Shareholders of Jaiz Bank Plc have given their approval for a plan to raise up to N150 billion in fresh capital. This move is intended to support the bank’s growth strategy and strengthen its capital base, as confirmed in a statement signed by Company Secretary Mohammed Shehu.
The approval was secured at the bank’s 14th Annual General Meeting (AGM), which took place virtually on June 24, 2026.
Under the resolution passed at the AGM, Jaiz Bank is authorized to raise the funds through a diverse range of instruments. These include ordinary shares, preference shares, convertible and non-convertible securities, Sukuk, notes, and other financing structures.
The resolution specifies that the capital can be raised via a public offer, rights issue, private placement, book building process, debt-to-equity conversion, or any other combination of methods. This can be done in local or foreign currency, across Nigerian and international capital markets.
The timing, pricing, structure, and specific terms and conditions of the fundraising exercise will be determined by the bank’s Board of Directors. This is subject to obtaining all necessary regulatory approvals.
The approval aligns with the provisions of the Companies and Allied Matters Act (CAMA) 2020, the Banks and Other Financial Institutions Act (BOFIA) 2020, and the Investments and Securities Act. It also adheres to applicable regulations from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Nigerian Exchange Limited (NGX).
Shareholders further authorized the Board to increase the bank’s issued share capital as required for the fundraising. They also approved the allotment of any resulting shares in a manner deemed appropriate, subject to regulatory approvals.
Existing shareholders agreed to waive their pre-emptive rights for any tranche of the capital raise undertaken through private placements or strategic investments. This waiver provides the bank with enhanced flexibility to attract strategic investors and efficiently execute the capital raising program.
This fundraising approval comes amidst continued growth in Jaiz Bank’s financial performance. The bank reported a pre-tax profit of N8.08 billion for the first quarter of 2026, marking a 14.8% increase from the N7.04 billion recorded in the corresponding period of 2025.
This Q1 performance builds on a strong 2025 financial year, during which pre-tax profit rose by 27.83% year-on-year to N31.2 billion. This growth was primarily driven by increases in financing and investment income.
Income from financing contracts increased by 52.88% to N14.8 billion in the first quarter of 2026, while income from investment activities rose by 15.01% to N12.7 billion.
The bank’s balance sheet also remained resilient, with retained earnings standing at N28.8 billion. Total assets expanded to N1.3 trillion as of March 2026, up from N1.28 trillion at the end of 2025.
Jaiz Bank closed the 2025 financial year with a pre-tax profit of N31.3 billion, an increase from N24.4 billion in 2024. This was supported by higher financing and investment income.
Fourth-quarter pre-tax profit for 2025 rose 8.27% year-on-year to N8.1 billion. Total income from financing and investing activities increased to N97.4 billion from N76.5 billion recorded in the previous year.
A breakdown of the bank’s 2025 financing income showed that Murabaha transactions were the largest contributor, generating N33.4 billion. Ijara transactions contributed N10.3 billion, with other Islamic financing contracts accounting for the balance of financing income, bringing the total to N45.9 billion.
Meanwhile, income from investment activities climbed to N52 billion from N44.3 billion in the prior year, underscoring the growing contribution of the bank’s investment portfolio to overall earnings.
The planned capital raise is expected to provide additional resources for business expansion, balance sheet growth, and compliance with evolving regulatory capital requirements within Nigeria’s banking sector.
