Jaiz Bank plans N150bn capital raise, fixes AGM for June 24

By Damilare Adeleye

Nigeria’s premier non-interest bank, Jaiz Bank Plc, has announced plans to seek shareholders’ approval to raise up to N150 billion in fresh capital as part of efforts to strengthen its financial position and support future growth.

The proposed capital raise is one of the key items for consideration at the bank’s 14th Annual General Meeting, which is scheduled to hold virtually on June 24, 2026.

According to the meeting notice signed by the Company Secretary, Mohammed Shehu, shareholders will deliberate on a special resolution authorizing the bank to raise additional capital of up to N150 billion through various instruments.

These include ordinary shares, preference shares, Sukuk, convertible and non-convertible securities, notes, rights issues, private placements, and debt-to-equity conversions.

The leading Islamic banking institution stated that the proposed fundraising would be undertaken at such dates, prices, and on such terms and conditions as may be determined by the Board of Directors, subject to obtaining requisite regulatory approvals.

As part of the resolution, shareholders will also be asked to approve an increase in the bank’s issued share capital to accommodate the proposed fundraising program. Additionally, they will be asked to authorize directors to make necessary amendments to the bank’s Memorandum and Articles of Association and file the relevant documents with the Corporate Affairs Commission.

The notice further disclosed that existing shareholders may waive their preemptive rights in respect of any tranche of the capital raise undertaken through private placement, strategic investment, or other approved methods.

In another resolution, the Board of Directors is seeking approval to appoint professional advisers, issuing houses, stockbrokers, solicitors, and other parties required for the successful execution of the capital-raising exercise.

In addition, shareholders will consider the audited financial statements for the year ended December 31, 2025, alongside reports from the directors, auditors, and the statutory audit committee. They will also vote on the declaration of a dividend, the re-election of non-executive directors, and the election of an executive director.

“Shareholders have a right to ask questions at the Annual General Meeting,” the notice stated, adding that questions may be submitted in writing ahead of the meeting through the company’s designated investor relations channel.

The proposed N150 billion capital program comes amid ongoing efforts by Nigerian banks to strengthen their capital bases and align with evolving regulatory requirements and growth ambitions within the financial sector.