Business

Nigeria’s First Non-Interest Commercial Bank Goes Public

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Jaiz Bank Plc, Nigeria’s first non-interest commercial bank, is scheduled to complete the listing of its shares on the NSE this year.

Under the listing process, which started in second half 2016, Jaiz Bank will be listing a total of 29.46 billion ordinary shares of 50 kobo each at N1.25, indicating a start-off market capitalisation of N36.83 billion.

The listing will also be done by way of introduction. However, Jaiz Bank plans to increase its current share capital base from N15 billion to N25 billion, signaling an impending IPO. Jaiz Bank, which is listed on the NASD OTC Plc, may set record as the first transition from the over-the-counter market to the NSE.

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