Shareholders of Jaiz Bank Plc have approved a plan to raise up to N150 billion in fresh capital to support the bank’s growth strategy and strengthen its capital base.

This is according to a statement signed by the Company Secretary, Mohammed Shehu, and seen by Nairametrics.

The approval was granted at the bank’s 14th Annual General Meeting (AGM), held virtually on June 24, 2026,

What they are saying

Under the resolution passed at the AGM, Jaiz Bank will be permitted to raise the funds through a range of instruments, including ordinary shares, preference shares, convertible and non-convertible securities, Sukuk, notes, and other financing structures.

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  • “Approval be and is hereby given to the Company to raise additional capital of up to N150 billion through the issuance of ordinary shares, preference shares, convertible and/or non-convertible securities, Sukuk, notes or such other instruments, by way of public offer, rights issue, private placement, book building process, debt-to-equity conversion or through any other method or combination of methods, in local or foreign currency, in the Nigerian and/or international capital markets, 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,” the resolution reads.

According to the resolution, the timing, pricing, structure, and terms of the fundraising exercise will be determined by the bank’s Board of Directors.

The approval is in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020, the Banks and Other Financial Institutions Act (BOFIA) 2020, the Investments and Securities Act, as well as applicable regulations of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Nigerian Exchange Limited (NGX).

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Shareholders also authorized the Board to increase the bank’s issued share capital as may be required for the fundraising exercise and to allot any resulting shares in a manner deemed appropriate, subject to regulatory approvals.

In addition, existing shareholders agreed to waive their pre-emptive rights in respect of any tranche of the capital raise undertaken through private placements, strategic investments, or other methods where such rights would ordinarily apply.

The waiver provides the bank with greater flexibility to attract strategic investors and execute the capital raising programme efficiently.

Strong earnings support growth plans

The fundraising approval comes amid continued growth in the bank’s financial performance.

  • Jaiz Bank reported a pre-tax profit of N8.08 billion for the first quarter of 2026, representing a 14.8% increase from the N7.04 billion recorded in the corresponding period of 2025.
  • The Q1 performance builds on a strong 2025 financial year, during which pre-tax profit rose by 27.83% year-on-year to N31.2 billion, driven by growth in financing and investment income.
  • Income from financing contracts increased by 52.88% to N14.8 billion in the first quarter of 2026, while income from investment activities rose by 15.01% to N12.7 billion.

The bank’s balance sheet also remained resilient, with retained earnings standing at N28.8 billion and total assets expanding to N1.3 trillion as of March 2026, compared with N1.28 trillion at the end of 2025.

What you should know

Jaiz Bank closed the 2025 financial year with pre-tax profit of N31.3 billion, up from N24.4 billion in 2024, supported by higher financing and investment income.

  • Fourth-quarter pre-tax profit rose 8.27% year-on-year to N8.1 billion, while total income from financing and investing activities increased to N97.4 billion from N76.5 billion recorded in the previous year.
  • A breakdown of the bank’s financing income showed that Murabaha transactions remained the largest contributor, generating N33.4 billion during the year. Ijara transactions contributed N10.3 billion, while other Islamic financing contracts accounted for the balance of financing income, bringing the total to N45.9 billion.

Meanwhile, income from investment activities climbed to N52 billion from N44.3 billion in the prior year, highlighting the growing contribution of the bank’s investment portfolio to overall earnings.

The planned capital raise is expected to provide additional resources for business expansion, balance sheet growth, and compliance with evolving regulatory capital requirements in Nigeria’s banking sector.