Jaiz Bank Lists Fresh 5.1 billion Shares Sold to Indimi

By Dipo Olowookere

The fresh 5.1 billion shares of Jaiz Bank Plc sold to billionaire businessman, Mr Mohammed Indimi, have been listed on the Nigerian Exchange (NGX) Limited.

The additional stocks were allowed to trade on the exchange on Monday, October 4, 2021, a notice from the NGX and sighted by Business Post stated.

Jaiz Bank, an Islamic financial institution trading its equities on the stock exchange, sold a total of 5,076,923,077 ordinary shares of the company to Mr Indimi, an in-law to President Muhammadu Buhari.

The shares were purchased by the business mogul, who owns Oriental Energy Resources, at 65 kobo each, indicating that he paid N3.3 billion for the completion of the transaction.

“Trading license holders and the investing public are hereby notified that additional 5,076,923,077 ordinary shares of 50 kobo each of Jaiz Bank Plc were today, Monday, October 4, 2021, listed on the daily official list of the Nigerian Exchange Limited (NGX).

“The additional shares listed on NGX arose from Jaiz Bank’s private placement of 5,076,923,077 ordinary shares of 50 kobo each to Muhammadu Indimi at N0.65 per share,” a part of the notice signed by Ms Elizabeth Ekpo, for the Head of Listings Regulation Department at the NGX, disclosed.

As a result of the new listing, the total shares of the non-interest lender on the exchange have increased to 34,541,172,377 units as confirmed by the disclosure.

“With this listing of additional 5,076,923,077 ordinary shares, the total issued and fully paid-up shares of Jaiz Bank Plc have increased from 29,464,249,300 to 34,541,172,377 ordinary shares of 50 kobo each,” the notice said.

At the close of business today, the stocks of Jaiz Bank went down by 5.00 per cent or 3 kobo to 57 kobo per unit compared with 60 kobo per unit of the preceding trading day, with 2,989,683 units sold for N1.7 million.

Mr Indimi is a member of the board of Jaiz Bank. He is an astute businessman with a notable presence in the international business arena. He also serves as the Chairman of M & W Pump Nigeria Limited; which has partnered with MWI Corp of Deerfield Beach, Florida.

He is a founder of many successful indigenous companies and sits on the board of several privately-owned companies encompassing all sectors of the economy.