Jaiz Bank Shops for N5.4 billion Through Rights Issue

By Dipo Olowookere

A leading non-interest bank, Jaiz Bank Plc, intends to raise fresh funds worth N5.4 billion from the capital market through a rights issue.

The firm wants to sell 5,408,356,536 ordinary shares of 50 Kobo each at N1.00 per share to existing shareholders through the exercise.

Already, the stockbrokers of the financial institution have submitted an application to the Nigerian Exchange (NGX) Limited for the rights issue.

It was disclosed that the qualification date for the exercise was Friday, October 6, 2023, and the stocks would be allotted to qualified investors on the basis of 87 new shares for every 250 equities held.

“Trading license holders are hereby notified that Jaiz Bank Plc has through its joint stockbrokers, Finmal Finance Services Limited and Kundila Finance Services Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,408,356,536 ordinary shares of N0.50 each at N1.00 per share, on the basis of 87 new ordinary shares for every 250 ordinary shares held as at the close of business on Friday, October 6, 2023.

“The qualification date for the rights issue is October 6, 2023,” a notice from the stock exchange said.

Jaiz Bank is the first non-interest lender in Nigeria, with its headquarters in Abuja.

The firm was established in 2003 as Jaiz International Plc, and in 2011, it obtained a licence from the Central Bank of Nigeria (CBN) to operate as a regional bank, and in January 2012, it commenced business as Jaiz Bank Plc.