By Dipo Olowookere
A non-interest bank operating in Nigeria, Jaiz Bank, is planning to increase the fees collected by Chairman of its board of directors and the non-executive directors on the board by 100 percent.
However, before this can be effected, shareholders of the financial institution must give their approval at the company’s Annual General Meeting (AGM) fixed for Wednesday, June 26, 2019 at the Shehu Musa Yar’Adua Center, Abuja.
In a notice this week, the company said while it intends to raise the fee of the Chairman to N10 million per annum from N5 million, it wants the other executive be paid N8 million instead of the N4 million they presently take.
“It is hereby resolved that the fees, payable annually to Directors in arrears be increased from N5 million per annum for the Chairman to N10 million per annum for the Chairman and from N4 million to N8 million per annum for all other non-executive directors,” the notice announcing the AGM said.
Apart from the above, shareholders at the next month’s meeting would be expected to re-elect directors, authorize remuneration of the Auditors and elect members of the Audit Committee.
Also, the board will use the occasion to present the Audited Financial Statements of the bank for the year ended December 31, 2018, together with the Reports of Auditors, and Audit Committee.
Highlight of the company’s results for the 2018 financial year showed that the profit after tax increased to N834 million from N537 million in 2017.
During the year, the bank recorded a significant increase in customer deposits, which went from N68 billion in 2017 to N85 billion.
more recommended stories
Excitement as Transactions on EcobankPay Reach N2bn
By Modupe Gbadeyanka Since its launch.
The Inspiring Growth of FBNQuest Trustees in 40 Years
For the past 40 years, FBNQuest.
Weaker Naira, Oil Price Too Risky for Access Bank
By Dipo Olowookere One of the.
Stanbic IBTC Lists New 232.9 Million Shares on NSE
By Dipo Olowookere Additional 232,899,013 ordinary.
SEC Orders Registrars to Pay Defunct Afribank Shareholders
By Modupe Gbadeyanka A directive has.
Zenith Bank Gets Offers to Buy Back $392.6m Eurobonds
By Dipo Olowookere On Wednesday, September.
Stanbic IBTC Pegs Scrip Dividend Allotment Price at N35.86
By Dipo Olowookere Last month, the.
Stanbic IBTC Begins Campaign for *909# USSD Code
An Integrated Marketing Campaign (IMC) to.