights issues, private placements, book building, debt-to-equity conversions or a combination of these methods.
The fundraising programme, which is subject to regulatory approvals, may be executed in both the Nigerian and international capital markets and in either local or foreign currencies.
Shareholders Back Expansion Strategy
To facilitate the capital raising programme, shareholders authorized the Board of Directors to increase the bank’s issued share capital where necessary and allot new shares on terms deemed appropriate, subject to approvals from relevant regulators.
The Board was also empowered to amend the bank’s Memorandum and Articles of Association (MEMART), appoint issuing houses, financial advisers, solicitors, stockbrokers and other professional parties required to execute the capital raising exercise.
In addition, shareholders waived their pre-emptive rights for any tranche of the capital raise undertaken through private placements, strategic investments or other applicable funding structures, allowing the bank greater flexibility in attracting institutional and strategic investors.
The approval positions Jaiz Bank to strengthen its capital adequacy and support business expansion in line with evolving regulatory requirements and growth opportunities within Nigeria’s banking sector.
Dividend Approved
Shareholders ratified the Board’s recommendation to pay a final dividend of 11 kobo per share for the year ended December 31, 2025.
The dividend became payable on June 24, 2026, to shareholders whose names appeared on the company’s register of members as of the close of business on June 2, 2026, subject to applicable withholding tax deductions.
Directors Re-Elected, New Executive Director Confirmed
During the meeting, shareholders re-elected Tajuddeen Aminu Dantata, Sa’adat Hamza Mohammed and Mustapha Ibrahim Ahmad as Non-Executive Directors following their retirement by rotation.
Shareholders also approved the election of Omolara Muinat Ismail as Executive Director.
The AGM further authorized the Board to determine the remuneration of the external auditors and noted the disclosure of annual remuneration for the bank’s managers in compliance with the Companies and Allied Matters Act (CAMA) 2020.
Audit Committee Appointments
Shareholders elected Alhaji Shehu Mohammed, FCA, Alhaji Mohammed Gulani Shuaibu, FCA, and Alhaji Lawal Ibrahim Ozomata, FCA, as shareholders’ representatives on the bank’s Statutory Audit Committee.
The Board nominated Alhaji Ibrahim Indimi and Dr. Aisha Waziri Umar as its representatives on the committee.
Directors’ Fees Approved
Shareholders also approved directors’ remuneration for the 2026 financial year, fixing annual fees at ₦48 million for the Chairman and ₦40 million for each Non-Executive Director.
The approvals come as Nigerian banks continue to strengthen their capital positions ahead of evolving regulatory capital requirements and increasing opportunities for balance sheet expansion.
With the proposed ₦150 billion capital raise, Jaiz Bank is expected to enhance its lending capacity, support long-term growth initiatives and reinforce its position within Nigeria’s non-interest banking industry.