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Thursday, March 23, 2023

Jaiz Bank Classifies N550.7mn Related Party Loan to Bellmari Energy as Substandard

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Jaiz Bank Plc has classified a N550.7 million loan to Bellmari Energy Limited which is a related party as substandard in its first quarter, 2022 financial statement.

In finance, a substandard loan means any Commercial Loan that is either not complying or had previously not complied with its contractual terms and has other credit weaknesses which may make payment default or principal exposure likely but not yet certain.

Parties are considered to be related if one party has the ability to control the other party or exercise influence over the other party in making financial and operational decisions, or one other party controls both.

The definition includes investment as well as key management personnel. Transaction with key management personnel: The Bank’s key management personnel, and persons connected with them, are also considered related parties.

Bellmari Energy Limited is into the provision of Lubrication Solution to manufacturing industries in Africa. Its brands are ranges of lubricant with long drain interval and high equipment protection technology in line with best practice globally.

Jaiz Bank Plc reported total comprehensive income of N1.049 billion in the first quarter (Q1) of 2022, up 15.6 percent compared to the Q1, 2021 period.

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