Nigerian lawyer Sa’adat Mohammed’s Jaiz Bank stake slips below $30 million amid delays in audited report

Nigerian lawyer and banker Sa’adat Hamza Mohammed has seen the value of her indirect stake in Jaiz Bank Plc drop below $30 million, as a sharp selloff in the lender’s shares erodes investor confidence amid delays in its 2025 audited financial results.

The decline follows a peak in Jaiz Bank’s share price at N14.03 ($0.0103) on Feb. 25, with the stock shedding momentum in the weeks since, wiping more than $15 million off Mohammed’s holdings over the last 62 days. 

Stake value drops in 62 days on sustained selloff

Mohammed, a seasoned legal and banking executive, is a significant indirect shareholder in Jaiz Bank, holding a 9.19% stake through Althani Investment Ltd, equivalent to 4.1 billion shares. Althani Investment Ltd, a subsidiary of Althani Group, a major investment conglomerate founded by Nigerian businessman Musbahu Mohammed Bashir on July 18 2003, has since expanded to include various subsidiaries. 

As the bank’s stock price slid by about 36.45% from N14.03 ($0.0103) to N8.8 ($0.0065) over 62 days, the value of her stake declined from N57.47 billion ($41.68 million) to N36.05 billion ($26.49 million). The drop represents a paper loss of N21.42 billion ($15.19 million), averaging approximately $245,000 per day.

Reporting delays weigh on sentiment

Founded in 2003 and operational since 2012, Jaiz Bank is Nigeria’s pioneer non-interest lender, with a growing national footprint spanning digital platforms and physical branches.

However, investor sentiment has been dampened by delays in the bank’s audited financial statements for the year ended Dec. 31, 2025. The lender recently notified the Nigerian Exchange Limited of a likely delay, citing an ongoing regulatory review by the Central Bank of Nigeria.

The bank indicated that the results may miss the March 31, 2026, filing deadline, although it noted that the review process is at an advanced stage and pledged to release the accounts once approval is secured. 

Lagging peers in earnings disclosure

The delay places Jaiz Bank behind peers such as United Bank for Africa and Stanbic IBTC Holdings, which have already published their first-quarter 2026 earnings, highlighting a divergence in reporting timelines within Nigeria’s banking sector.

Despite the setback, Jaiz Bank reaffirmed its commitment to regulatory compliance and transparency, assuring investors that it will provide updates as soon as the approval process is completed.

Pressure on valuation outlook

The sustained decline in Jaiz Bank’s shares underscores growing market caution around the lender’s near-term outlook, particularly as regulatory processes delay financial disclosures.

For major shareholders like Mohammed, the downturn highlights the sensitivity of market valuations to both earnings visibility and regulatory clarity in Nigeria’s evolving banking landscape.

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