Jaiz Bank Denies Allegation Of Board Crisis … Targets N3.3 Billion New Capital

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The Managing Director of Jaiz Bank Plc, Mr Hassan Usam has clarified that there is currently no rift in the board as speculated in the media, “other than legitimate exercise of divergent opinions on a matter in the ordinary course of the directors’ duties.”

Just as he disclosed the bank ongoing plans to raise an additional equity of N3.3 billion through private placement.

He said the approval was given by bank’s board and shareholders at an Extra-Ordinary General Meeting (EGM) convened on October 28, under its Chairman, Dr. Umaru Mutallab.

Speaking at a media briefing, he pointed out that the proposed placement represented only about 30 per cent of of the bank’s existing capital adding that it will shore up its working capital going forward.

However, he said the recent approval for capital injection at the EGM was clear testament of the existing harmony within the company.

Usman, explained that the capital expansion drive will among other things help the bank to finance big ticket transactions and provide the liquidity to pursue its business expansion drive as well as invest in information technology to enhance its operations and finance infrastructure.

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