Shareholders of Jaiz Bank Plc have approved plans to raise up to N150 billion in fresh capital, paving the way for an ambitious expansion strategy aimed at strengthening the lender’s financing capacity and supporting long-term business growth.
The resolution was endorsed at the bank’s 14th Annual General Meeting (AGM) held on June 24, 2026, with investors backing management’s proposal to mobilise capital through multiple funding channels. The programme will combine public offers, rights issues, private placements, and Sukuk Islamic bonds structured to comply with Sharia principles, allowing the bank to attract a broad mix of institutional and retail investors.
Subject to approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), the fundraising exercise is expected to commence before the end of September 2026.
The proceeds will primarily be deployed to expand Jaiz Bank’s financing portfolio across key sectors of the economy. Management plans to increase support for large corporate transactions, agricultural value chains, and small and medium-sized enterprises (SMEs), segments widely regarded as critical drivers of employment, productivity, and economic diversification.
Addressing shareholders, the bank’s Managing Director and Chief Executive Officer, Dr. Haruna Musa, said the fundraising initiative is designed to position the institution for the next phase of growth rather than satisfy regulatory requirements.
According to him, Jaiz Bank has already met and exceeded the CBN’s minimum capital threshold, making the proposed capital raise a strategic decision intended to enhance the bank’s ability to finance larger projects while delivering sustainable returns to shareholders.
“This is about ensuring we have the necessary firepower to finance bigger projects, deepen our support for agriculture and SMEs, and deliver superior, sustainable returns to our investors,” Musa said.
The announcement comes as Nigeria’s banking industry undergoes a broad recapitalisation cycle, with lenders seeking additional capital to strengthen balance sheets, improve resilience, and support larger financing opportunities amid evolving regulatory expectations.
As the country’s pioneer non-interest bank, Jaiz Bank is also seeking to capitalise on growing demand for Islamic finance products across Nigeria and the wider West African region. By combining conventional capital market instruments with Sukuk issuances, the bank aims to diversify its funding base while reinforcing its leadership in the non-interest banking segment.
With unanimous shareholder approval secured, management said detailed terms of the capital raising programme will be communicated to investors once all regulatory clearances have been obtained. The initiative is expected to enhance Jaiz Bank’s competitive position, expand credit access to productive sectors, and support its long-term strategy of delivering sustainable growth in Nigeria’s evolving financial services industry.
