Jaiz Bank Plc has secured shareholders' approval to raise an additional N150 billion in capital as part of efforts to strengthen its financial position, expand its operations, and enhance financing support for key sectors of the economy.
The approval was granted at the bank's 14th Annual General Meeting (AGM) in Abuja, where management unveiled plans for the next phase of growth while reporting a strong financial performance despite prevailing economic challenges.
Managing Director and Chief Executive Officer, Dr. Haruna Musa, said the capital raise would be executed through a combination of financial instruments and implemented in phases, subject to regulatory approvals.
The approval comes at a time when the non-interest lender is recording sustained growth across key performance indicators, including assets, deposits, financing activities, and profitability.
Strong Financial Performance Amid Economic Challenges
Reviewing the bank's 2025 financial year performance, Musa described the period as one marked by significant progress and resilience despite prevailing macroeconomic challenges such as inflationary pressures, exchange rate fluctuations, and rising operating costs.
According to him, Jaiz Bank successfully navigated the difficult business environment while maintaining focus on its strategic objectives.
The bank's total assets rose by 19 per cent to N1.29 trillion from N1.08 trillion recorded in 2024. Customer deposits also increased by 24 per cent, climbing from N904 billion to N1.12 trillion during the review period.
The growth was equally reflected in financing and investment activities. Net risk assets and investments expanded by 27 per cent, rising from N671 billion to N849 billion, a development Musa said underscores the bank's commitment to supporting productive sectors of the economy.
Financial performance also improved significantly. Gross earnings increased by 24 per cent to N102.81 billion from N82.87 billion in the previous year, while profit before tax climbed by 28 per cent to N31.24 billion compared to N24.44 billion achieved in 2024.
Musa attributed the impressive earnings growth to increased financing activities, higher investment income, and a growing volume of customer transactions across the bank's network.
The institution also improved operational efficiency, with its cost-to-income ratio declining from 60.42 per cent in 2024 to 58.09 per cent in 2025.
Capital and Liquidity Position Strengthened
Beyond earnings growth, Jaiz Bank maintained strong capital and liquidity buffers throughout the year.
Its Capital Adequacy Ratio (CAR) improved from 23.87 per cent to 26.89 per cent year-on-year, while the statutory liquidity ratio stood at 43.45 per cent, comfortably above regulatory requirements.
Musa noted that these indicators demonstrate the bank's financial strength and readiness to support larger transactions and future expansion initiatives.
Capital Raise to Be Executed in Phases
Speaking on the newly approved capital programme, the managing director disclosed that the N150 billion fundraising exercise would be undertaken in stages.
He said:
"As part of the shareholders' resolution passed today, we will move to the next stage of the capital-raising process."
He added:
"The target is to raise the required capital in phases, possibly through two or three tranches."
According to him, once all regulatory approvals and necessary processes are completed, implementation of the capital raising programme could commence before the end of September.
The fresh capital, he explained, will provide the bank with greater financial capacity to participate in larger transactions and deepen its contribution to economic development.
Increased Focus on Manufacturing, Agriculture and SMEs
Musa stated that the additional capital would significantly enhance Jaiz Bank's ability to finance strategic sectors, including manufacturing, agriculture, and small and medium-scale enterprises (SMEs).
He explained that a stronger capital base would enable the bank to participate in larger financing deals, including transactions valued in hundreds of millions of dollars.
According to him:
"The additional capital will allow us to deepen our support for key sectors of the economy. We intend to increase financing to manufacturing, agriculture and SMEs."
Highlighting the importance of food production and national food security, he added:
"We are particularly mindful of the importance of food security, which remains one of Nigeria's major challenges. As a result, agricultural financing will continue to be a priority area for us."
The bank also plans to increase funding for renewable and green energy projects. Musa disclosed that dedicated financing products have already been developed to support individuals and businesses transitioning to alternative energy solutions.
Digital Growth, Rebranding and International Recognition
The Jaiz Bank chief described 2025 as a transformational year for the institution.
Among the major milestones achieved were the successful implementation of the bank's corporate rebranding programme, expansion of digital banking services, increased customer acquisition across retail, SME, commercial and corporate banking segments, and greater support for agriculture, infrastructure and renewable energy projects.
He also highlighted the bank's upgraded credit rating by GCR, which improved from BBB- to BBB, reflecting stronger financial fundamentals and improved market confidence.
Another notable achievement was Jaiz Bank's admission as the first African institution to become a Primary Dealer of the International Islamic Liquidity Management Corporation (IILM), a development expected to strengthen its position within the global non-interest banking industry.
Expansion Plans and Financial Inclusion Drive
Looking ahead, Musa expressed confidence that the bank would meet its targets for the current financial year despite ongoing global economic uncertainties.
He noted that recent policy reforms have continued to create fresh opportunities across various sectors of the economy, positioning the bank for further growth.
Currently operating in 55 locations across 26 states, Jaiz Bank plans to open additional branches before the end of the year as part of its long-term expansion strategy.
The bank also reaffirmed its commitment to promoting financial inclusion through ethical and non-interest banking services, particularly in underserved communities.
Musa revealed that Jaiz Bank's SME financing model places greater emphasis on business viability and cash-flow strength rather than traditional collateral requirements, making financing more accessible to entrepreneurs and small business owners.
Commitment to Social Impact and Long-Term Value
Beyond its commercial operations, the bank said it would continue investing in corporate social responsibility initiatives covering healthcare, education, and community development.
Musa stressed that the bank's interventions are designed to create meaningful impact and improve the welfare of Nigerians.
He assured shareholders that management remains committed to digital transformation, retail and SME market penetration, financial inclusion, capital strengthening, sound corporate governance, and sustained value creation.
With shareholder approval now secured for the N150 billion capital raise, Jaiz Bank appears poised to enter a new phase of growth, leveraging a stronger capital base to expand operations, support larger transactions, and deepen its role in financing Nigeria's economic development.