Jaiz Bank has announced the appointment of Mallam Mustapha Ibrahim Ahmad as a non-executive director, in line with the NGX’s regulatory framework.
The disclosure, signed by the bank’s secretary, Mohammed Shehu, and approved by the Central Bank of Nigeria (CBN), was released to the Nigerian Exchange Group (NGX) and the public on November 7, 2024.
Ibrahim Ahmad’s extensive experience is expected to enhance the board’s effectiveness and play a key role in driving the bank’s continued growth and success.
Ahmad’s profile:
Mallam Mustapha Ibrahim Ahmad, FCA, FCIT, is a Chartered Accountant who graduated with an Honours degree in Accounting from Ahmadu Bello University (ABU), Zaria, in 1989.
- He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Chartered Institute of Taxation of Nigeria (FCIT), Corporate Treasurers Association of Nigeria (FCTN), and Member of the Nigerian Institute of Management (Chartered) (MNIM).
- Mallam Mustapha Ibrahim Ahmad brings over 34 years of experience in banking and manufacturing, specializing in financial reporting, risk management, treasury, corporate strategy, budgeting, procurement, and ERP implementation.
- He began his career at Continental Merchant Bank in 1989 and transitioned to Afribank International Limited in 1993, where he rose to the position of Chief Finance Officer, demonstrating his leadership and expertise in the financial sector.
In 1997, he joined International Trust Bank Limited, continuing in the role of Chief Finance Officer, further solidifying his reputation in financial management. Between 2002 and 2006, he served as Deputy Treasurer at First Bank of Nigeria, where he contributed significantly to the bank’s treasury operations.
He is currently the Group Treasurer and Ag. Group Chief Finance Officer at Dangote Industries Limited.
Jaiz Bank’s Q3 Performance:
Jaiz Bank reported a pre-tax profit that surged by 149% year-over-year from N2.7 billion in the third quarter of 2023 to N6.8 billion in the third quarter of 2024.
- The company also reported a gross income from investing and financing activities, which stood at N20.9 billion, up from 10.7 billion reported the previous year.
- The bank’s earnings per share also witnessed a surge, as it soared by 209.4% from the third quarter of the previous year to the third quarter of 2024.
- The company’s total assets grew by 44.27% from N580.1 billion to N836.7 as cash and cash equivalents also soared to N292 billion from N204.4 billion.
Shares of Jaiz Bank in the stock market are currently at N2.32 as the company’s stock corrects from a low that had it fall to N1.93 in April.