Jaiz Bank Meets CBN Recapitalization After Raising N10.04bn From Private Placement
2 years ago 2 min read
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Jaiz Bank has successfully listed N10.04bn from its private placement on the Nigerian Exchange Group (NGX), following regulatory approvals from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and NGX.
The move places Jaiz Bank among the few banks that have already met the CBN’s revised capital requirements, ahead of the June 2026 deadline.
The bank in a statement said its financial position remains robust, with a well-structured, diversified, and resilient balance sheet.
It added in the statement that total assets currently stand at ₦1.06tn, while shareholders’ funds have reached ₦47.9bn.
Speaking on the successful capital-raising exercise, the Chief Executive Officer, Haruna Musa, stated that this achievement underscores the commitment of the board and management to adding value to its customers by providing bespoke ethical finance solutions.
He said, “Jaiz Bank is well-positioned to compete effectively on all fronts, fulfilling customer needs through ethical and innovative financing.
“Despite a challenging operating environment, we have demonstrated resilience and achieved remarkable growth across financial and non-financial metrics. This positions us firmly on track to becoming the leading ethical bank in Africa.”
He further emphasized the bank’s strategic focus, saying: “Looking ahead, we will continue strengthening relationships with our loyal customers while attracting new ones.
“Through our digital platforms, innovative products, and services, we aim to support individuals, businesses, and communities alike. Our journey to lead the future of ethical finance in Africa remains unwavering, as we stay committed to excellence and delivering long-term value to all stakeholders.”
In the statement, the bank added that the milestone reinforces Jaiz Bank’s position as a leader in ethical banking, further solidifying its commitment to providing innovative financial solutions while driving long-term sustainable growth.
Triggered by prevailing macroeconomic challenges, the apex raised the international bank capital requirement to N500bn; banks with national licenses N200bn while regional commercial banks N50bn.
The capital requirements of merchant banks and non-interest banks with national licenses were raised to N50bn and N20bn respectively while the capital of non-interest banks with regional licenses was raised to N10bn.
The exercise began April 1, 2024, and would end by March 31, 2026.
The central bank had asked banks to meet the new capital requirement through private placements, rights issues, mergers acquisitions and upgrades or downgrades of licenses.
