Haruna Musa has led Jaiz Bank Plc through a period of steady expansion since assuming office as Managing Director and Chief Executive Officer on Nov. 21, 2023, steering Nigeria’s pioneer non-interest lender toward a $1 billion asset milestone, with total assets reaching N1.31 trillion ($950.1 million).

The bank, once viewed as a small player in the country’s financial system, has repositioned itself through gradual operational changes, tighter risk controls, and increased investment in technology. The shift has come as Nigeria’s banking sector contends with inflationary pressures, currency volatility, and evolving regulatory conditions.

Rather than a sweeping overhaul, the changes under Musa have been incremental, shaped by internal reviews, staff engagement, and a focus on strengthening core banking operations.

Musa decades banking experience shapes strategy

From his first weeks in office, Musa set out a hands-on approach to internal review and staff engagement. He visited major operational hubs in Abuja, Kano and Lagos, meeting employees across departments and reviewing operational gaps and customer service processes.

Known for a measured management style built nearly three decades in banking, he emphasized discipline in risk management, operational efficiency and product development. The approach marked a shift toward tighter execution and clearer performance targets across the institution.

Musa’s career spans roles in public service and commercial banking. He began as an Agricultural Officer II at the Federal Ministry of Agriculture in Abuja between 1993 and 1994, before moving into banking with United Bank for Africa Plc as a banking officer from 1997 to 1998. He later served as senior banking officer at FSB International Bank Plc from 1998 to 2001.

He spent more than 20 years at Guaranty Trust Bank (now GTCO), rising through various leadership positions, including executive director overseeing Northeast and public sector operations in Abuja. He also served on the board of GT Bank Côte d’Ivoire, where he chaired the audit committee and contributed to governance and profitability improvements.

Education and professional training

His academic background spans Ahmadu Bello University, Bayero University Kano, Cranfield University in the United Kingdom, and a doctorate in Islamic banking and finance from Universiti Utara Malaysia. He has also completed executive programs at Wharton, Harvard Business School, and the University of Michigan.

Musa drives Jaiz Bank performance surge

Under Musa’s leadership, Jaiz Bank Plc, Nigeria’s leading non-interest financial institution, reported stronger earnings and steady balance sheet growth, driven by higher non-interest income and increased financing activity.

For Q1 2026, net profit rose to N7.85 billion ($5.7 million), up 14.37% from N6.86 billion ($4.97 million) a year earlier. Gross income climbed 32.76% to N27.6 billion ($20 million), driven by improved returns from sukuk investments, Murabaha financing, and other non-interest banking instruments. Total assets edged higher to N1.31 trillion ($950.1 million) from N1.29 trillion ($935.4 million) at end-2025.

The Q1 performance builds on full-year 2025 results, when Jaiz Bank delivered a profit of N30.15 billion ($21.86 million), up from N23.48 billion ($17.03 million) in 2024. Assets expanded 19% to N1.29 trillion ($935.4 million) from N1.08 trillion ($783.18 million) the previous year.

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.

The performance underscores improving revenue diversification, stronger cost control, and growing adoption of Islamic banking products across retail, corporate, and public-sector clients in Nigeria.

Under Musa, Jaiz Bank boosts digital transformation efforts

A central focus of Musa’s tenure has been the modernization of the bank’s technology backbone.

Jaiz Bank, established in 2012 as Nigeria’s first non-interest bank, has expanded its digital channels, upgraded its core banking systems, and strengthened cybersecurity frameworks.

Mobile and internet banking platforms have been redesigned to improve transaction speed and reliability. The bank also introduced dollar-denominated Visa and Mastercard services, alongside enhanced point-of-sale controls.

On the corporate side, new integrations such as the Dangote Integrated Sales Order Process (ISOP) portal and an automated MT940 reporting system have improved reporting efficiency for institutional clients.

Infrastructure upgrades include expansion of hyper-converged infrastructure clusters, deployment of dark-fibre connectivity between data centers, adoption of software-defined wide area networking, and improvements in disaster recovery systems.

Jaiz Bank strengthens operational base

Jaiz Bank’s recent performance reflects a gradual strengthening of its operational base and customer reach. In just over two years, Jaiz Bank has shifted from a niche Islamic lender into a stronger national player, driven by CEO Haruna Musa’s leadership. Focus on disciplined risk management, digital banking expansion, and ethical finance has lifted growth and visibility in Nigeria’s banking sector, signaling sustained momentum if reforms continue.