Haruna Musa Appointed As Managing Director At Jaiz Bank

Jaiz Bank


Jaiz Bank Plc, Nigeria’s premier non-interest bank, has appointed Mr. Haruna Musa as Managing Director, effective November 21, 2023, succeeding Ahmed Hassan, set to retire at year-end.

The Central Bank of Nigeria (CBN) approved the appointment. The board, satisfied with Mr. Musa’s selection, expects him to lead a dynamic management team for the bank’s advancement.

With nearly 30 years in banking, Mr. Musa spent 22 years at GTB, serving two executive director terms. Starting at UBA in 1997, he held roles at FSB International Bank and the Federal Ministry of Agriculture. Currently pursuing a Ph.D. at Universiti Utara, Mr. Musa holds advanced degrees and completed executive courses at prestigious institutions.

The interim report and accounts of Jaiz bank for the nine-month period ending September 30, 2023, reveal robust growth across key performance indicators. Gross earnings increased by 39.6%, totaling N33.04 billion, and total deposits rose by 63% to N405 billion. Jaiz bank’s total assets also surged by 68%, reaching N546 billion in September 2023.

Jaiz bank, operating under Islamic banking principles, aims to raise approximately N5.41 billion from a rights issue. The bank’s positive financial performance reflects its commitment to supporting Nigeria’s economy through Islamic financing and investment activities in the real sector.

Market analysts anticipate oversubscription of the rights issue, bolstered by Jaiz bank’s impressive performance, as seen in its last annual general meeting, where the bank increased dividends by 25%. The bank’s net profit grew by 68.5%, resulting in a dividend per share of 5.0 kobo for the 2022 business year.

Jaiz Bank’s 2022 report revealed robust double-digit growth, with a 29.4% surge in gross earnings and a 59.5% increase in profit before tax. The bank’s balance sheet expanded to N378.82 billion, demonstrating positive trends in net income margin, cost-to-income ratio, and returns on assets and equity. Though capital adequacy saw a slight dip, improved liquidity underscores Jaiz Bank’s sustained growth in the banking sector.

Read also:

In Q1 2023, Jaiz Bank Announces Gross Earnings of N9.88 billion.

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