No fracas in our board, Jaiz bank clarifies

Philip Clement, Abuja

Nigeria’s foremost non-interest financial institution, Jaiz Bank Plc has refuted the report insinuating that there is a rift in the board of the bank.

Clearing the air on an earlier report that the bank’s board was in crisis, Daily Times reports that its managing director, Hassan Usman said what existed was rather a legitimate exercise of divergent opinions on a matter in the ordinary course of the directors’ duties.

Mr Usman said the recent approval for the commencement of some processes for the management of the bank to embark on activities aimed at expanding its businesses and increase liquidity for the bank are testimony to the absence of a rift in the board and shareholders of the bank.

Usman disclosed that the bank had gotten the required regulatory approval to build and operate three more branches in addition to the 41 existing branches across Nigeria.

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Speaking at its extraordinary general meeting (EGM) recently, chairman of the bank, Alhaji (Dr) Umaru Abdul Mutallab said the bank was planning  to deliver specific projects that will accelerate “our bank’s growth trajectory as well expand our operational base to meet the current realities of the nation’s banking industry, which will, in turn, further the interest of all shareholders.”

The MD said the matter of succession for the current managing director was simply considered by the board as the expiration of his contract approached.

Whereas some directors of the bank opined that a change of leadership was required to pursue some critical strategic goals, others believed otherwise, given the very impressive performance of the current Management, he said.

He told Journalists that the board nonetheless resolved to appoint a new successor in person of Mr. Muhammad Shaheed Khan. “This decision was however rescinded at a subsequent meeting of the Board.

“The Board’s resolution to rescind its decision and consequently discontinue the appointment process was in line with the terms and conditions of the offer letter issued to Mr. Khan since the offer was subject to relevant regulatory approvals. Incidentally, the approval obtained from the relevant regulator materially modified the intention of the Board as expressed in the conditional offer to Mr. Khan, necessitating the Board’s decision to discontinue the process of his appointment.”

Jaiz Bank Plc assures its customers, shareholders, investing public and other stakeholders that the board of the bank remains committed to conducting its affairs within the armbit of corporate rules and ethics