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Market Digest Nigeria

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JAIZ Bank’s shares now traded on Nigerian Stock Exchange

Shares of Jaiz Bank Plc have been Listed on the floor of the Nigerian Stock Exchange (NSE) and trading on then commenced on Thursday. 

The Bank’s Managing Director/CEO Hassan Usman officially rang the NSE’s bell to open the 29,464,249,300 Ordinary Shares to the public. He was supported by its Chairman Alhaji (Dr.) Umaru Abdul Mutallab, Deputy Managing Director Mahe Abubakar and other Directors.
The shares have per value of 50 kobo per share with an Introduction price of N1.25. Shareholders of the Bank unanimously endorsed the Listing at an Extra-Ordinary General Meeting in November, 2016.

In his Facts behind the Listing presentation on Thursday, Usman said the paid up capital of the Bank stands at N14.7 billion divided into 29.5 billion Ordinary Shares. The Listing he believed would promote liquidity for the Bank’s shars, enhance value of the company and increased transparency. It is also in fulfillment of an earlier promise made at inception of the Bank to the shareholders and the public.
“Our listing today, I am sure will elicit public confidence that Non-Interest Banking provides alternative model that will contribute to the socio-economic development of our country,” he said.
On the future outlook of the Bank, the CEO said going by the growth trajectory which averaged 30% per annum, Jaiz Bank’s prospects are bright.
The projection for the next five years indicates a gross revenue of N16 billion by 2021 and profit before tax of N7.9 billion.
Jaiz Bank commenced operations in 2012 with three branches in Abuja, Kano and Kaduna after it was granted a Regional Operating License from the Central Bank of Nigeria.
The branches have since increased to 27 across the country, with more scheduled to be opened within the year.

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