Jaiz Bank Dispels Rumour of Rift among Board members

Admin 02-Nov-2020 Business


The management of Premier Islamic non-interest bank, Jaiz Bank Plc has denied media reports that rift exists among members of the board.

 The Managing Director and Chief Executive Officer of the bank, Mr Hassan Usman, was reported by Economic Confidential to have disclosed this to newsmen in Abuja

“There has not been any rift among members of the Board as insinuated by some Newspaper reports”, he said.

He said that the “bank will like to set the records

Straignt for the attention and benefit of all our Regulators, Bankers, Shareholders, Customers, Investors,

Strategic Stakeholders and the General Public”.

“There is no rift in the Board of the Bank other than legitimate exercise of divergent opinions on a

matter in the ordinary course of the Directors’ duties”, Mr Usman said in reaction to a question put to him at the briefing.

He noted that as a testimony to the absence of a rift, the

Board and Shareholders of the Bank just concluded a successful Extraordinary General Meeting(EGM) where decisions to reposition the bank for more profitability was taken despite the economic uncertainties occasioned by the Covid-19 pandemic.

On the matter of succession for the current Managing Director was considered by the Board as the expiration of his contract approached. Whereas some Directors of the Bank opined that a change of leadership was required to pursue some critical strategic goals, others believed otherwise, given the very impressive performance of the current Management.

He said the Board nonetheless resolved to

appoint a new successor in person of Mr. Muhammad Shaheed Khan. This decision was however rescinded at a subsequent meeting of the Board.

He further said the Board’s resolution to rescind its decision and consequently discontinue the appointment

process was in line with the terms and conditions of the offer letter issued to Mr. Khan since the

offer was subject to relevant regulatory approvals.

Incidentally, the approval obtained from the

relevant regulator materially modified the intention of the Board as expressed in the conditional offer to Mr. Khan, necessitating the Board’s decision to discontinue the process of his appointment.

He assured Bank’s Customers, Shareholders, investing public and other stakeholders that the Board of the Bank remains committed to conducting its affairs within the stipulations of existing Corporate

Governance Codes for banks and public companies in Nigeria

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