Jaiz Bank raises chair income to N24m yearly

Jaiz Bank has approved N24m income for its chairman representing a 20 per cent increase compared to the N20m approved in the previous year.

It also approved N20m for each non-executive director.

This was disclosed in a statement signed by the bank’s secretary, Mohammed Shehu, which was filed with the Nigeria Exchange Limited on Thursday.

Jaiz Bank is a pioneering non-interest bank in Nigeria, providing ethical services to individuals, and corporate and government entities since 2012.

“That the director’s fees for the financial year ending 31st December 2024 be and is at this moment fixed at N24m per annum for the chairman and N20m per annum for every other Non-Executive Director,” he stated.

Shehu noted that the bank’s competitive remuneration package ensured that the board members were adequately compensated for their oversight and strategic guidance responsibilities.

He added that the resolution on directors’ fees was approved by shareholders at the AGM, underscoring their confidence in the board’s leadership and decision-making process.

Also, the bank announced a dividend of 4 kobo per share which will be disbursed to shareholders whose names appear on the company’s register as of July 1, 2024.

“That a final dividend of 4 kobo per share be and is hereby sanctioned and the directors be and are hereby authorized to pay the same on Tuesday, 16” July 2024 to shareholders whose names appeared in the Company’s Register of Members by close of business on Ist July 2024 subject to the deduction of the appropriate Withholding Tax at the time of payment, as recommended by the Board.”

Shehu noted that shareholders welcomed the dividend declaration as a positive outcome of Jaiz Bank’s operational efforts amidst a challenging economic environment.

He stated that shareholders re-elected Muhammadu Indimi and Muhammad Abdulmutallab as Non-Executive Directors. Both directors, having retired by rotation, were eligible for re-election and garnered support from shareholders to continue serving on the bank’s board.