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UK firm, IDB, Dantata,
Dangote to invest
The proposed Jaiz Bank
International Plc which has been given a green light
by the Central Bank of Nigeria (CBN) to set up anon
interest bank has recently received a boost from
reputable national and international investors.
According to an update
sent to the shareholders recently by the management
of the holding company, Jaiz International Plc, the
sum of US $140 million (N18 Billion) has been raised
in cash and firm letters of commitments so far. This
represents about 70% of the $200 million (N25
billion) minimum capital required by the CBN to
issue a banking license.
The major investors are
the Islamic Development Bank which gave a commitment
letter to invest US $20 million, a London based
private equity group which also gave a commitment
letter of US $15 Million.
At the home from, one
of the Principal Promoters, Alhaji Aminu Alhassan
Dantata gave a commitment letter to increase his
current holding by US $20 million while Alhaji Aliko
Dangote, one of our respected Industrialists gave a
firm commitment letter to invest US $50 million.
Other reputable investors have also shown interest
to invest significant amounts, especially when the
on going discussions with potential Technical
Partners are concluded.
The company also
announced that Securities and Exchange Commission
has approved the recently concluded private
placement and that share certificates are being
dispatched by the Registrars to Bona fide investors.
The Bank is being
positioned to be a national bank open to all
irrespective of race or religion. In line with this
objective, the Bank plans to open branches in each
state capital of the federation within the first
five years of its operation.
The Governor of the
Central Bank of Nigeria (CBN), Prof. Chukwuma C.
Soludo during an International Conference held in
June 2007 at the Transcorp Hilton Hotel where he
unveiled his vision for the Financial Sector
Strategy (FSS 2020), reiterated the commitment of
the CBN to support the establishment of Islamic/Non
Interest banks in Nigeria.
Although it originated
in the Muslim World, Islamic Banking is now a
growing and profitable global phenomenon practiced
in the United States of America, Canada, Britain,
Germany, South Africa etc.
Jaiz International Plc
has successfully held its third and fourth Annual
General Meeting on Thursday November 8, 2007 at the
Shehu Musa Yar’Adua Centre Abuja. The shareholders
noted with delight the progress on the Capital
Raising exercise and the road map unveiled by
Management for the successful take off of the Bank
by the second quarter of 2008 – Insha Allah. Part of
the road map are to conclude the capital raising
exercise, sign-on a world class strategic partner by
the first quarter and begin the roll-out process
towards the end of the second quarter.
Once more, the Board
and Management of Jaiz wish to thank all our
Promoters, Shareholders (old and new) and other
Stakeholders for their continued support and
patience for a successful take off of the proposed
Jaiz Bank International Plc. |
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