Sa’adat Mohammed bags N450 million, re-elected as Jaiz Bank unveils N150 billion capital plan

Jaiz Bank Plc, the pioneer of non-interest banking (Islamic banking) in Nigeria, has approved plans to raise up to N150 billion ($108.94 million) in fresh capital as Nigerian banker and lawyer Sa’adat Hamza Mohammed earns more than N450.58 million ($328,626) in dividends, following strong earnings performance and shareholder approvals at the lender’s 14th Annual General Meeting.

The capital raise, one of the largest by a non-interest bank in Nigeria, underscores Jaiz Bank’s aggressive expansion strategy as it seeks to strengthen its balance sheet and capture rising demand for Islamic finance products across Africa’s largest economy.

Mohammed, a non-executive director and significant shareholder, was also re-elected to the board, reinforcing leadership continuity at a time of rapid growth.

Jaiz Bank targets N150 billion capital expansion

Shareholders approved the N150 billion ($108.94 million) capital raise through a mix of instruments, including ordinary shares, preference shares, Sukuk, and convertible securities. The fundraising may be executed via public offers, rights issues, private placements, or book-building processes, subject to regulatory approvals.

The move is expected to bolster the lender’s capital adequacy, support loan growth, and position the lender to compete more aggressively in Nigeria’s evolving financial services sector.

As Nigeria’s pioneer non-interest bank, Jaiz Bank continues to benefit from increasing investor appetite for ethical and Sharia-compliant financial products.

Sa’adat Mohammed earns N450 million dividend

Jaiz Bank’s strong financial performance drove a final dividend payout of N0.11 ($0.00008) per share for the 2025 fiscal year, representing a 57% increase from the previous year.

With a 9.19% indirect stake held through Althani Investment Ltd, equivalent to over 4.09 billion shares, Sa’adat Mohammed earned approximately N450.58 million ($328,626) from the dividend distribution.

The payout underscores Jaiz Bank’s growing profitability and reinforces Mohammed’s position as a key figure in Nigeria’s banking and legal landscape.

Jaiz Bank assets surge amid earnings growth

Jaiz Bank reported robust financial growth, with total assets rising by 19.12% to N1.29 trillion ($938.7 million), up from N1.08 trillion ($788.06 million) in the previous year.

Retained earnings surged by more than 83%, increasing from N15.69 billion ($11.44 million) to N28.8 billion ($21 million), reflecting improved operational efficiency and stronger revenue generation.

The bank’s total dividend payout for the year reached N4.91 billion, signaling sustained value creation for shareholders.

Board re-election strengthens governance structure

In addition to Mohammed’s re-election, shareholders retained other key non-executive directors, including Tajuddeen Aminu Dantata and Mustapha Ibrahim Ahmad, as part of a broader governance continuity strategy. Omolara Muinat Ismail was also appointed as an executive director, strengthening the bank’s leadership team.

Shareholders further approved changes to the statutory audit committee and authorized the board to determine auditors’ remuneration, reinforcing compliance with regulatory standards.

Jaiz Bank positions for long-term growth

Ranked among the most valuable companies on the Nigerian Exchange, Jaiz Bank continues to expand its footprint in Nigeria’s financial sector.

The approved capital raise, combined with strong earnings growth and rising investor interest in non-interest banking, positions the lender for sustained expansion.

As demand for Islamic finance accelerates, Jaiz Bank is strategically positioned to deepen market penetration, enhance shareholder value, and drive long-term growth in Nigeria’s banking industry.