(Ecofin Agency) - Jaiz Bank, the only publicly traded Islamic bank in Nigeria, seeks the equivalent of $8.3 million (3.3 billion naira) through a private share placement, we learned.
The company is in the process of placing 5 billion and 77 thousand new shares worth between 0.5 and 0.65 naira each to strengthen its capital. This operation is being carried out amid the challenges the institution is facing within its Board.
According to Jaiz Bank, this capital increase, which was approved at the extraordinary board meeting last October 28, is a sign of cohesion within the bank. But behind this consensus, there are differences of opinion in particular on the appointment of a new general manager, as the current one's term is coming to an end.
In the first 9 months of 2020, the turnover of Jaiz Bank was 13.6 billion naira, up 46.3% compared to the same period in 2019. This performance was supported by good results from financing and investment contracts.