By Dipo Olowookere
Nigeria’s first non-interest commercial bank, Jaiz Bank Plc, has secured the approval of the council of the Nigerian Stock Exchange (NSE) to list its entire issued share capital on the exchange.
A regulatory approval indicated that the Quotation Committee, which oversees listing at the exchange, has approved application for the listing of the shares of Jaiz Bank on the NSE.
Jaiz Bank will be listing a total of 29.46 billion ordinary shares of 50 kobo each at N1.25, indicating a start-off market capitalisation of N36.83 billion.
Finmal Finance Services Limited and Kundila Finance Services Limited and Inverness Wealth Management Limited, three investment firms, were said to be working with the board of Jaiz Bank to facilitate the listing.
The listing will be done by way of introduction, implying that Jaiz Bank’s shares will be available initially through the secondary market, though the non-interest bank has already indicated interest in raising funds through initial public offering (IPO).
Jaiz Bank plans to increase its current share capital base from N15 billion to N25 billion.
Although the details of the listing schedule are still sketchy, Jaiz Bank, which is already listed on the NASD OTC Plc, may set record as the first company to migrate from the NASD OTC to the NSE.
