At a Glance
- Jaiz Bank profit more than doubled, driving increased investor confidence and market valuation.
- Muhammadu Indimi, the largest shareholder in Jaiz Bank, owns 29.36 percent of the bank—equivalent to 13.09 billion shares.
- Major shareholders include Dantata, Mutallab, Althani, and Dangote-linked entities.
Jaiz Bank Plc, Nigeria’s first and largest non-interest bank, has emerged as a standout performer in 2024—reflecting both rising investor confidence and the growing appeal of Islamic finance.
Established in 2003 and operational since 2012, the Abuja-based institution has steadily expanded nationwide, offering Shariah-compliant financial services to a broadening customer base.
The bank’s recent financials underscore this momentum. Profit more than doubled to N23.48 billion ($15.33 million), while total assets soared 86.29 percent to N1.08 trillion ($705.05 million).
Customer deposits surged nearly 94 percent, and Sukuk investments jumped 130 percent, cementing Jaiz’s role as a fast-rising force in Nigeria’s banking landscape.
The bank’s total assets surged 86.29 percent to N1.08 trillion ($705.05 million), driven by strong growth in customer deposits and investments in Sukuk, which rose 129.66 percent to N349.6 billion ($228.28 million). Customer deposits also saw a sharp 93.92 percent increase to N904.79 billion ($590.79 million).
This impressive performance has propelled Jaiz Bank’s market value and boosted the fortunes of its top investors.
At the heart of this growth is Muhammadu Indimi, whose 29.36 percent stake now tops N51.98 billion ($33.96 million), followed by prominent tycoons Aminu Dantata and Umaru Abdul Mutallab, and key institutions like Althani Investment and Africa’s richest man, Aliko Dangote’s Dangote Industries.
These shareholders, as chronicled by Shore Africa, through strategic stakes, are not only betting big on non-interest banking—but also shaping its future in one of Africa’s most dynamic financial markets.
1. Muhammadu Indimi
Net worth: $500 million
Indimi, founder of Oriental Energy Resources and the largest shareholder in Jaiz Bank, owns 29.36 percent of the bank—equivalent to 13.09 billion shares. With Jaiz Bank’s share price climbing 32.33 percent since January, the value of his stake has jumped from N39.28 billion ($25.66 million) to N51.98 billion ($33.96 million), marking a N12.7 billion ($8.3 million) boost.
2. Aminu Alhassan Dantata
Dantata, a Nigerian businessman and philanthropist, who passed away on June 28, owns 11.44 percent of Jaiz Bank—equivalent to 5.1 billion shares. The value of his stake surged from N15.31 billion ($10.05 million) to N20.21 billion ($13.26 million), reflecting a gain of N4.96 billion ($3.24 million). His indirect holding via Dantata Investments & Securities is 7.97 percent stake in Jaiz Bank, amounting to 3.55 billion shares and valued at N14.14 billion ($9.24 million), gaining N3.45 billion ($2.25 million) since the start of the year.
3. Umaru Abdul Mutallab
Umaru Abdul Mutallab, the founding chairman of Jaiz Bank, owns 10.01 percent of the institution—equal to 4.46 billion shares. The value of his stake increased from N13.40 billion ($8.75 million) to N17.74 billion ($11.59 million), a rise of N4.34 billion ($2.84 million).
4. Althani Investment Ltd
Althani Investment Ltd, a subsidiary of Althani Group, owned by Musbahu Mohammed Bashir holds a 9.19 percent stake in Jaiz Bank, or 4.1 billion shares. A 32.33 percent share price increase since January boosted the value of its holding from N12.29 billion ($8.03 million) to N16.26 billion ($10.62 million), adding N3.97 billion ($2.59 million).
5. Dangote Industries Ltd
Dangote Industries Ltd, linked to Africa’s richest man Aliko Dangote, owns 6.85 percent of Jaiz Bank—equal to 3.05 billion shares. Its stake value rose from N9.15 billion ($5.98 million) to N12.11 billion ($7.91 million) as the bank’s stock jumped 32.33 percent, delivering a N2.96 billion ($1.93 million) gain.
6. Islamic Development Bank
The Jeddah-based Islamic Development Bank owns a 5.62 percent stake in Jaiz Bank, amounting to 2.51 billion shares. With shares up 32.33 percent in 2024, the value of its holding climbed from N7.52 billion ($4.91 million) to N9.95 billion ($6.49 million), marking a gain of N2.43 billion ($1.58 million).
