We’ve No Rift In Jaiz Bank – Management Assures

• Clears air on ‘new’ MD/CEO

BY COBHAM NSA, ABUJA – Nigeria’s premier non-interest financial institution, Jaiz Bank Plc, has dismissed as untrue reports of an existing rift within its Board of Directors.

The Bank has therefore assured its teeming Customers, Shareholders, investing public and other stakeholders that there is no cause for alarm.

Its Managing Director and Chief Executive Officer, Mr Hassan Usman, told journalists in Abuja on Sunday that the successful hosting of the Bank’s Extra-Ordinary General Meeting (EGM) on October 28, 2020, under the Chairmanship of Dr. Umaru Mutallab, is the proof that all is well.

“There has not been any rift among members of the Board as insinuated by some Newspaper reports”, Usman said, adding; “For the records, the Bank will like to state that 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.”

The Bank chief, who urged the public to disregard reports of any perceived rift, said economic uncertainties due to COVID-19 notwithstanding, the Board and Shareholders have affirmed their confidence in the Bank’s prospects and current management team.

In its official reaction to claims of discordant tunes among Board members, the Bank said in a statement; “Our attention has been drawn to a publication by the Vintage Press Limited (The Nation Newspaper) purporting a deep rift in the Board of Jaiz Bank Plc (the Bank)

“Jaiz Bank Plc will like to set the records straight for the attention and benefit of all our Regulators, Bankers, shareholders, customers, Investors, strategic stakeholders and the General Public.”

Company Secretary, Mrs Rukayat O. Dahi, who amplified the Managing Director’s position in the signed statement, admitted that; “The matter of succession for the current Managing Director was considered by the Board as the expiration of his contract approached.”

The statement however noted misrepresentation of facts concerning the issue, saying; “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.

“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 This decision was however rescinded at a subsequent meeting of the Board.”

It further stated that; “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.”

“Jaiz Bank Plc assures its 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”, the statement said.