Jaiz Bank Plc, Nigeria’s first Non-Interest Bank is now a public quoted company further to the listing by introduction of its 29,464,249,300 ordinary shares of 50kobo each at N1.25 on The Nigerian Stock Exchange’s (NGSE) Daily Official List on Thursday, February 9, 2017.
READ: Jaiz Bank company profile, including Annual Reports & Financial Statements.
The listing, which is the second in 2017, added about N37 billion to the market capitalisation of the NGSE. Earlier, Medview Airline was listed on the NGSE, representing the first listing for the year.
Speaking at the listing ceremony, the Chief Executive Officer of Jaiz Bank, Hassan Usman, noted that the listing would enhance liquidity for the bank’s shares, promote the value of the company and increase its transparency.
Mr. Usman also reiterated that the listing would signal to stakeholders that non-interest banking provides alternative means of contributing to the nation’s socio-economic development.
“It is also in fulfillment of an earlier promise made at inception of the bank to the shareholders and the public. Our listing today, I am sure will elicit public confidence that non-interest banking provides alternative model that will contribute to the socio-economic development of our country,” he said.
Commenting on the future projections of the bank, the Jaiz MD said going by the bank’s growth trajectory which averaged 30 per cent per annum, the bank has bright prospects. He explained that the projection for the next five years indicates a gross revenue of N16 billion by 2021 and profit before tax of N7.9 billion.
In 2012, after it was granted a regional operating license from the Central Bank of Nigeria, Jaiz Bank commenced operations with three branches in Abuja, Kano and Kaduna. The branches, however, increased to 27 as at the end of 2016.
On his part, Oscar N. Onyema, OON, Chief Executive Officer, NGSE, said, “It is our pleasure to welcome Jaiz Bank Plc to our market. The Sukuk sector will continue to be a core focus for NGSE as we look forward to further listings in 2017 and beyond from a range of issuers. We are also developing further initiatives in the Islamic capital markets to provide innovative services designed to meet the evolving needs of market participants. As a listing platform of choice, today’s listing will add to our bouquet of shariah compliant investment offering to the public. This listing will promote liquidity for the bank, enhance its value and increase transparency”.
