The Board of Directors of Jaiz Bank has approved a 20% increase in the annual income of its Chairman, bringing the total compensation to N24 million. This represents an increase of N4 million compared to the previous year’s approved income of N20 million.

Additionally, the Board has approved an annual income of N20 million for each non-executive director.

These decisions were disclosed in an official statement signed by the bank’s Secretary, Mohammed Shehu, and filed with the Nigeria Exchange Limited on Thursday.

Jaiz Bank, established in 2012, is a leading non-interest financial institution in Nigeria. We offer ethical banking services to individuals, corporate entities, and government organizations.

“That the director’s fees for the financial year ending 31st December 2024 be and is at this moment fixed at N24m per annum for the chairman and N20m per annum for every other Non-Executive Director,” he stated.

Shehu emphasized that the bank’s competitive remuneration structure ensures adequate compensation for board members’ oversight and strategic guidance responsibilities. The resolution on directors’ fees, approved by shareholders at the AGM, reflects their trust in the board’s leadership and decision-making capabilities.

Furthermore, the bank has declared a dividend of 4 kobo per share, which will be distributed to shareholders registered in the company’s records as of July 1, 2024.

“That a final dividend of 4 kobo per share be and is hereby sanctioned and the directors be and are hereby authorized to pay the same on Tuesday, 16” July 2024 to shareholders whose names appeared in the Company’s Register of Members by close of business on Ist July 2024 subject to the deduction of the appropriate Withholding Tax at the time of payment, as recommended by the Board.”

Shehu noted that shareholders expressed their appreciation for the dividend declaration, recognizing it as a positive result of Jaiz Bank’s operational efforts in a challenging economic climate.

He further reported that shareholders re-elected both Muhammadu Indimi and Muhammad Abdulmutallab to serve as Non-Executive Directors. These directors, having completed their previous terms, were eligible for re-election and received overwhelming support from shareholders to continue their roles on the bank’s board.