Jaiz International plc was incorporated on 1st April 2003 as a
public limited company with an authorised share capital of =N= 2.5
Billion (US $18.5 Million) . The main objective is to be an
investment holding company to set up non interest institutions such
as Islamic Bank, Takaful, Pension Fund Administration etc.
The Bank, being the major driver of the other institutions is
the main focus for now. With Universal banking now fully embraced
in Nigeria, once the Bank is set up , it can offer the above
services as full fledged subsidiaries , Divisions or Units .
INITIAL PUBLIC OFFER
At the time Jaiz was incorporated, the minimum capital required
to set up a bank was N2.0 Billion (US $14.29 Million). The
promoters therefore obtained the necessary regulatory approvals and
went to the capital market to raise the sum of =N= 2.5 Billion (US
The offer was over subscribed (about 120 %) because of the huge
demand for interest free banking in Nigeria and the people behind
In March 2004, part of the money, =N= 2.0 Billon (US $ 14.8
Million) plus other requirements such as the CVs of Directors,
Management, and Feasibility Study etc were submitted to the Central
Bank of Nigeria to secure a banking licence.
Four mouths after that; there was a change in the leadership of
the Central Bank of Nigeria .
The new leadership embarked on a major reform of the banking
sector. A major part of the reform program was the increase in the
minimum paid up capital of universal banks to =N= 25 Billion (US $
As a result of the above development the shareholders at the
Annual General Meeting of the company held on 11 th October 2005
approved the resolutions to increase the capital from US $15
Million to US $185 Million. They also approved for the Directors to
go back to the capital market to raise the difference.
TWO PHASED APPROACH TO RAISE THE CAPITAL
To reduce the market risk and manage the cost of offer, the
Board decided to first go for Private Placement of =N= 10.5 Billion
(US $77.7 Million) and later Public Offer of =N= 13 Billion (US $