Jaiz Bank to Raise Pay of Board Members by 100%

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.