Jaiz Bank lists on the Nigerian Stock Exchange
JAIZ Bank Plc, yesterday, 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.”
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.”
SOURCE: Vanguard Nigeria