Jaiz Bank, a leading Islamic bank in Nigeria, has undergone a significant transformation by restructuring both its board and management, aligning itself with an innovative approach to navigate new business dynamics.
The reorganization follows directives outlined in two recent circulars issued by the Central Bank of Nigeria (CBN), signifying the bank’s commitment to adapt and thrive in a rapidly evolving financial landscape.
In response to the first circular, the bank witnessed the departure of two non-executive directors, Umaru Mutallab and Falalu Bello, who had previously held the positions of Chairman of the Board of Directors and board member, respectively.
The vacancy left by the resignations led to the appointment of a new chairman for the board, a change that reflects Jaiz Bank’s commitment to adhering to regulatory mandates while driving effective governance.
Further effects of the circular became evident as two more non-executive directors, Ibrahim Maude and Bello Sani, tendered their resignations.
This series of changes ultimately brought the number of board members down to 14, reflecting the bank’s responsiveness to evolving regulatory requirements.
Jaiz Bank’s adaptability extended beyond its board, encompassing management and staff as well.
The bank’s leadership cascaded the transformation process from the board level to the management hierarchy and ultimately across all levels of staff.
In a pivotal meeting held on August 14th, 2023, the board approved the voluntary resignation of Dr. Sirajo Salisu from the position of Managing Director and Chief Executive Officer (MD/CEO).
This decision marked a significant milestone in the transformation journey, paving the way for Ahmed Hassan to take on the role of Acting MD/CEO.
Additionally, Ahmed Hassan assumed the positions of Executive Director of Operations and Chief Financial Officer, reaffirming the bank’s commitment to placing experienced and capable leaders at the helm.
Jaiz Bank expressed its optimism regarding this strategic overhaul, emphasizing its aim to revitalize the bank’s operations and enhance its offerings for clients and stakeholders.
The repositioning aligns with the bank’s goal to augment profitability, expand its market share, and sustain a competitive advantage in the financial sector.
As Jaiz Bank undergoes these transformative changes, it remains committed to delivering excellence in its services and adapting to emerging industry trends.
By embracing a new board and management structure, the bank is poised to chart a path toward greater resilience, growth, and innovation in the years ahead
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