Former GT Bank executive director, Haruna Musa has been appointed as the substantive Managing Director/CEO of Jaiz Bank Plc after his appointment was approved by the CBN.
According to a corporate filing on the NGX website obtained by Nairametrics, he is billed to succeed Ahmed A. Hassan who is to retire at the end of 2023 as the bank’s CEO.
Haruna boasts over 28 years of banking experience, of which 22 were spent in GT Bank, including eight years as an executive director. He began his banking career at the United Bank for Africa (UBA) in 1997 as a Banking Officer.
He moved to the defunct FSB International Bank (now Fidelity Bank) in December 1998, and in March 2001, he joined GTB. He left GT Bank in October 2023 after the completion of his term as an Executive Director/Divisional Head, North East, Abuja, and North Central.
Aside from serving as an Executive Director in GT Bank Nigeria, Haruna also served as a Non-Executive Director in GT Bank Cote D’Ivoire as well as chairman of the Ivorian bank’s board audit committee.
He is an alumnus of the Ahmadu Bello University (ABU) where he studied Agriculture in 1991, he furthered at the Bayero University Kano (BUK) where he obtained an MBA in 1998.
He also holds an MSc in Finance and Management from Cranfield University, UK which he obtained in 2009. He is currently undergoing a PhD in Islamic Banking and Finance at the Universiti Utara in Malaysia.
What you should know
Jaiz Bank is the only bank in Nigeria operating based on Islamic banking principles in Nigeria. For the nine months ending September 2023, the group’s gross earnings hit N31.1 billion, representing a 39% year-on-year growth from the corresponding period in 2022.
GT Bank is quite acquainted with producing CEOs and Managing Directors for other banks in Nigeria, and Haruna Musa is set to become a part of the number. Prominent GT Bank staff who have gone on to head other banks include:
- Herbert Wigwe, the former Chairman of Access Holdings Plc and current chairman of Access Bank (UK) left GT Bank as an Executive Director in 2002.
- Aigboje Aig- Aig-Imoukhuede, the former Managing Director of Access Bank also left GT Bank as an Executive Director in 2002.
- Roosevelt Ogbonna, Access Bank’s current CEO left GT Bank in 2002.
- Bolaji Lawal, the Managing Director of Ecobank Nigeria left GT Bank after 18 years as an Executive Director in 2021.
- Akinola George-Taylor, the Managing Director of Heritage Bank left GT Bank after 19 years as an Executive Director in 2011. During his time, he served as the MD of GT Bank Sierra Leone.
Nairametrics, Jaiz Bank is NOT the “only” bank operating based on Islamic principles in Nigeria. It is the first, but Taj Bank also operates based on Islamic principles (basically, non-interest banking principles).