Jaiz Bank had N2.88 billion loan exposure to Directors in 2019

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Jaiz Bank

Jaiz Bank Plc which has just released its audited Full Year 2020 results has some related party exposures to its Directors, totaling a sum of N2.88 billion.

This includes an off balance sheet facility granted its Chairman Umaru Abdulmutallab to the tune of N480 million.

Jaiz Bank says all the loans are performing, although net impairments and write backs surged to N1.145 billion in 2019 from a positive position in 2018.

The Bank also says it follows a strict process before granting such credits to its Directors.

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.

Jaiz Bank shares are listed on the Nigerian Stock Exchange (NSE) and have returned 52 percent in the past year, compared to a -5.8 percent return for the broader market. The stock closed at N0.70 per share on Friday.

Total comprehensive income for the bank also rose 158 percent to N2.442 billion in 2019, from N946.6 million in 2018.

Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja.

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