Sunday, June 20, 2021

Jaiz Bank to establish 3 more branches – MD


Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
tiamin rice

The Managing Director of the Jaiz Bank Plc., Hassan Usman, has disclosed that the bank has secured permission to establish three more branches across the country.

Mr Usman, who made the disclosure while addressing newsmen on Sunday in Abuja, said the new branches would be an addition to the already existing 41 branches across the country.

Although he did not disclose the locations these banks would be sited, Mr Usman said the decision to establish additional outlets was born out of the bank’s commitment to serving its customers better.

See also  Jaiz Bank to open more branches in Southwest – MD
See also  Lalong launches Hajj Savings Scheme in Plateau, pledges support

Speaking on the alleged rift in the Board of Directors over the planned appointment of a new Managing Director of the bank, Mr Usman said there was no rift other than the “legitimate exercise of divergent opinions on a matter in the ordinary course of the Director’s duties”.

The MD recalled that, at one of the Board’s sittings, some Directors had opined that a change of leadership was required to pursue some critical strategic goals while others believed otherwise, “given the very impressive performance of the current Management”.

See also  Jaiz Bank declares N3.07bn as profit in 2020

While noting that the Board went on to appoint a new successor in the person of Muhammad Shaheed Khan, Mr Usman, however, disclosed that the Board later rescinded on its decision at a subsequent meeting.

According to him, “the Board’s resolution to rescind its decision and subsequently discontinue the appointment process was in line with the terms and conditions of the offer letter issued to Mr Khan, since the offer was subject to relevant regulatory approvals.

See also  Islamic Banking: Jaiz declares N2.4bn profit after tax

“Incidentally,  the approval obtained from the relevant regulator materially modified the intention of the Board as expressed in the conditional offer to Mr Khan, necessitating the Board’s decision to discontinue the process of his appointment,” the MD added.

See also  Jaiz Bank revenue hits N5.99bn, declares N979.17m profit for Q1 of 2021

Mr Usman, therefore, assured its customers, shareholders and investing public that the Board remained committed to conducting its affairs within the stipulations of existing Corporate Governance Codes.

Related News

Latest News

atrk atrk atrk atrk atrk atrk atrk atrk atrk atrk