Nigeria's Jaiz Bank Receives Approval from Shareholders to Raise NGN 150 Billion Via Sukuk Issuance

Shareholders of Nigeria-based Jaiz Bank PLC (Jaiz Bank) have given unanimous approval to the bank’s Board of Directors to raise NGN 150 billion (USD 353.6 million) through the issuance of Sukuk or Equity from the Nigerian capital market, at the Bank’s 10th Annual General Meeting held in Abuja, Nigeria on the 16th of August 2022.

Why it Matters?

The Board of Directors, on the back of the shareholders’ endorsement, has been given the authority to take any and all actions necessary by the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange, and other authorities to raise the amount. The bank is now allowed to pursue initiatives, engage in commercial alliances, and partake in transactions that will help...