Lagos, Nigeria (VOICE OF NAIJA)- Shareholders of Jaiz Bank Plc have approved plans to raise up to N150 billion in fresh capital, providing the non-interest lender with additional resources to support expansion, strengthen its balance sheet and meet evolving regulatory capital requirements.
The approval was granted at the bank’s 14th Annual General Meeting held virtually, according to a statement signed by the Company Secretary, Mohammed Shehu.
Under the resolution, Jaiz Bank is authorised to raise the funds through a variety of instruments, including ordinary shares, preference shares, Sukuk, convertible and non-convertible securities, notes and other financing structures.
The fundraising may be executed through a public offer, rights issue, private placement, book-building process, debt-to-equity conversion or a combination of methods in both domestic and international capital markets.
The bank said the timing, pricing and structure of the capital raise would be determined by its Board of Directors, subject to obtaining all necessary regulatory approvals.
Shareholders also empowered the board to increase the bank’s issued share capital where required and allot any resulting shares arising from the fundraising exercise.
In a move aimed at enhancing flexibility, shareholders agreed to waive their pre-emptive rights for any tranche of the capital raise conducted through private placements, strategic investments or other fundraising structures where such rights would ordinarily apply.
The waiver is expected to facilitate the entry of strategic investors and streamline the execution of the capital programme.
The fundraising plan comes as Jaiz Bank continues to post strong financial results. The bank recorded a pre-tax profit of N8.08 billion in the first quarter of 2026, representing a 14.8 per cent increase from N7.04 billion reported in the corresponding period of 2025.
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Growth was driven by higher earnings from both financing and investment activities. Income from financing contracts rose by 52.9 per cent to N14.8 billion, while investment income increased by 15 per cent to N12.7 billion during the quarter.
The performance builds on a robust 2025 financial year in which pre-tax profit climbed 27.8 per cent to N31.2 billion. Total assets expanded to N1.3 trillion as of March 2026, while retained earnings stood at N28.8 billion.
For the 2025 financial year, income from financing and investing activities rose to N97.4 billion from N76.5 billion recorded in the previous year.
Murabaha transactions remained the bank’s largest source of financing income, contributing N33.4 billion, while Ijara transactions generated N10.3 billion.
Investment income also grew significantly, rising to N52 billion from N44.3 billion in 2024, underscoring the increasing role of the bank’s investment portfolio in driving earnings growth.
The planned N150 billion capital raise is expected to position Jaiz Bank for its next phase of growth while strengthening its capacity to support customers and compete effectively in Nigeria’s evolving banking landscape.
