Sustainability Report
d. CLIMATE CHANGE f. DATA PRIVACYAND PROTECTION
Climate change is one of the most threatening issues of our Data protection threats to infrastructure and information
time. The UN Intergovernmental Panel on Climate Change continue to increase in frequency and evolve in sophistication,
(IPCC) Special Repor t has called for urgent and and a further increase for likely vulnerabilities resulting from
unprecedented actions to limit climate change catastrophe. new trends such as business ecosystems which create wider
We understand that the course of action taken by interconnected computer networks.
governments, organisations and individuals now will impact
the future of this planet and its inhabitants. The Bank will OurApproach
continue to ensure that our operation is in compliance with Jaiz Bank is committed to upholding the trust our customers
the climatic change report. have in us by protecting and using their personal data in a
responsible manner. We are guided by the CBN Cyber
Targets Security framework, and the Nigerian Data Protection
We will continue to identify and implement initiatives, and Regulation (NDPR) guidelines issued by the National
prioritize the engagement of our employees, vendors, clients, Information Technology Development Agency (NITDA). In
and customers on climate action-related matters. line with these regulatory guidelines, we have developed our
internal information security guidelines such as the Cyber
e. FAIR DEALING Security framework, Policies & Procedures, Cyber Security
One of the vital elements that sustains an organization Policy Information all of which clearly provides guidance on
remains the experience of customers when dealing with protection of personal identification information of all our
products or services being offered. customers. These includes identification, assessment, control
and mitigation, monitoring, reporting and measurement of
OurApproach information security breaches, and they define how to handle
As a financial institution that is guided by the regulatory information in electronic and physical mediums, as well as
policies of the Central Bank of Nigeria (CBN) our Apex Bank, dealing with external and internal cyber threats. The Chief
we are required by regulation to apply the Consumer Information Security Officer of the Bank reports to the
Protection Policy which promotes fair dealing by financial MD/CEO and ultimately to the Board Risk Management
institutions when conducting businesses with our customers, Committee.
and in addition, apply the Jaiz Bank Code of Conduct and our
Customer Complaint Management policy for all dealings. Our Assessments are conducted at least bi-annually for all
main aim is to consistently deal with our customers with employees on cyber security related matters, and information
fairness and integrity, while building long-term relationships. to continuously sensitize employees are shared via our various
We remain committed to fair dealing outcomes for our internal platforms such as emails, internal portal etc.
customers by our: We have the following certifications which we comply to as
i. Responsiveness to customers' needs and requests required by regulations, and these are renewed by respective
certified bodies annually:
promptly i. ISO 27001 ISMS (Information Security Management
ii. Delivery of uncomplicated products and services
System)
with needed clarity ii. I S O 2 2 3 0 1 B C M S ( B u s i n e s s C o n t i n u i t y
iii. Development of skills and relevant knowledge for
Management System)
employees to enable fair dealings with customers iii. PCI DSS (Payment Card Industry Data Security
iv. Communicating with our customers in a clear and
Standard)
transparent manner
While we proactively predict, prevent, detect, and respond to
Our Customer Experience Department is manned with cyber threats, it is equally important that our customers
competent and highly skilled employees to handle all our protect themselves online. Complementing this approach, we
customers' needs, request, complaints, and feedbacks via have been providing security tips and security alerts and news
phone, emails or through other channels. With the adoption for the public. We also provide hotlines for our customers to
of high service standards, we continue to ensure that report abnormal transactions in their accounts.
customer complaints and feedback are handled, investigated, There were no material instances of customer data loss
and resolved in a timely, effective, and fair manner. during the year.
There were no material instances of non-compliance
concerning fair dealing during the year. Targets
We adopt a zero-tolerance mindset for operational risk,
Targets including cyber security. As an Institution, we value the trust
Our target is to keep building a strong corporate culture of fair
dealing and the achievement of fair dealing outcomes.
Essentially, we aim to maintain zero material instances of non-
compliance in fair dealing.
49
Sustainability Report
that our customers place on us, therefore, we will continue to OurApproach
strengthen our cyber security capabilities to protect our data
and maintain high security hygiene in our technological Jaiz Bank's definition of financial crime includes bribery,
environment. We will also continue to monitor the landscape corruption, fraud, money laundering and terrorist financing.
for cyber threats and enhance our protective technologies We are committed to conducting business in accordance with
and cyber incident response capabilities all applicable laws, rules, regulations, and the highest ethical
standards. Accordingly, we have developed frameworks and
g. DATA GOVERNANCE policies guiding the bank on prevention of financial crime, and
Trends in data and use of data continues to spur new these include:
challenges for financial institutions, and we are not excluded, i. Anti-Bribery and Corruption (ABC) Policy which
especially with the wave of innovation. The focus on how data
is collected and protected has transformed, as new frontiers encompasses elements of risk assessment, controls
have opened with innovative uses of data – including how data and monitoring, due diligence, rules over gifts and
is shared with and used by ecosystem partners, governance entertainment, and reporting. All these are
frameworks for artificial intelligence, and how to monitor the underpinned by senior management commitment
performance of analytic models. and communication.
ii. Anti-Fraud Policy and Standard which clearly defines
OurApproach the elements of reporting and analysis, identification
We will continue to prioritize our corporate governance and assessment of fraud risks, fraud controls and
efforts on the responsible use of data, while ensuring that monitoring, investigation, and remediation, all of
existing consent regulations and procedures regarding data which are strengthened by our strategy, governance
management are complied with. Our Privacy Policy for and culture.
customers, and the Internal & External Privacy Policies define iii. AML/ CFT Policy which establishes correspondent
our the personal data processing and embody our pledge to banking services requirements from an AML/ CFT
protect and manage our customers' personal data in a perspective. Any employee who contravenes the
responsible manner. policies may be subject to disciplinary action up to
and including termination of employment. If the
Policies guiding the bank on data management are regularly breach is significant, it may also lead to prosecution
reviewed and updated to keep up with the relevant changes of the parties involved.
around the globe.
There were no material instances of customer privacy The Chief Compliance Officer (CCO) oversees the
breaches during the year. compliance of the Bank to all these policies and required
regulations, and reports to the Executive Compliance Officer
Targets (ECO) who has an oversight function on compliance matters.
We will continue to integrate data governance and the
implementation of a robust data management framework for Our anti-financial crime culture includes training and
us to be a more proactive institution. This being in place will awareness programme for employees, and regular awareness
help us better prepare for risks and have necessary controls in using various electronic platforms such as emails, internal
place, while being able to circumvent and/or tackle resolution portal, computer screen savers etc. Every employee is
without disruptions in operations or core services. expected to recognise financial crime and is empowered to
take the necessary actions to mitigate such risks. To that
h. PREVENTING FINANCIAL CRIME extent:
Financial crime is a severe threat to the financial industry • All our employees complete mandatory anti-money
globally. Compliance related issues, the associated costs and
related reputational impact are substantial. With financial laundering training annually;
innovations taking place at an unprecedented pace, threats are • All new employees complete mandatory anti-bribery
evolving and becoming more sophisticated. Globally, the
Financial Action Task Force (FATF) was established in 1989 to and corruption training;
develop and promote policies to protect the global financial • All employees read and acknowledge our Code of
system. For ECOWAS states, of which Nigeria is one, the
Inter-Governmental Action Group against Money Laundering Conduct annually, which contains our stance on anti-
in West Africa (GIABA) was established in the year 2000, to corruption; and
facilitate the adoption and implementation of Anti-Money • The Board attends a training session on “Anti-Money
Laundering (AML) and Combating the Financing of Terrorism Laundering and Terrorism”.
(CFT) in West Africa.
We also have an independent whistleblowing portal to ensure
that arrangements are in place for concerns to be raised on
possible improprieties or misdeeds. These concerns are
independently investigated for appropriate follow-up action.
The service ensures anonymity and protection when
disclosures are made in good faith.
50
Sustainability Report
We have continued to improve our processes and controls in requirements are promoted to permanent employees,
dealing with financial crime risk and enhanced front office thereby creating career progress and opportunity for diversity
controls, transaction monitoring and collaboration with in job roles, while building competencies. We continue to
regulators. improve on our work environment and programmes that
promotes employee retention.
There were no material instances of non-compliance with
laws and regulations in the context of financial crime during Statistics
the year. i. Total number of employees and voluntary attrition
Targets rate
We have zero tolerance for any acts of bribery, corruption and Total permanent employees increased in 2021, while there
fraud, and will continue to comply with applicable global was a slight decrease in the outsourced employees. This is
AML/CFT standards and requirements, and the AML/CFT partly due to our conversion strategy to retain talents for
sanctions, laws, and regulations in Nigeria where our business outsourced employees. Compared to year 2020, there was a
operate. 33.6% increase in females employed, while males employed
rose by 66.4%
PILLAR 2: RESPONSIBLE BUSINESS OPERATIONS
a. Talent Management and Retention ii. Attrition rate
For any organization to succeed, a critical factor success Employee voluntary attrition reduced in the year 2021. This
remains its employees. It is important for us as an institution to can be attributed to employee's motivation to create a sense
remain an employer of choice to continually attract, retain, of belonging with the institution.
and develop talents that have chosen Jaiz Bank.
OurApproach
Providing a work environment where employees have the
AS AT DEC 31ST 2021 AS AT DEC 31ST 2020 AS AT DEC 31ST 2021 AS AT DEC 31ST 2020
Outsourced Employees 542 TOTAL FEMALE EMPLOYEES
549 TOTAL MALE EMPLOYEES
0 200 400 600 800 1000 1200
Permanent Employees 735
609
0 100 200 300 400 500 600 700 800
flexibility to grow, develop, be supported, and rewarded for Total employees’ voluntary attrition
their inputs remains our goal. Giving our employees the
opportunity to contribute in an innovative approach through 40% AS AT DEC 31ST 2020
our Jaiz Innovation Laboratory (JLAB), and other avenues has 60% AS AT DEC 31ST 2021
continuously delivered on numerous positive impacts.
We have a Human Capital Management Policy Manual and
Employee Handbook that cover diverse aspects such as
Employment Terms and Conditions, Work Ethics,
Compensations & Benefits, Medical Benefits, Safety &
Security, Leave, Communication, Performance Measurement,
Management & Rewards, Learning & Development among
others, to guide all employees of the institution.
We have continued to acquire new competencies to support
and grow the institution, running programmes to ensure that
competent outsourced employees that meet our conversion
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Sustainability Report
iii. Percentage of positions filled internally Employee position by gender
The percentage of positions filled internally has remained
% POSITIONS FILLED INTERNALLY
AS @
DEC 31ST
2021
42%
AS @
DEC 31ST
2020
58%
Targets 539 196
We want to remain an employer of choice for skilled and
talented individuals. As such, we will continue to introduce Event
programmes that give our employees the opportunities to The International Women's Day on 8th March 2021 was
grow and remain with us. We will be focusing on deploying celebrated by acknowledging female employees as well as
more robust talent acquisition and retention programmes, quality sessions where one of our Board of Directors – Mrs.
skill enhancement and career management programmes for Aisha Waziri anchored one of the sessions. She urged women
all employees. This will further build a strong succession to “show up, show out, and show big”, and be CRANE
planning framework for the institution. (Confident, Role Models, Authentic, Network, Ethical)
always. Speeches were also given by our Executive Directors,
b. DIVERSITYAND EQUAL OPPORTUNITY to celebrate and encourage female employees.
Diversity in the workplace promotes inclusiveness.
Recognising our diversity as a source of strength, we continue Some pictures from our International Women's Day
to focus on gender, generational and cultural diversity in
delivering value to our stakeholders.
OurApproach
We give equal opportunities to all, including physically
challenged persons, and create a conducive working
environment where individuals are respected, supported, and
included. Jaiz Bank is committed to diversity and equal
opportunity, and our talent acquisition is based on merit,
competencies, and organisational fit, in line with our core
values of RESPECT. This is regardless of gender, race, religion,
or physical attributes.
Our adoption of gender, generational and cultural diversity
and providing equal opportunities underscores our support
for our employees as they grow and thrive in different aspects
of their lives. As at December 31st, 2021:
Top Management position by gender
1
36
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Sustainability Report
Targets We purchase a diverse range of products and services, such as
Jaiz Bank operates with equity and fairness. We are devoted to professional, capital assets, and other corporate services, and
workplace diversity, and we aim to continue to intensify our have therefore incorporate environmental and social issues
efforts towards ensuring that we provide a platform for equal alongside financial factors when making procurement
opportunity for all regardless of gender. decisions.
c. WORKPLACEWELL-BEING OurApproach
Employees spend at least a third of their time at the Our Procurement Committee manages the procurement
workplace. Because work plays such a significant role in our process and have kickstarted the procedure of assessing our
lives, it is essential to recognise its impact on mental health and vendors and suppliers for sustainable development impacts,
wellbeing of employees, and therefore, provide a safe and especially in the areas of human rights, environmental
healthy work environment. Good workplace well-being sustainability, health, and safety, as well as business integrity and
practices are more likely to deliver the best outcome for an ethics.
organisation.
Targets
OurApproach We will continue to partner closely with our suppliers to help
We are committed to providing a supportive and healthy them meet and exceed our workplace and environmental
environment for employees. The health insurance scheme, requirements. Because we understand that the best way to
health facilities such as the gymnasium, and creches are some accelerate progress is together, we will establish
of the wellbeing provisions made for employees to keep their comprehensive Sustainable Supply Chain Principles that will
physical balance and maintain mental wellbeing. guide the engagement of all our vendors and consultants.
We were able to carry out some initiatives to enhance the
wellbeing of employees. e. LEARNINGAND DEVELOPMENT
The past few years has seen global business landscape
i. COVID -19 screening were conducted for staff, and the becoming more and more complex. The continuously
vaccination arranged for willing employees. Staff were also revolutionizing business outlook has made it more challenging
sensitized on precautionary measures to be taken. to survive, flourish and lead. The value of Learning and
Development (L&D) in an organization has never been so
ii. We invited one of our Health Management Organizations immense. With the workforce varying between generations,
to give talks on High Blood Pressure, Stress management, and a cross-cultural environment, the theory of learning and
and Diabetes, with physical exercises conducted. development has taken a different toll on organizations.
Hence, we understand that we must make effort of
iii. A session was held to sensitize employees on the negative continuously building and nurturing a culture of learning and
impact of workplace bullying and on sedentary lifestyle. embracing new knowledge. Channelling opportunities of
growth, development and innovation towards our employees
iv. Dr. Hassan's Hospital & Diagnostic Center was invited to is something that cannot be overlooked in the current times.
give health talks.
OurApproach
v. Medical Health Check and screening were conducted. We are committed to providing adequate and effective
All these initiatives support our employees in their social, training for employees through investment of time and
emotional, and mental well-being. resources. We understand that the performance of our
Employees and their families are also covered by our employees can be significantly improved with targeted training
corporate medical and insurance benefits, where applicable. and development programmes. This subsequently impacts
employee retention, as an employee will feel more valued
Targets when we invest in their development, and ultimately leading to
We will continue to monitor the needs of our employees, increase loyalty, which will in turn contribute to positive
collaborate with relevant external organisations, and explore employee retention, hence reducing organisations
avenues to enhance workplace well-being. recruitment cost.
d. SUPPLIER RESPONSIBILITIES Jain Bank continually identify diverse trainings both for
Building a strong and reliable supply chain is fundamental to technical competencies and emotional development required
sustainable operations. For us, Supplier Responsibilities means by employees to develop their skills and prepare them for
ensuring that the products and services we buy are as leadership roles. These learning and development
sustainable as possible, with the lowest environmental impact programmes are delivered both physically and virtually. We
and most positive social results. Adopting the act of social, have deployed our Learning Management System (LMS)
economic, and environmental factors alongside the typical where employees' login to attend trainings and courses, and
price and quality considerations into the organisations
handling of procurement processes and procedures is a vital
effort towards stakeholder's collaboration for sustainable
development. The practice of sustainable procurement leads
to decent work and enables economic growth.
53
Sustainability Report
Year 2021 Learning & Development Statistics
Learning & Development Programmes Deployed And 67
A ttended Via Other Virtual Pla tforms (zoom, Teams
Etc.)
Learning & Development Programmes Deployed And 7
A ttended on our Lms
Learning & Development Programmes A ttended 36
Physicall y
Employees Trained Via Our Learning Management 987
System (LMS)
Total Number of Employees Trained In The Year 2021 1226
0 200 400 600 800 1000 1200 1400
assessment conducted. Our weekly Knowledge Sharing sustainable principles. We actively adopt energy efficiency
Session (KSS) via the zoom platform is also an avenue created enhancements (e.g., LED lights, and solar energy) in our
and scheduled for all departments of the bank to come and operations. Driving sustainable behaviours, we actively
share knowledge and provide awareness on diverse topics and encourage employees to adopt sustainable lifestyle habits such
functions of the department for employee understanding. as recycling, energy management, water management etc.
Through these platforms, awareness, and sensitization on through campaigns that raise awareness on how individuals
sustainable development amongst other topics have also been can be the change.
created.
We are intensifying efforts to growing the use of renewable
Targets energy, as we incorporate and invest in solar energy and
We will continue to identify and promote and invest in skills energy efficiency enhancements for our new branches and
development for our employees across board. We will Head Office. Our renewable energy sources increased with
leverage technology and e-learning platforms to create a the addition of 100kva solar energy for two new branches,
robust learning experience, and flexibility for developmental and the solar installation of100Kw for critical loads at new
growth of our employees. Head Office. Our recycling efforts is also progressing as we
create more awareness for employees. Paper recycled
f. MANAGING OUR ENVIRONMENTAL FOOTPRINTS increased from 3.4% to 22%, while we commenced the
As our carbon footprints increase, the effect on the recycling of our batteries with 1160kg recycled. With the
environment also increases. It also corresponds with the environmental audit of our branches, we are focused on
overall amount of greenhouse gas emissions that we are minimizing the negative impacts of business operations at our
responsible for due to our everyday activities, meaning that various branch locations.
our carbon footprint relates to the climate change associated
with global warming. As Jaiz Bank continues to expand our Targets
branches, we are committed to conducting our business We will continue to strengthen our drive on sustainability
sustainably by incorporating environmental and social journey. We aim to implement renewable energy source and
considerations. efficient lightings for all our upcoming new branches and
identify ways to incorporate same into existing branches. We
OurApproach work towards improving our energy consumption through
We minimise our environmental footprint by reducing our regular reviews and monitoring of energy consumption,
consumption and improving our overall efficiency. We have optimising mechanical and electrical equipment operations
introduced measures to track key environmental metrics and replacing aged equipment and lighting with more energy
relating to our infrastructure and employee behaviour, and we efficient models. We will further entrench recycling programs
are committed to continually improve on these metrics. The across all our systems and promote efficient use of all
metrics will form the basis of strategies and initiatives that resources.
drive the improvement in our sustainability across our
business operations. PILLAR 3:CREATING SOCIAL IMPACT
a. Social Entrepreneurship
In building sustainable infrastructure for our branches and our Organizations that support social entrepreneurs play an
new Head Office, we are incorporating sustainable design and important role in developing new businesses and help change
54
Sustainability Report
makers with the challenges they face, thereby creating Corporate volunteerism is a chance for businesses and their
ecosystems of support to enable innovation and growth. We employees to leave a positive mark in their community, i.e., a
see opportunities for social enterprises (SEs) to address social way of helping those in need in the community, without
issues in an innovative way and believe catalysing the growth of seeking any financial gain. Volunteering programs are great
an ecosystem of SEs can help to build a more inclusive opportunities to promote corporate responsibility and a
economy in Nigeria. better work/life balance, both of which are very important
today. Such engagements leverage the capabilities of
OurApproach employees who want to contribute to the greater good.
Jaiz Bank promotes the development of Entrepreneurs and OurApproach
the MSME business, and we are in partnership with We want to embed an employee volunteer movement that
organizations such as the Agricultural Finance for Agri-Based will be driven by purpose, thereby bringing our values to life,
Enterprises in Rural Areas – Nigeria Project- AgFin, a GIZ and leveraging our time and skills to make meaningful
funded project where Small Holder Framers (SHFs), including contributions to the communities we live and work in.
Women Paddy Processors in the rural communities are
trained and financed. Over 1,000 have been trained and 610 Targets
farmers accessed financing in the year 2021, achieving poverty Jaiz Bank is a purpose-driven organization, and as such, we
reduction, promoting decent jobs for the SHFs, youths and believe our employees can make a difference in society
women, and entrepreneurs. through the investment of their time, donations and skills to
serve communities. In 2022, we aim to commit more to
We facilitated the following sessions/workshops in 2021 to volunteerism and we will encourage our employees to
strengthen entrepreneurship growth: i. Accessing MSME participate. We are also planning to deepen and expand
Financing Facility in Jaiz Bank, ii. How to get started with Digital partnerships with community partners to drive greater
Transformation, iii. Spart Up your Business for SMEs & positive change in the communities. In the long run, the act of
Corporate Customers, iv. Jaiz Kids Can Code to start building volunteerism will be an intrinsic part of our work culture and
technology and innovation for kids be aligned to our businesses in a deeper way.
Targets Commitments and Memberships
Jaiz Bank will intensify commitment towards building a 1. Commitment to the UN Sustainable Development
stronger social entrepreneurship, through the expansion of
partnerships to build stronger ecosystem, especially for the Goals (UN SDGs)
MSMEs and individual entrepreneurs at the bottom of the 2. Signatory Member, Nigerian Sustainable Banking
pyramid. We will increase our provision of capacity building
programmes to scale-up the businesses and social impact of Principles (NSBP)
Entrepreneurs, and leverage on internal and external experts 3. Signatory Member, UNEP FI Principles for
to add value to these group of individuals and businesses.
Responsible Banking (PRB)
b. EMPLOYEE VOLUNTEERISM 4. Member, the Islamic Finance Council UK (UK IFC)
Organizations increasingly see the importance of employee
engagement in corporate social responsibility programmes. The UN Sustainable Development Goals (SDGs)
The UN Sustainable Development Goalls (SDGs) 55
Sustainability Report
Nigerian Sustainable Banking Principles
02
PRINCIPLE 1 PRINCIPLE 2 PRINCIPLE 3 PRINCIPLE 4 PRINCIPLE 5 PRINCIPLE 6 PRINCIPLE 7 PRINCIPLE 8 PRINCIPLE 9
Reporting
Our Business Our Business Human Women’s Financial E&S Capacity Collaborative
Activities Operations Rights Economic Inclusion Governance Building Partnerships
Empowerment
Environment Environment
and Social Risk and Social
Management Footprint
UNEP FI Principles for Responsible Banking
PRINCIPLE 1: PRINCIPLE 2: PRINCIPLE 3:
ALIGNMENT IMPACT & TARGET CLIENTS &
CUSTOMERS
We will align our SETTING
business strategy to be We will work
consistent with and contribute to We will continuously responsibly with our
individuals needs and society's goals, as increase our positive impacts while clients and our customers to encourage
expressed in the Sustainable reducing the negative impacts on, and sustainable practices and enable economic
Development Goals, the Paris Climate managing the risks to, people and activities that create shared prosperity for
Agreement, and relevant national and environment resulting from our activities, current and future generations.
regional frameworks. products, and services. To this end, we will
set and publish targets where we can have
the most significant impacts.
PRINCIPLE 4: PRINCIPLE 5: PRINCIPLE 6:
STAKEHOLDERS GOVERNANCE & TRANSPARENCY &
CULTURE ACCOUNTABILITY
We will proactively
and responsibly We will implement our We will periodically review
consult, engage, and commitment to these our individual and
partner with relevant stakeholders to principles through effective governance collective implementation of these
achieve society's goal. and a culture of responsible banking. Principles and be transparent about and
accountable for our positive and negative
impacts and our contribution to society's
goals.
56
Our People and Cultural Diversity
At Jaiz Bank, we care deeply for one another and the world The Bank is committed to positioning herself as a leader
around us. We look out for each other as part of our day-to- among member organisation, incorporate diversity and
day, even—and especially—amid the buzz of business. We inclusion-in alignment with what we expect from our clients
know balancing life's responsibilities and joys are personal to and partners. This includes creating an inclusive workplace
every individual. Our approach is not “one size fits all,” but where all employees may reach their full potential, as well as
rather “one size fits one.” We want to support our employees attracting, developing, and maintaining a diverse talent pool.
and their loved ones during life's triumphs and challenges, and Promoting workplace diversity is a crucial aspect of effective
we design our benefits to do just that. Comprehensive people management. It is all about treating everyone in the
benefits, including medical, dental, and vision plans; disability company like an individual. To reap the benefits of a diverse
coverage; and life insurance help employees stay healthy and workforce, however, it is critical to create an inclusive
secure their families' well-being. workplace in which everyone feels welcome to participate
and reach their full potential.
However, we do not stop there— we meet employees where
they are. Our Life-Connections health and fitness centers It might be difficult to communicate with individuals and
make it convenient for employees to prioritize health and cultures who have values, beliefs, and cultural norms that
wellness. The centers feature health clinics, fitness areas, and differ significantly from your own. Because others may not
personal coaches to assist employees and their families deal understand and trust, differences might lead to increased
with stress, weight management, and more. opposition to leadership and change.
OUR PEOPLEAND CULTURAL DIVERSITY Working in very varied and multicultural organizations has its
We at Jaiz Bank understand the value of a diverse and inclusive own set of obstacles, but it also has its own set of advantages.
workforce. We understand that having a diverse set of There are few other strong situations in which personnel learn
perspectives and experiences is beneficial to us since it allows a great deal about people, systems, and themselves.
us to better serve our customers. We also recognize that it
fosters a collaborative environment in which everyone The Bank currently employs 735 people (permanent
benefits from a lively exchange of ideas. In today's highly varied employees), representing all gender, age, nationalities, and
workplace, the ability to work with people who have a variety Nigeria's six geopolitical zones. The diversity of Jaiz Bank's staff
of values and cultures is critical. The ideals that pervade an is summarized below.
organization's culture determine its culture. Employees
needed to feel included, as if their values were being STAFF BYAGE CATEGORYS/
acknowledged, understood, and respected. They must believe
that their concerns and thoughts are being heard. Those SN Age Category No % of Total
circumstances foster high levels of drive and momentum,
resulting in high levels of job satisfaction and performance. 1 Baby Boomers (56-75 Yrs) 8 1.1
We support a culture of diversity in our workplace at Jaiz 2 Generation X (41-55 Yrs) 171 23.3
Bank, where all employees are treated equally regardless of
their gender, ethnicity, religion, country of origin, or physical 3 Millennial (26-40 Yrs) 547 74.4
condition. This diverse collection helps us reflect the world at
large—as well as the people we serve. However, it 4 Generation Z(18-25yrs) 9 1.2
accomplishes a great deal more. Diversity in the workplace
promotes innovation, according to research. Some cultures STAFF BY GENDER
and ethnicities place a premium on individualism and
competition. Others may appreciate direct power and S/N Gender No % of Total
solitude, while others may value patience, a sense of 1 Male 539 73%
community, and working together with others. Some cultures 2 Female 196 27%
may also be excessively subservient to the leader. Some
cultures are quite private when it comes to personal concerns. Although a written diversity policy covering gender, age,
disability, race, religion, and ethnicity is not required by law, Jaiz
Employees may be unaware that their ideals are vastly Bank is committed to its culture of diversity and inclusion
different. There are no global laws that guarantee cultural because an effective diversity and inclusion strategy adds value
conformity. Because it is difficult to keep understanding our to the organization while also contributing to employee well-
organization's cultures, it is vital that we remain open to being and engagement.
differences and enlist the support of our staff.
57
Our People and Cultural Diversity
1.2%
Generation Z (18 - 25 yrs)
74% Percentage
Number
Millenial (18 - 34 yrs)
23%
Generation X (35 - 50 yrs)
1%
Baby Boomers (51 - 69 Years)
58
D.
Governance
60
The Board 67
Advisory Committee of Experts 68
Management Team 71
Directors' Report 80
Corporate Governance 91
Customer Complaints and Feedback Report 92
Corporate Responsibility for Financial Statements 93
Statement of Directors Responsibilities 94
Board Evaluation Report 95
Statutory Audit Committee Report 96
Whistleblowing Report 97
Advisory Committee of Experts Report
59
Board of Directors
ALHAJI (DR.) UMARU ABDUL MUTALLAB, FCA, CON
Chairman
Prominent business leader and former Minister of the Federal Republic of Nigeria, Chartered Accountant and Banker;
former Executive Vice Chairman and Managing Director of United Bank for Africa (UBA). Also former Chairman of First
Bank of Nigeria Plc, the oldest and biggest bank in Nigeria.
He is a holder of one of the highest national awards in Nigeria – Commander of the Order of the Niger (CON).
Alh. Abdul Mutallab has also been conferred with the Fellowship of both the Association of Chartered Certified
Accountants (ACCA) of UK and the Institute of International Bankers Association (FIBA) of the United States of America.
HASSAN USMAN, FCA, FCIB.
Managing Director/CEO
A trained Accountant, Mr. Hassan Usman graduated with a first class
degree in Accounting in 1985 from Ahmadu Bello University, Zaria,
Nigeria and became an associate Member of ICAN in 1989. He obtained
a Post Graduate Diploma in Management in 1995 from Maastricht School of
Management, Netherlands.
Mr. Usman also attended the Oxford University Advanced Management Programme in 2002. He worked as the Financial
Controller of New Nigerian Development Company Limited, Kaduna until he joined NAL Merchant Bank Plc.where he
served as the Financial Controller and Treasurer respectively between1996-2001.
Mr. Usman had a stint with Inland Bank where he served as General Manager, Banking Services before re-joining NAL Bank
as Deputy General Manager and Head, Business and Financial Advisory Group. He is a Fellow of the Institute of Chartered
Accountants of Nigeria (ICAN) and Chartered Institute of Bankers of Nigeria (CIBN) . He was appointed as the Managing
Director of Jaiz Bank Plc. by the Board of Directors in May 2016.
60
Board of Directors
ABDULFATTAH O. AMOO,FCA
- Executive Director , South
AbdulFattah Olanrewaju Amoo is a Fellow of the Institute of Chartered
Accountants of Nigeria (ICAN) and an Associate member of the Chartered
Institute of Taxation (CITN), among others.
He also holds a B.Sc in Economics and Masters in Business Administration from
Edo State University (now Ambrose Alli University) and has attended several
local and international courses in Strategic Management, Leadership, at Harvard
Business School, Euromoney, VISA International, Lagos Business School, etc.
AbdulFattah was appointed into the Board of Jaiz Bank Plc. (the pioneer Islamic Bank in
Nigeria) on 6th November 2017 as Executive Director, Operations/Chief Financial Officer, a
position he held meritoriously till April 2021 before he was redeployed to run the Business
Development Directorate of the Southern Region.
AbdulFattah Amoo is a shrewd professional banker, astute strategic planner and executor. He is well
versed in both Islamic and Conventional banking business models.
He possesses over 3 decades cognate experience which cuts across professional accounting practice
and Banking & Finance, out of which almost 20 years has been spent at senior management positions.
He is skilled in Talent Management, Strategic Networking and Excellent Peoples' Management, among
others.
SIRAJO SALISU Ph.D
- Executive Director, Business Development, North
Sirajo is a Certified Risk Manager (CRM), Fellow Institute of Credit
Administration (FICA) and Honorary Senior Member Chartered Institute of
Bankers of Nigeria (CIBN)
Sirajo is a 1991 B.Sc. Economics graduate from Bayero University Kano, Msc
Monetary Economics (University of Port Harcourt) and Ph.D Agricultural
Economics from Abubakar Tafawa Balewa University Bauchi. Sirajo also
obtained his second Masters Degree on Islamic Banking and Finance from
Bayero University Kano.
Sirajo started his banking career in 1992 with Inland Bank Plc as a Supervisor and
rose to Assistant General Manager in 2009 with First Inland Bank Plc, where he held
various Managerial Positions in both Operations, Credit Administration and Business
Development including Regional Manager FCT Abuja in 2007.
In 2009, he was appointed Managing Director/CEO Arab Gambian Islamic Bank (AGIB), a position he
held for Six (6) years till January 2015.
Sirajo has attended several Management and Islamic Banking Courses in and outside Nigeria as a
participant and/or a speaker. He is also an Alumnus of the prestigious Lagos Business School (SMP 33)
and Madinah Institute for Leadership and Entrepreneurship (PALM 11) Kingdom of Saudi Arabia.
61
Board of Directors
AHMEDALHAJI HASSAN, FCA – Executive Director Services/CFO
Ahmed Alhaji Hassan is a Fellow of the Institute of Chartered Accountants of
Nigeria, a Fellow of the Chartered Institute of Taxation of Nigeria and an
Associate of the Pension Institute of Nigeria, as well as an Alumnus of Bayero
University, Kano and the University of Lagos. He is a fellow of the Compliance
Institute, Nigeria (FCIN) and a Certified Anti-Money Laundering
Specialist(CAMS).
He has over twenty-six (26) years cognate experience which started from his
career as a Lecturer of Accounting & Finance at Bayero University, Kano before
joining the Banking/ Finance Industry. He worked with the Securities & Exchange
Commission (SEC), former New Africa Merchant Bank Ltd., NAL Merchant Bank (now
Sterling Bank), NUB/FINBANK (now FCMB) and had a brief stint with Dangote Group as
the Financial Controller of Kano Flour Mills. His banking experience covers Corporate Finance,
Banking Operations, Risk Management, Financial Controls and Branch/Regional Banking.
Ahmed A. Hassan has attended various local & foreign courses and workshops. He joined Jaiz Bank Plc.
in October 2013 as Head Financial Control and acting Chief Financial Officer before he was later
appointed as the Bank’s Chief Compliance Officer (CCO).
ALH.(DR.)AMINUALHASSAN DANTATA, CON
- Non-Executive Director
A renowned business man, he began his career as produce buyer in 1949 in the
family business of Alhassan Dantata and Sons Limited. He became the Chairman
and Managing Director of the Company, in 1960, a position he holds till date.
Dr. Dantata was a member of the Steering Committee of the Nigerian
Industrial Development Bank (now Bank of Industry, BOI), and served as a
Director of the Bank between 1962 and 1966. He has led several trade missions
to several countries across the world. He is a holder of one of the highest national
awards in Nigeria – Commander of the Order of the Niger (CON).
ALHAJI (DR.) MUHAMMADU INDIMI,OFR - Non-Executive Director
A distinguished and highly successful businessman, Dr. Indimi is the Founder and
Chairman of Oriental Energy Resources Limited. He has over 20 years’
experience in the Nigerian Upstream oil and gas sector. Dr. Indimi is an astute
business man with a credible and positive presence in both the Nigerian and
International business arena.
He is the founder of many successful indigenous companies and sits on the
board of several companies. Dr. Indimi is a humanitarian and a philanthropist and
has received numerous awards as well as honorary doctorate degrees from
notable Universities in Nigeria, Ireland and the United States. He is also a recipient
of the Nigerian national award of Officer of the Order of the Federal Republic (OFR).
62
Board of Directors
ALHAJI MUKHTAR SANI HANGA - Non-Executive Director
He is a renowned businessman and an administrator with great wealth of
experience in the Business World. Known for his strategic methodologies for
turning businesses around in the simplest but strategic way towards
achievement of corporate goals.
He was formerly the Managing Director of Hanga Line Limited. With his wealth
of experience as a transformative leader, he was appointed as the Special
Adviser to the former Governor of Kano State, Mal. Kabiru Gaya on Sports and
Youth Development.
A Board member of Nigerian Institute of Social and Economic Research (NISER),
Ibadan, Chairman of NYSC Committee, Kano and Director of Northern Nigeria
Investment Limited, Kaduna.
ALHAJI (DR.) MUSBAHU MUHAMMAD BASHIR - Non-Executive Director
He is the Chairman of Althani Group of Companies, and Cobalt International
Services Limited since 2004. He is also a Director in Bento Drill Nigeria Limited,
Offshore Technologies International Limited, and Resource capital group.
Cobalt International Services Limited is a pre-shipment inspection agent for dry
goods and bulk liquid cargoes. They are currently inspection agents for oil and
gas exports in the country. Earlier on, Alhaji Bashir worked with Hammad
Development Facilities in 1987 and Jadai Diversified Services in 1989.
He obtained a BBA in Business Management from the American University in 2002 ,
an Advanced Diploma in Business Management in 1998 from Tafawa Balewa
University, Abuja campus, and a National Diploma in Irrigation Engineering from the
Kaduna Polytechnic 1987. He was recently conferred with a Honourary Doctorate Degree by
the Igbinedion University, Okada, Edo State, Nigeria.
HRH,(ENGR.) BELLO MUHAMMAD SANI, OON - Non-Executive Director
He is a holder of Bachelor's Degree in Engineering from the prestigious Ahmadu Bello
University, Zaria, Nigeria. He is also a holder of M.Sc (Civil Engineering) from the
University of Dundee Scotland – 1977.
HRH is a fellow of Nigerian Society of Engineers (FNSE), Council for the Regulation
of Engineers in Nigeria (COREN) and an Officer of the Order of the Niger
(OON). He is currently the Emir of Bakura, Zamfara State, Nigeria. Prior to
becoming the Emir, HRH held several notable positions such as:
Ÿ Public Engineer in the defunct North Western State Ministry of Works,
Transport and Housing, Sokoto in 1974 – 1975,
Ÿ Principal Engineer of Ministry of Works and Transport Sokoto in 1979-1980
Ÿ Acting Permanent Secretary , Ministry of Works and Housing, Sokoto in 1981.
Ÿ Chief Civil Engineer and the Chief Building Engineer in 1981-1983 Ministry of Works and
Transport Sokoto.
He held positions in some of the most prestigious corporate, private and public organizations in Nigeria,
including Director, Building and Engineering Services, Central Bank of Nigeria (CBN) between 1989 -1996,
Senior Assistant General Manager, Union Bank of Nigeria (formerly Barclays Bank).
63
Board of Directors
Malam FALALU BELLO, FCIB, OFR - Non-Executive Director
A1978 law graduate from Ahmadu Bello University, Zaria, Nigeria. He started
his legal career with the Kaduna State Government as Magistrate II and
subsequently moved to Northern Nigeria Investment Company Limited as
Senior Executive/Acting Company Secretary. He was later appointed Kaduna
State Government Commissioner for Trade and Industry.
He was appointed Managing Director /CEO of Habib Nigeria Bank Limited in
1994 until 1998 when he was appointed Managing Director/CEO of Intercity
Bank Plc. He resigned as Vice Chairman/Managing Director in 2001.
In 2001, he was appointed as Managing Director of Nigerian Agricultural
Development Bank Limited and subsequently, Managing Director of Unity Bank. He also
served as the Chairman of Mainstreet Bank.
Malam Bello holds the National honour of the Officer of the Federal Republic (OFR).
ALHAJI (DR.) UMARU KWAIRANGA F.IoD, FCS, FCIP
- Non-Executive Director
Umaru Kwairanga (Sarkin Fulanin Gombe) holds a B. Sc. (Hons) in Business
Administration, MBA from the University of Maiduguri, M. Sc. Finance &
Governance from Liverpool John Moores University U. K. (LTMU) Liverpool
United Kingdom and an Honorary Doctorate Degree by IgbinedionUniversity,
Okada, Edo State Nigeria.
He is a fellow of the Institute of Directors (IoD), Certified Pension Institute of
Nigeria (CPIN) and Chartered Institute of Stockbrokers of Nigeria. He is a well
travelled executive with vast knowledge of corporate governance practices with
over 20 years cognate experience in banking, corporate finance, as well as an active
player in the Capital Market.
He is Chairman of the Board of Axa Mansard Pensions and serves a director on the boards of Waila
Microfinance Bank Ltd, Waila, Kano Electricity Distribution Company (KEDCO) and the Nigeria
Exchange Group Plc. He is currently the MD/CEO of Finmal Finance Services Limited.
He is also on the Council of the Certified Pension Institute of Nigeria (President); and Chartered
Institute of Stockbrokers. He was a former Chairman of Ashaka Cement Plc; and former Director of
Central Securities Clearing System Plc.
Alhaji Kwairanga has attended several courses and training programs in fields relating to Finance,
Investment and Money Market in reputable institutions including Harvard Business School, New York,
Institute of Finance and Euro Money. He is a Professional Certificate holder of the Chartered Institute
of Stockbrokers, Certified Pension Institute of Nigeria and the Abuja Securities and Commodity
Exchange. He has been Managing Director of a top notch stockbroking firms for over a decade and a
Director in several blue-chip organisations.
He has an extensive senior level management experience and impeccable ethics and integrity.
64
Board of Directors
MR.SEEDY MOHAMMED NJIE
-Non-Executive Director
Mr. Seedy Mohammed Njie holds a Masters' degree in Business Administration
from the School of Oriental & African Studies, University of London. He is a
fellow of the Association of Chartered Certified Accountant – UK as well as
an Associate Professional Risk Manager amongst other professional
certifications.
Mr. Njie started his career in 1999 as an Assistant Audit Manager at Deloitte &
Touche, the Gambia. He continued his career with Islamic Development Bank,
Jeddah, Saudi Arabia in 2005, where he had served in different capacities of the
Bank till date
He has had 20 years work experience in Audit & Advisory services as well as Banking
services. He also had verse knowledge of Islamic Finance having worked with the Islamic
Development Bank for a period not less than 15 years.
ALHAJI IBRAHIM MAMUN MAUDE - Non Executive Director
Alhaji Maude holds a Master's degree in Banking and Finance from the Bayero
University Kano. He started his career after NYSC in 1979 as a Principal
Accountant at the Kaduna State Water Board. In 1985, he worked as the
Chief Accountant and Company Secretary of Funtua Cottonseed Crushing
Co. Ltd, Funtua.
Between 1989 and 2008. He served in various capacities at the Central Bank
of Nigeria, including Banking Services and Banking Supervision.
He is currently the Special Adviser to the Chairman of Oriental Energy
Resources Limited. He has had over 40 years work experience in Public Civil
Service, Banking & Insurance, and Oil & Gas sectors. He also has appreciable
knowledge of Islamic Finance having travelled locally and internationally to deliver lectures
and papers on the subject.
MRS. AISHAWAZIRI UMAR - Independent Director
Mrs. Aisha Waziri Umar is a Legal Practitioner & Notary Public with over 23
years' experience across multiple sectors including law, banking, finance, public
sector policy and administration. She is the founder of Inara Foundation, a
non-governmental organization assisting victims of violence in the northeast
of Nigeria.
Mrs. Umar is an advocate and promoter of special education in Nigeria and
the proprietor of the Centre for Children with Special Needs in Abuja, a
special school that caters for the learning needs of children and adolescents with
physical and/or learning difficulties. She is a partner at Prodiverse Global, a legal
and business advisory firm in Abuja.
Mrs. Umar is a 1987 graduate of Law from the University of Buckingham, England, Master of
Laws Degree (University of London) and Post-Graduate Diploma in Global Business from Oxford
University, Said Business School England. She is currently a student at the University of West Scotland,
researching Nigeria's engagement with the WTO (World Trade Organization) Dispute Settlement
system.
65
“
Board of Directors
DR. ABDULLATEEF BELLO - Independent Director
Dr. Abdullateef Bello obtained his Master's and Doctor of Philosophy (D.Phil.)
degrees in Applied Statistics from the University of Oxford, UK. He was
awarded the prestigious international Rhodes Scholarship for exceptional
ability, academic excellence, and performance that enabled him to complete his
studies at Oxford and became the 10th Rhodes Scholar from Nigeria. He also
attended the Management Development Programme of the Centre for
Management Development, London Business School, UK.
As an international development banker, Dr. Bello served in different capacities
including treasury (dealing room), operations, and research departments at the
Islamic Development Bank (IDB), where he worked for over 24 years on various
initiatives and themes including Islamic finance, data analytics, capacity development,
strategies, policies, and emerging development issues facing member countries of IDB.
At IDB, he occupied three senior managerial positions simultaneously: Director of Economic Research
and Policy; Director of Data Resources and Statistics; and the IDB Group Chief Librarian. He also
attained the highest professional and technical position at the Bank. He began his career as a lecturer
with the Federal University of Technology, Akure (Nigeria), and later became a software developer
with the Numerical Algorithms Group (NAG), Oxford, UK.
In 2003, he won the highest and most coveted “IDB Award for Excellence in Performance”, and
authored, among others, “The role of Islamic finance in achieving Sustainable Development Goals
(SDGs)”.
As an international scholar, he served as a board member of several international bodies and initiatives
including the boards of the Global Strategy to improve Agricultural and Rural Statistics (FAO), and
Partnership in Statistics for Development in the 21st Century (PARIS21) as well as a member of IFSB's
Taskforce on Prudential Islamic Finance Database. Currently, he serves as a member of Advisory
Committee of Experts for Norrenbeger Islamic Fund.
Dr. Bello has travelled extensively to more than 40 countries representing IDB at various conferences
and initiatives.
““Indeed Allah commands you to deliver the
trusts to their [rightful] owners, and, when
you judge between people, to judge with
fairness. Excellent indeed is what Allah
advises you. Indeed Allah is all-hearing, all-
seeing.” (An-Nisa' 4:58)
66
Advisory Committee of Experts (ACE)
PROF.MONZER KAHF - Chairman,
Dr. Monzer Kahf is a professor and consultant/trainer on Islamic banking, finance,
Zakah, Awqaf, Islamic Inheritance, Islamic estate planning, Islamic family law, and
other aspects of Islamic economics, finance, Islamic transactions (Mu'amalat). Dr.
Monzer Kahf is currently Professor of Islamic Finance & Economics at the Faculty of
Economics and Management, Istanbul Sabahattin Zaim University, Turkey
He served as a senior research economist at the Islamic Research and Training
Institute of the Islamic Development Bank (IDB), in Jeddah from 1985 to 1999.
He has written 38 books and published over 91 articles in English and Arabic on
Trusts, Awqaf, Zakah, Islamic Finance and Banking and other areas of Islamic
economics. He speaks English, Arabic and a little of French.
PROF. AHMAD BELLO DOGARAWA - Member
Prof. Ahmad Bello Dogarawa is an Associate Professor with the Department of
Accounting, Ahmadu Bello University, Zaria, Nigeria. He is an alumnus of Al-Azhar
University, Cairo and belongs to several professional bodies.
He has published more than 35 articles in academic journals (local and
international), presented over 50 papers at local and international conferences and
published 6 Islamic books in Hausa and English Languages.
He is a member, ABUTH Health Research Ethics Committee; and Member, League
of Imams, Scholars and preachers in the Sahel with headquarters at Algiers, Algeria.
SHEIKHABDULWAHAB - Member
Sheikh Abdulwahab is a renowned Islamic Scholar and Preacher who has spent
major part of his life in teaching and preaching about Islam. Together with Late
Sheikh Ja'afar Mahmud Adam, they have contributed immensely in creating Islamic
awareness within and outside the country.
He is a graduate of Darul Hadith in Makkah and Islamic University of Madinah,
Kulliyatul Hadith Wa Darasat al Islamiyya (Faculty of Hadith and Islamic
Knowledge). He is the Chairman of Bin Baz Foundation, Member, Shari'ah
Commission of Zamfara State and member, National Supreme Council for Islamic
Affairs (NSCIA). As part of his efforts towards propagation and development of
Islam, Sheikh Abdulwahab has written several books on various topics including but
not limited to Fatwa on Marriage and Divorce.
DR.MUHAMMADALHAJIABUBAKAR - Member
Dr. Muhammad Alhaji Abubakar has over 20 years' experience in Islamic
Scholarship. He obtained his degree, M.A and Ph.D (in Islamic jurisprudence) from
Islamic University of Madinah, Saudi Arabia.
He has published articles on Islamic commercial jurisprudence and other areas of
Islamic law in academic journals (local and international). He also published articles
in some local dailies in Hausa language. He attended conferences within and
outside Nigeria, and actively engage in propagating Islam. Dr. Muhammad speaks
Arabic, English, Kanuri and Hausa. He is currently a lecturer at the Department of
Sharia, Faculty of Law, University of Maiduguri.
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Management Team
HASSAN USMAN, FCA, FCIB - Managing Director/CEO Abubakar Tafawa Balewa University Bauchi. Sirajo also
A trained accountant, Mr. Hassan Usman graduated with a obtained his second Masters Degree on Islamic Banking and
first class degree in Accounting in 1985 from Ahmadu Bello Finance from Bayero University Kano.
University, Zaria, Nigeria and became an associate member of Sirajo started his banking career in 1992 with Inland Bank Plc
ICAN in 1989. He obtained a Post Graduate Diploma in as a Supervisor and rose to Assistant General Manager in
Management in 1995 from Maastricht School of 2009 with First Inland Bank Plc, where he held various
Management. Managerial Positions in both Operations, Credit
Mr. Usman also attended the Oxford University Advanced Administration and Business Development including Regional
Management Programme in 2002. He worked as the Financial Manager FCT Abuja in 2007. In 2009, he was appointed
Controller of Nigerian Development Company Limited, Managing Director/CEO Arab Gambian Islamic Bank (AGIB),
Kaduna until he joined NAL Merchant Bank PLC where he a position he held for Six (6) years till January 2015.
served as the Financial Controller and Treasurer respectively Sirajo has attended several Management and Islamic Banking
between1996-2001. Courses in and outside Nigeria as a participant and/or a
Mr. Hassan had a brief stint with Inland Bank where he served speaker. He is also an Alumnus of the prestigious Lagos
as General Manager, Banking Services before re-joining NAL Business School (SMP 33) and Madinah Institute for
Bank as Deputy General Manager and Head, Business and Leadership and Entrepreneurship (PALM 11) Kingdom of
Financial Advisory Group. Saudi Arabia.
He is a Fellow of the Institute of Chartered Accountants of
Nigeria (ICAN) and Chartered Institute of Bankers of Nigeria AHMEDA.HASSAN FCA- Executive Director Services/CFO
(CIBN). He was appointed as the Managing Director of Jaiz Ahmed is a Fellow of the Institute of Chartered Accountants
Bank Plc by the Board of Director effective 1st June 2016. of Nigeria, a Fellow of the Chartered Institute of Taxation of
Nigeria and an Associate of the Pension Institute of Nigeria, as
ABDULFATTAH O. AMOO FCA - Executive Director, South well as an Alumnus of Bayero University, Kano and the
AbdulFattah Olanrewaju Amoo is a Fellow of the Institute of University of Lagos.
Chartered Accountants of Nigeria (ICAN) and an Associate He has over twenty-six (26) year's cognate Banking, Industrial
member of the Chartered Institute of Taxation (CITN), and Academic experience. He started his career as a Lecturer
among others. of Accounting & Finance at Bayero University, Kano before
He also holds a BSc in Economics and Masters in Business joining the Banking/ Finance Industry.
Administration from Edo State University (now Ambrose Alli A consummate Banker, he has at various times worked in
University) and has attended several local and international Securities & Exchange Commission, former New Africa
courses in strategic management, leadership, at Harvard Merchant Bank Ltd, NAL Merchant Bank (now Sterling Bank),
Business School, Euromoney, VISA International, Lagos NUB / FINBANK (now FCMB) and had a brief stint with
Business School, etc. Dangote Group as the Financial Controller of Kano Mills.
AbdulFattah was appointed into the Board of Jaiz Bank PLC His banking experience covers Corporate Finance, Banking
(the pioneer Islamic Bank in Nigeria) on 6th November 2017 Operations, Risk Management, Financial Controls and Branch
as Executive Director, Operations/Chief Financial Officer, a / Regional Banking.
position he held meritoriously till April 2021 before he was Mr. Hassan has attended various local & foreign courses and
redeployed to run the Business Development Directorate of workshops. He joined Jaiz Bank Plc. in October 2013.
the Southern Region.
AbdulFattah Amoo is a shrewd professional banker, astute MOHAMMED SHEHU - Company Secretary and Legal Adviser
strategic planner and executor. He is well versed in both Mr. Mohammed Shehu is a Legal Practitioner with over 25
Islamic and Conventional banking business models. He years' experience in the Legal profession with sound
possesses over 3 decades cognate experience which cuts knowledge of Litigation Management, Company Secretariat
across professional accounting practice and Banking & Finance, functions, Corporate Governance and good communication
out of which almost 20 years has been spent at senior skills. He is an Alumnus of the prestigious Ahmadu Bello
management positions. University, Zaria, Bayero University Kano and the Nigerian
He is skilled in Talent Management, Strategic Networking and Law School. He is a member of the Nigerian Bar Association
Excellent Peoples' Management, among others. (NBA), the Institute of Chartered Economists of Nigeria
(ICEN) and the Institute of Chartered Secretaries and
SALISU SIRAJO Ph.D - Executive Director, North Administrators of Nigeria (ICSAN).
He started his Banking Career in 2001 with NUB International
Sirajo is a Certified Risk Manager (CRM), Fellow Institute of Bank Ltd as Legal Officer and later Assistant Company
Credit Administration (FICA) and Honorary Senior Member Secretary/Legal Adviser. He worked in other Banks and Fin
Chartered Institute of Bankers of Nigeria (CIBN) Insurance Ltd where he held positions of Acting Group Head
Sirajo is a 1991 B.Sc. Economics graduate from Bayero Legal and Substantive Company Secretary/Legal Adviser
University Kano, Msc Monetary Economics (University of respectively. In February 2017, he was appointed Company
Port Harcourt) and Ph.D Agricultural Economics from
68
Management Team
Secretary of Unity Bank Plc which position he held until end of She is conversant with both conventional and Islamic banking
the year 2019. He later joined Al-Fill Legal Consult as the operations and has attended training within and outside
Managing Partner. Nigeria in both fields of banking. These includes –
He has attended many trainings including Anti-Money Performance Management at Lagos Business School and
Laundering and Drug Abuse, Securities and credit Islamic Project & Infrastructure Finance at Terraphinn
documentation in Banks, Board Leadership Development Financial Training, Singapore. She is now in the Business
Programme for Independent Directors, Responsibilities of Development Division of the Bank.
Independent Directors on the Board, Responsibilities of the
Board in relation to Information Technology and Cyber RUKAYAT O.DAHIRU - Chief Compliance Officer
Security, Company Secretaries Forum – Dubai, Companies Mrs. Dahiru has over twenty (21) years post-call experience,
and Allied Matters for Judges, National Workshop on with over a decade in the Financial Services Industry. She
Arbitration, Self-Management Training to list a few. joined Jaiz Bank as the pioneer Company Secretary and Legal
Adviser in 2012 and recognizing her experience and
ISMAILAADAMU - Group Head, Institutional Banking competence in the Corporate Governance sphere, the Board
Ismaila Adamu can easily be referred to as the first CEO of Jaiz immediately thrust on her the responsibility for designing the
Bank Plc (Jaiz International Plc), as he was part of the Jaiz Board’s Governance Framework. Consequently, one of her
Project right from the scratch. notable accomplishments in the Bank was that she designed
Malam Ismaila Adamu had his secondary education at Federal the Board Governance Framework and all the accompanying
Government College, Kano and completed his first and Board and Board Committee Charters that were eventually
second degree in Accounting (1992) and Banking & Finance approved by the Central Bank of Nigeria (CBN) in 2013.
(1997) respectively from Bayero University, Kano. In furtherance of her strategic role in providing support for
A member of Chartered Institute of Taxation of Nigeria, the Board, Mrs. Dahiru guided the Board in complying with the
Malam Adamu started his professional career in 1993 with CBN/SEC Code of Corporate Governance, and recently, the
Abdu Abdurrahim & Co (Chartered Accountant), Kano. Nigeian Code of Corporate Governance. She was therefore
He had a brief stint as the Financial Accountant of Nicco responsible for assisting the Board in drafting/establishing the
Sweet, Kano in 1998 before joining Ahmed Zakari & Co. various policies required under the various Codes of
(Chartered Accountant), Kano, as a pioneer staff in 1998. His Corporate Governance. Another notable accomplishment of
involvement with Jaiz project dated back to 2001 while Mrs. Dahiru was that she Co-ordinated the Bank’s pre-Listing
Ahmed Zakari & Co. was the committee secretariat for the activities culminating in the successful listing of the Bank’s
promotion of Non-Interest Financial System in Nigeria with shares on the Nigerian Stock Exchange (NSE) in February
him as the secretary. 2017. Accordingly, she assumed responsibility for ensuring
that the NSE Listing Rules as well as the provisions of the
In March 2003, he coordinated the Jaiz Profit Sharing Bank Investment Securities Act are complied with by the Bank.
secretariat, the registration of Jaiz International Plc with the Furthermore, because of her dual responsibility as Company
Corporate Affairs Commission (C.A.C) and the highly Secretary & Legal Adviser, Mrs. Dahiru has been a pioneer
successful Initial Public Offer (I.P.O) in October 2003. The member of the Management Investment Committee, where
proceed (N2 billion) was deposited at the Central Bank of she has not only learnt the rudiments of Investment appraisals,
Nigeria in March, 2004 as the then required Banks minimum but also provided insightful advice from the legal viewpoint.
capital deposit. Accordingly, she has advised on, drafted and reviewed several
He has since been with the Jaiz Project up to the legal instruments, investment/facility documents/contracts,
commencement of the Bank in January, 2012. On the and other routine contracts that formed the basis of the
commencement of the Jaiz Bank Plc, he was the Head of Bank’s financing/investments activities right from inception.
Support Service, a position he held before taking over as the She was appointed, with the approval of the Central Bank of
General Manager/CEO of the Foundation. Nigeria, as the Chief Complaint Officer of the Bank, with
functions similar to that of an Ombudsman. She has chaired
MUSA ZARA IBRAHIM - Regional Manager - Abuja the Bank’s Procurement Committee for more than 6 years
cumulatively; all while serving as a member of Executive
Musa Zara Ibrahim started her banking career in 1991 with Management Committee; Management Investment
the then Premier Commercial Bank Plc as an officer and Committee; Senior Staff Disciplinary Committee; Senior Staff
resigned in 1997 to take up an appointment with the then FSB Appraisal Committee; IT Steering Committee; Information
International Bank Plc, where she rose to a managerial Security Steering Committee, Human Resources and Service
position. Improvement Committee.
In the pursuit of her passion for Islamic Banking, Ibrahim left In line with the Bank’s succession plan, Mrs Dahiru was
FSB International Bank Plc in 2005 to join Jaiz International Plc. appointed (with the approval of the Central Bank pf Nigeria)
where she worked with other team members to raise capital as the Chief Compliance Officer (CCO) of the Bank,
within and outside Nigeria towards the establishment of the
first full-fledged Islamic Bank in Nigeria, the Jaiz Bank Plc. 69
Management Team
following the recent elevation of the immediate past CCO to Musa is a 1991 graduate of Business Administration (Finance)
an Executive Director. from the Ahmadu Bello University, Zaria and has over 23
Mrs. Dahiru is a strong team player with multifunctional years' experience with Tier-1 banks covering Operations,
capabilities. She has received trainings spanning Islamic Credit, Retail, Commercial, and public sector marketing at
Finance, Corporate Governance, Management, Leadership, branch manager, group head and regional levels. He was a
Strategy, Anti-Money Laundering, project manager with a consultancy firm (CPCS) before
Corporate/Commercial/Financial Law both locally and joining Jaiz Bank.
internationally. He is a pioneer staff of Jaiz Bank and established the Kaduna
branch of the Bank before moving to the Head Office as the
ABDULLAHI USMAN FCA - Chief Audit Executive pioneer Retail Banking Group Head, from where he was
A fellow of the Institute of Chartered Accountants of Nigeria, transferred to the Risk Management Department as the
Abdullahi Usman is a seasoned banker with versatile Head, Credit Risk, and Deputy Chief Risk Officer. He then
experience in Investment Banking, Development Banking and served as the Regional Manager in the North-Central region
Commercial Banking that spanned a period of over 26 years. before being transferred back to the Risk Management
In addition to this, he had 3 years stint with Tawada Limited (a department as the Chief Risk Officer. He is a certified
subsidiary of Nigerian Security Printing and Minting Company member of the Institute of Risk Management (IRM) UK, a
Ltd.) as the pioneer Financial Controller. member of the Risk Managers Association of Nigeria
He started his banking carrier in 1987 with the Bank of (RIMAN), and an honorary member of the Chartered
Agriculture (formerly Nigerian Agricultural and Cooperative Institute of Bankers (CIBN).
Bank Ltd.) and left for Nigeria Universal Bank Ltd in 1988 from
where he joined New Africa Merchant Bank Ltd. in 1989. MUHAMMAD K.MUHAMMAD Ph.D - Chief Strategy Officer
After his stint with Tawada Limited from 1996 to 1998, he Muhammad Kabir (MK) is in charge of Strategy at Jaiz Bank. He
joined United Bank for Africa from 1999 to 2001 when he was the pioneer Chief Financial Officer of the Bank where he
moved to Intercity Bank Plc and subsequently, Unity Bank Plc set up from the scratch a Shariah-compliant accounting and
through merger in 2005. financial reporting system.
During this period, he held various responsibilities that He is very versed and highly skilled in the area of Islamic
covered all areas of core banking operations, which included Finance, Islamic Accounting, Corporate Strategy, Corporate
Treasury and Foreign Operations Officer, Head of Branch Finance as well as Financial Control having worked for a
Operations, Regional Head of Operations, Zonal Head combined period of over eighteen years spanning private
Internal Control, Head of Budgeting and Financial Reporting, equity investment, banking and a stint in academics both within
Head Strategy and Corporate Planning, Head Credit Nigeria and the United Kingdom.
Remediation and Workout, and Head Credit Control and As a former conventional Investment and Commercial
Policy. Abdullahi Usman joined Jaiz Bank in 2013 as Deputy Banker, MK has extensive experience in the financial services
Chief Risk Officer. He is currently the Ag. Chief Audit industry. He has previously managed the Structured Finance
Executive of the Bank. portfolio of an investment bank, where he developed the
A Chartered Accountant and Accounting graduate of 1987, project finance and credit derivatives business of the firm. He
he is also MBA holder from Ahmadu Bello University, Zaria. also had academic stint at Henley Business School, University
He had attended numerous local and international courses of Reading, UK where he taught Corporate Strategy and
which include Strategic Treasury Management by D.C. Management courses.
Gardener, Management Development Program by School of MK is an AAOIFI Certified Professional (CIPA), and a Charter
Business Entrepreneurship of South Africa, Audit Command Holder of the Chartered Institute for Securities and
Language (ACL) by EDP Associates, Applied Corporate Investments (CISI), United Kingdom as well as Chartered
Finance Workshop by Jeff & O'Brien, IFRS training by Islamic Finance Analyst (CIFA), Kuwait.
Euromoney, Kaplan-Norton Balanced Score Card, Basel II/III He holds a B.Sc Hons. Accounting and M.Sc in International
training and Basel III and IFSB Regulations for Islamic Financial Accounting & Consulting (awarded with distinction) from
Institutions by Red Money Training, Kualar Lumpur, Malaysia. Bayero University and the University of Reading respectively.
He got his Ph.D in Strategic Finance from the Open University,
MUSA POTISKUM - Chief Risk Officer United Kingdom.
Musa Potiskum is the Chief Risk Officer of the Bank. He He is currently pursuing his second Ph.D in Islamic Finance
ensures the establishment of a risk management framework from Malaysia with focus on Sukuk disclosure, pricing and risk.
that is compliant with regulatory standards and includes
policies and procedures to effectively identify, mitigate and
monitor principal business risks arising from the Bank's
business direction and strategic environment.
70
Directors' Report
The Directors present their report on the affairs of JAIZ BANK PLC (‘the Bank”), together with the audited financial statements
and the independent auditor’s report for the year ended 31 December 2021.
1. LEGAL FORM AND PRINCIPALACTIVITY
The Bank was incorporated as a public limited liability company in 2003 and obtained a regional licence to operate as a non-
interest commercial bank on 10th November, 2011. Subsequently the Bank commenced operation on January 6, 2012. The
Bank was issued a national banking licence by the Central Bank of Nigeria in May 2016. On 10 February 2017, the Bank’s shares
were listed on the floor of the Nigerian Stock Exchange.
2. RESULTATA GLANCE 2021 2020
(N'Million) (N'Million)
Gross Earnings
Profit before income tax 25,843 19,614
Income Tax Expenses 4,373 3,066
Profit for the year (163)
Other comprehensive (loss)/income (74) 2,903
Total comprehensive income/(loss) for the year 4,299
(215) 274
4,084 3,177
Earnings Per Share: 13.8kobo 9.85 kobo
Basic & Diluted
3. BUSINESS REVIEW AND FUTURE DEVELOPMENT
The Company carried on as a non-interest commercial bank in the year under review in accordance with its Memorandum and
Articles of Association. A comprehensive review of the business for the year and the prospects for the ensuing year is contained
in the Managing Director’s Statement.
4. DIRECTORS
a. Directors’ Remuneration
The Bank ensures that the remuneration paid to its Directors and Managers complies with the provisions of the Code of
Corporate Governance issued by its regulators. In compliance with Section 34(5) of the Code of Corporate Governance for
Public Companies as issued by the Securities and Exchange Commission, the Bank makes disclosure of the remuneration paid to
its directors as follows:
Type o f package Fixed Description Timing
Basic Salary Part of gross salary package for Executive Directors only. This reflects Paid monthly during
the banking industry competitive salary package and the extent to the financial year.
which the Bank’s objectives have been met for the financial year.
Other allowances Part of gross salary package for Executive Directors only. This reflects Paid at periodic
the banking industry competitive salary package and the extent to intervals during the
which the Bank’s objectives have been met for the financial year. financial year.
Performance Based Pay Paid to Executive Directors/other staff and tied to the performance Paid annually in
arrears.
of the line report. It is also a function of the extent to which th e Bank’s
objectives have been met for the financial year.
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Directors' Report
Type o f package Fixed Description Timing
Director fees Paid annually to Non-Executive Directors only. Paid qua r te r ly 7in1
arrears.
Sitting allowances Allowances paid to Non-Executive Directors only, for attending Paid after each
Board and Board Committee Meetings. Meeting.
a. Changes on the Board c. Directors Retiring by Rotation
Mr. Ahmed Alhaji Hassan was appointed as an Executive In accordance with the provisions of the Companies & Allied
Director in the last quarter of 2021. Mr. Ahmed Alhaji Hassan Matters Act, Alhaji (Dr.) Aminu Alhassan Dantata, Mall. Falalu
is a Fellow of the Institute of Chartered Accountants of Bello, Alh. (Dr.) Muhammadu Indimi and Alh. (Dr.) Umaru
Nigeria, a Fellow of the Chartered Institute of Taxation of Kwairanga hereby retire by rotation. Being eligible, the
Nigeria and an Associate of the Pension Institute of Nigeria, as Directors hereby present themselves for re-election. The
well as an Alumnus of Bayero University, Kano and the profile of the directors retiring by rotation is contained at page
University of Lagos. He is a fellow of the Compliance Institute, 62 & 64 of this Report.
Nigeria (FCIN) and a Certified Anti-Money Laundering
Specialist (CAMS). In the course of the period under review, the Directors
attended the Board and Board Committee meetings where
He has over twenty-six (26) years cognate experience which applicable. A record of their attendance is contained in the
started from his career as a Lecturer of Accounting & Finance Corporate Governance section of this Report.
at Bayero University, Kano before joining the Banking/ Finance
Industry. d. Notification ofAttainment of Seventy (70)Years ofAge
In accordance with the provisions of the Companies & Allied
He worked with the Securities & Exchange Commission Matters Act, the Directors hereby announce that Alhaji (Dr.)
(SEC), former New Africa Merchant Bank Ltd., NAL Umaru Abdul Mutallab, CON; HRH. Engr. Bello Muhammad
Merchant Bank (now Sterling Bank), NUB/FINBANK (now Sani; Alhaji (Dr.) Muhammadu Indimi; and Alhaji (Dr.) Aminu
FCMB) and had a brief stint with Dangote Group as the Alhassan Dantata, CON have attained the age of seventy (70)
Financial Controller of Kano Flour Mills. His banking years and the approval of members for Alhaji (Dr.) Umaru
experience covers Corporate Finance, Banking Operations, Abdul Mutallab, CON; HRH. Engr. Bello Muhammad Sani;
Risk Management, Financial Controls and Branch/Regional Alhaji (Dr.) Muhammadu Indimi; and Alhaji (Dr.) Aminu
Banking. Alhassan Dantata, CON to continue in office is hereby sought.
Ahmed A. Hassan has attended various local & foreign courses e. Directors Fees
and workshops. He joined Jaiz Bank Plc. in October 2013 as
Head Financial Control and acting Chief Financial Officer The Board of Directors hereby retain their fees as approved at
before he was later appointed as the Bank’s Chief Compliance the last General Meeting.
Officer (CCO).
Mr. Hassan would be presented at the AGM for election.
72
Directors' Report
f. Directors’ Interest
The direct and indirect interests of directors in the issued share capital of the Bank as recorded in the register of directors’
shareholding and/or as notified by the directors for the purposes of sections 301 and 302 of the Companies and Allied Matters
Act (CAMA) 2020 and the listing requirements of the Nigerian Exchange Limited are stated below:
NUMBER OF SHAREHOLDINGS
December 31, 2021 December 31, 2020
S/N Directors Direct Indirect Direct Indirect
1. Alh. (Dr .)Umaru Abdul Mutallab, CON 4,000,000,000 N/A 4,000,000,000 N/A
2. Alh. (Dr.) Aminu Alhassan Dantata, CON 1,567,510,516 4,484,157,327 1,565,210,516 4,204,369,327
(Dantata Investment
& Securities Co. Ltd) (Dantata Investment
& Securities Co. Ltd)
3. Alhaji (Dr.) Muhammadu Indimi, OFR 8,310,736,121 N/A 3,233,813,044 N/A
4. Malam Falalu Bello, mni, OFR 12,496,750 40,000,000 12,496,750 40,000,000
5. HRH (Engr .) Bello Muhammad Sani, OON 12,500,000
(MBS Merchants Ltd) (MBS Merchants Ltd)
N/A 12,500,000 N/A
6. Alh..(Dr.) Musbahu Muhammad Bashir N/A 2,600,000,000 N/A 2,600,000,000
7. Alh. (Dr.) Umaru Kwairanga 34,770,000
(Althani Invest. Ltd) (Althani Invest. Ltd)
8. Alh. Mukhtar Sani Hanga N/A
9. Ibrahim Mamun Maude 34,770,000 629,429,413 - 629,420,413
(Finmal Fin. Serv.Ltd) (Finmal Fin. Serv.Ltd)
1,418,189,866 1,418,189,866
(Linear Power Ltd) (Linear Power Ltd)
N/A 2,500,000,000 2,500,000,000
(Dangote Indust. Ltd) (Dangote Indust. Ltd)
-- -
10. Mr. Mohammed Seedy Njie N/A 2,506,666,588 N/A 2,506,666,588
11. Dr. Abdullateef Bello 4,000 4,000
(Islamic Devt. Bank) (Islamic Devt. Bank)
N/A N/A
12. Mrs. Aisha Waziri Umar - -- -
13. Malam Hassan Usman, FCA 1,450,000 N/A 1,450,000 N/A
14. AbdulFattah O. Amoo,FCA 200,000 N/A 200,000 N/A
15. Dr. Sirajo Salisu - -- -
16. Ahmed A. Hassan, FCA 962,000 N/A 962,000 N/A
73
Directors' Report
g. Directors’ Interests in Contracts b. Employment Policy
For the purpose of section 303 of Companies and Allied The Company’s recruitment policy, which is based solely on
Matters Act of Nigeria, (CAMA) 2020, all contracts with merit, does not discriminate against any person on the
related parties during the year were conducted at arm’s grounds of religion, tribe, or physical disability.
length. Information relating to related parties’ transactions are
contained in Notes to the financial statements. c. Health Safety andWelfare atWork
Health and safety regulations are in force within the Bank’s
5. ACQUISITION OF OWN SHARES premises and employees are aware of existing regulations.
The shares of the Bank are held in accordance with the The Bank provides subsidy to all levels of employees for
Articles of Association of the Bank. The Bank has no beneficial medical, transportation, lunch, as well as access to recreational
interest in any of its shares. facilities to enhance their welfare and improve productivity.
6. PROPERTYAND EQUIPMENT The Bank operates a crèche facility at its Head Office for its
Information relating to changes in property and equipment is staff with plans to extend to other locations in due course. We
given in the Notes to the financial statements. In the opinion actively promote wellness of our employees and have
of the directors, the market value of the Bank’s property and provided a gymnasium at our Head Office for use by all staff.
equipment is not less than the value shown in the financial Fire prevention and fire-fighting equipment are installed in
statements. strategic locations within the Bank’s premises. The Bank
operates a contributory pension plan in line with the Pension
7. EMPLOYMENTAND EMPLOYEES Reform Act for its employees.
a. Employee Involvement andTraining
Management, professional and technical expertise are the d. Covid-19 Response
Bank’s major assets and investment in their training, both As a business, we appraised the impact of the pandemic on
locally and overseas, continued during the period under our corporate and business portfolio. Appropriate actions
review. Formal and informal channels of communication are were taken proactively by the Bank to protect our employees,
employed in keeping staff abreast of various factors affecting customers, communities we operated in and our dear
the Bank as a going concern. investors.
We present below some impact areas, expected impact and
the actions taken or about to be taken:
S/N IMPACT AREA EXPECTED IMPACT MANAGEMENT ACTION
1. Business Continuity
The pandemic hinders normal branch All our Branches are now fully
operations. · operational with the exception of
Branches with space constraints. All
• Reduced activities in the following branch ATMs are maint ained
departments due to the continuously to provide easy access to
pandemic: Treasury Operations, cash for customers in this period.
Domestic Operations, Internal
Audit, Internal Control, • Some Branches were opened
Compliance, General Services, solely to deal with non-cash
Financial Control, Business related transactions to reduce
Development, Information the pressure on the few branches
Technology, Legal and Company opened.
Secretariat, Risk Management
• VPN access is in place, for staff
who support the Bank's critical
services during the period as
required. Staff are divided into
two, with one part running
skeletal services for two weeks in
74
Directors' Report EXPECTED IMPACT MANAGEMENT ACTION
S/N IMPACT AREA areas where there is no lockdown
2. Employees while the remaining are on
standby in case of the unexpected
3. Portfolio and will take over from them after
two weeks to run for another two
weeks.
• Maintain the practice of having all
meeting online, but where
meeting rooms must be used,
NCDC guidelines must be
enforced.
• Fear of losing their job • In line with Central Bank of
Nigeria directive, the
• Health and safety of the staff Management of the Bank will
optimally utilize the existing staff
• Business Continuity and work for enhanced productivity by
from home putting in place a measurable
performance monitoring system.
• The Bank has put in place a
Health Safety Officer in all our
branches and Head office to
educate staff on the COVID 19
guideline and precautions.
• The Bank has developed a
timetable that enables some of
our staff to work from home
during this period.
• We also trained our staff via our
robust Learning Management
System platform during this
period.
• Cashflow of some customers will • The Bank is applying strict
be challenged due to low or zero measures in granting facilities in
turnover the Real Estate, Construction, Oil
& Gas Sectors.
• Deposit growth may stall due to
effect of the lockdown on • Giving more emphasis in
cashflow of customers financing Agriculture, IT, Health
and Pharmaceutical Sectors
75
Directors' Report EXPECTED IMPACT MANAGEMENT ACTION
S/N IMPACT AREA • Some customers on the financing • The Bank’s corporate risk assets
side will require their facilities to portfolio is yet to show serious
4. Others be restructured due to signs of distress occasioned by
challenged cashflow · Moderated the impact of the Covid-19
76 income due to the impact Pandemic. We have conducted
restructuring of facilities will have comprehensive stress testing of
on profitability our financing portfolio in a bid to
identify Covid-19 induced
progression on the IFRS 9
buckets and found current
provisions to be adequate.
Should there be the need for
proactive hair-cut, Management
shall proceed to take the
additional provisions.
• Focus on most profitable
customer segments to improve
profitability
• Strategic cost reduction ·
Aggressive recovery of
delinquent facilities in order to
improve yield
• Working From Home may • Enhanced cybersecurity
present untested set of measures to support remote
challenges including network working by employees.
vulnerability.
• Building more infrastructure to
• More customers are likely to support the emerging virtual
move to e-channels for their banking needs of our customers.
banking needs.
• Providing utmost support in
• Society may expect a fair CSR social development initiatives.
effort from all private Currently, the Bank has the
corporations during the following initiatives:
pandemic.
• Relief Intervention and Symptom
Evaluation. A system that
connects relief seekers with
givers and also facilitates
telemedical service to the public
• Fightback COVID-19 Innovation
Challenge. A prized challenge
inviting scientist, engineers,
innovators and entrepreneurs to
contribute to the development
of solutions for the fight against
Covid-19.
Directors' Report
e. GenderAnalysis
The average number and percentage of male and female employees during the year ended 31 December 2021 vis-à-vis total
workforce is provided below. The Board, is however, committed to gender balance and has thus mandated Management to take
the issue of gender balance into cognizance in filling future vacancies:
DETAILS MALE FEMALE TOTAL MALE % FEMALE %
Employees 539 196 735 73 % 27%
Gender analysis of the Board and Top Management for the year ended 31st December, 2021 is as follows:
DETAILS MALE FEMALE TOTAL MALE % FEMALE %
Board 15 1 16 93.5 % 6.25%
Top Management 6 2 8 75 % 25%
Total 21 3 25 84% 12%
8. POST BALANCE SHEET EVENTS
There were no post balance sheet events which could have a material effect on the state of affairs of the Company as at 31
December 2021 or the profit for the year ended on that date that have not been adequately provided for or disclosed.
9. EQUITY RANGE ANALYSIS
The shareholding pattern of the Bank as at 31 December, 2021
SHARE RANGE NO. OF % OF No. OF HOLDINGS % HOLDINGS
SHAREHOLDERS SHAREHOLDERS
79,943,586 0.2314
1- 10,000 17,401 60.3322 124,800,184 0.3613
17.0827 1,373,695,303 3.9770
10,001 - 50,000 4,927 20.4805 1,013,063,799 2.9329
665,230,553 1.9259
50.001 - 1,000,000 5,907 1.5048 1,126,359,534 3.2609
0.2912 3,720,304,980 10.7706
1,000,001 - 5,000,000 434 0.2115 26,437,774,438 76.5399
0.0659 34,541,172,377 100.0000
5,000,001 - 10,000,000 84 0.0312
100.0000
10,000,0001 - 50,000,000 61
50.000,001 - 1,000,000,000 19
1,000,000,001 - Above 9
Total 28,842
77
Directors' Report
10. SUBSTANTIAL SHAREHOLDERS
According to the register of members at 31 December, 2021, the following shareholders held more than 5.0% of the issued share
capital of the Bank:
S/N NAME No. OF HOLDINGS % HOLDINGS
1. Muhammadu Indimi 8,310,736,121 24.06
2. Dantata Investment & Securities Limited 4,484,157,327 12.9
3. Umaru Abdul Mutallab 4.000.000.000
4. Altani Investment Limited 2,600,000,000 11.58
5. Islamic Development Bank 2,506,666,588 7.53
6. Dangote Industries 2,500,000,000 7.26
7.24
We wish to declare that the Bank has diverse shareholding structures, and that no other individual(s) or entity holds above 5% of
the Bank’s issued and fully paid shares except as disclosed above.
11. SHAREHOLDING HISTORY
AUTHORIZED SHARE CAPITAL INCREASE ISSUED AND FULLY PAID CAPITAL INCREASE
YEAR UNITS FROM TO UNITS FROM TOConsideration
2003 2,500,000,000 - 2,500,000,000 2,500,000,000 - 2,500,000,000 Cash
2004 - -- -- --
2005 - -- -- --
2006 13,000,000,000 2,500,000,000 13,000,000,000 -- - Cash
2007 - -- -- --
2008 - - - 1,514,429,720 2,500,000,000 4,014,429,720 Cash
2012 - - - 7,732,867,330 4,014,429,720 11,829,699,720 Cash
2014 15,000,000,000 13,000,000,000 15,000,000,000 -- - Cash
2016 - - - 2,902,424,930 11,829,699,720 14,732,124,650 Cash
14,732,124,650 Cash
2017 *25,000,000,000 15,000,000,000 25,000,000,000 29,464,249,300 -
2018 25,000,000,000 - 25,000,000,000 29,464,249,300 - 14,732,124,650 -
2019 25,000,000,000 Cash
2020 25,000,000,000 - 25,000,000,000 29,464,249,300 - 14,732,124,650 Cash
2021 25,000,000,000 Cash
- 25,000,000,000 29,464,249,300 - 14,732,124,650
- 25,000,000,000 34,541,172,377 14,732,124,650 17,270,586,188.50
* Share Split from N1.00 per Share to N0.50k per Share.
78
Directors' Report Amount
S/N Description 250,000,000.00
7,000,000.00
1 Support towards the procurement of Police equipments 5,000,000.00
2 CIBN 14th annual banking and finance conference 5,000,000.00
3 Contribution to the coronation of 15th emir of Kano 2,450,000.00
4 5th African International Conference on Islamic Finance 2,000,000.00
5 50th Annual Accountants Conference 1,410,000.00
6 A day summit by Bank CEO’ s entitled Banker's initiative for economic growth (ICAN) 1,000,000.00
7 Ramadan gifts for the living and the families of the late Jaiz project promoters 1,000,000.00
8 Muslim youth economic summit 537,000.00
9 Contribution to the Coroation of Emir of Bichi 509,600.00
10 NASFAT e-posters on social media 500,000.00
11 Food items for inmates 500,000.00
12 Ramadan Tafsir in NTA 500,000.00
13 Books on management of sickle cell disorder for schools 500,000.00
14 36th FOWMAN annual conference 450,000.00
15 Nigeria Diaspora Investment Summit 2021 300,000.00
16 Pre-Ramadan Daáwah program on Hajj savings scheme 250,000.00
17 CIBN annual dinner and journal launch 200,000.00
18 Barewa college book launch
19 8th annual public lecture & Anglo-Arab conference at Sahat Al-Tarbiyat Al-Islamiyyat 279,106,600.00
Total
13. ASSET VALUES
Information relating to the Company’s Assets is detailed in the Notes to the Financial Statements.
14. STATUTORY AUDIT COMMITTEE
Pursuant to Section 404 (7) of the Companies and Allied Matters Act, (CAMA) 2020, the Company has in place a Statutory
Audit Committee comprising three shareholders and two directors as follows:
Alhaji Shehu Mohammed, FCA - Shareholder Representative -Chairman
Alhaji Ibrahim Lawal Ozomata - Shareholder Representative
Alhaji Mohammed Gulani Shuaibu - Shareholder Representative
Alhaji (Dr.) Umaru Kwairanga - Non-Executive Director
Alhaji (Dr.) Aminu Alhassan Dantata - Non-Executive Director
The functions of the Audit Committee are as stated in Section 404 (7) of CAMA 2020.
13. AUDITORS
Messrs. Ahmed Zakari & Co. would be retiring as auditors at the meeting in line with the Central Bank of Nigeria directive
on ten years maximum tenor of external auditors of banks. Accordingly, a resolution would be proposed to appoint Messrs.
Deloitte as External Auditors of the Bank and authorize the Directors to determine their remuneration.
BY ORDER OF THE BOARD
MOHAMMED SHEHU
FRC/2017/NBA/00000016416
Company Secretary /Legal Adviser
Jaiz Bank Plc.
Kano House, No. 73 Ralph Shodeinde Street,
Central Business District, Abuja, Federal Capital Territory
11th March, 2022
79
Corporate Governance Report
The Board of Jaiz Bank Plc ('the Bank') is pleased to present and composition through an independent consultant - Messrs.
the Corporate Governance Report for the year ended Nextzon Business Services Ltd. Their review and
December 31, 2021. The report provides insight into the recommendations are contained in the Annual Report and
Bank's governance framework and key activities of the Board would be presented to shareholders at the Annual General
during the reporting year. Meeting.
INTRODUCTION BOARD STRUCTURE
The Board recognizes the significance of Corporate The Board of the Bank is made up of veteran professionals
Governance in building a sustainable organization. We believe who possess requisite skills, knowledge and experience to
that effective governance is achieved through a culture of bring to bear independent judgment on the deliberations and
transparency and openness between Management and the decisions of the Board. The Board headed by the Chairman
Board as well as the shareholders. The Board ensures on- consists of 16 members made up of 12 Non-Executive
going compliance with the requirements of the Code of Directors and 4 Executive Directors as set out below. Two of
Corporate Governance for Banks and Discount Houses in the Non-Executive Directors are Independent Directors
Nigeria issued by the Central Bank of Nigeria (“the CBN appointed based on criteria laid down by the Central Bank of
Code”), the Securities and Exchange Commission's (SEC) Nigeria's Guideline on Independent Directors of Banks in
Code of Corporate Governance for Public Companies as well Nigeria. The position of the Managing Director and Chairman
as the Post-Listing Requirements of the Nigeria Exchange are held by separate persons with clearly defined roles.
Limited.
The Bank conducts an Annual Board Appraisal covering the
Board's responsibilities, processes, relationships, structure
S/N Names Designation
1. Alh. Dr . Umaru Abdul Mutallab, CON Chairman
2. Alh. (Dr.) Aminu Alhassan Dantata, CON Non-Executive Director
3. Alhaji (Dr.) Muhammadu Indimi, OFR Non-Executive Director
4. Malam Falalu Bello, mni, OFR Non-Executive Director
5. HRH (Engr .) Bello Mohammed Sani, OON Non-Executive Director
6. Alh..(Dr.) Musbahu Muhammad Bashir Non-Executive Director
7. Alh. (Dr.) Umaru Kwairanga Non-Executive Director
8. Alh. Mukhtar Sani Hanga Non-Executive Director
9. Ibrahim Mamun Maude Non-Executive Director
10. Mr. Mohammed Seedy Njie Non-Executive Director
11. Dr. Abdullateef Bello Independent Director
12. Mrs. Aisha Waziri Umar Independent Director
13. Malam Hassan Usman, FCA Managing Director
14. AbdulFattah O. Amoo,FCA Executive Director, South
15. Dr. Sirajo Salisu Executive Director, North
16. Ahmed A. Hassan, FCA Executive Director, Services/CFO
80
Corporate Governance Report
BOARD CHANGES • Approval of charter and membership of Board
Mr. Ahmed Alhaji Hassan was appointed as an Executive Committees.
Director in the last quarter of 2021. Mr. Ahmed Alhaji Hassan
is a Fellow of the Institute of Chartered Accountants of • Establishing effective internal control systems.
Nigeria, a Fellow of the Chartered Institute of Taxation of • Instilling a culture of compliance with rules and
Nigeria and an Associate of the Pension Institute of Nigeria, as
well as an Alumnus of Bayero University, Kano and the regulations.
University of Lagos. He is a fellow of the Compliance Institute, • Formulating risk policies.
Nigeria (FCIN) and a Certified Anti-Money Laundering • Approval of quarterly, half yearly and full year financial
Specialist (CAMS).
statements.
He has over twenty-six (26) years cognate experience which • Ensuring planned Management succession.
started from his career as a Lecturer of Accounting & Finance • Effective communication with shareholders.
at Bayero University, Kano before joining the Banking/Finance • Performance appraisal and compensation of Board
Industry.
members and Senior Executives.
He worked with the Securities & Exchange Commission
(SEC), former New Africa Merchant Bank Ltd., NAL DIRECTOR'S APPOINTMENT PROCESS, INDUCTION
Merchant Bank (now Sterling Bank), NUB/FINBANK (now ANDTRAINING
FCMB) and had a brief stint with Dangote Group as the The Board has developed a policy on Board appointments
Financial Controller of Kano Flour Mills. His banking with the Board Governance, Remuneration and Nominations
experience covers Corporate Finance, Banking Operations, Committee leading the process for identifying and
Risk Management, Financial Controls and Branch/Regional recommending suitable candidates for the approval of the
Banking. Board. In making Board appointments, the Board takes
cognizance of the knowledge, skill, experience and other
qualities considered necessary for the role. The appointment
of Directors is subject to the approval of the shareholders and
the Central Bank of Nigeria.
Ahmed A. Hassan has attended various local & foreign courses In line with best practice, a personalized induction
and workshops. He joined Jaiz Bank Plc. in October 2013 as programme on the Bank's operational processes and
Head Financial Control and acting Chief Financial Officer expected duties and responsibilities is conducted for new
before he was later appointed as the Bank's Chief Compliance members of the Board. The member also receives an
Officer (CCO). induction pack which comprises of the Board's charter,
charter of the various Board Committees, significant reports,
Mr. Hassan would be presented at the AGM for election. memorandum and articles of association of the Bank,
Board/Board Committee resolutions, important
MATTERS RESERVED FORTHE BOARD legislations/policies and a calendar of Board activities.
The Board leads and provides directions for the management
by determining the strategic objectives and policies of the The Board ensures that members are trained on issues
Bank and overseeing its implementation. The Board has relating to their oversight functions. Directors are required to
delegated to the Managing Director its powers which relate to partake in periodic relevant continuing professional
the operational running of the Bank. development programmes to update their knowledge and
skills to keep them abreast of new developments in the
Specific matters have been reserved for approval by the Board industry and operating environment. The table below
and include but are not limited to the following: provides the details of continuous education training
programmes undertaken by directors in 2021.
• Defining the Bank's Strategic Plans and Objectives.
• Ensuring integrity of financial reports.
• Approval of major changes to the Bank's accounting
policies.
• Appointment and removal of Directors and the
Company Secretary.
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Corporate Governance Report
S/N NAME OF DIRECTOR TRAINING ORGANISER LOCATION DATE
1. Hassan Usman Company Direction Course 2 Institute of Directors Online 28 - 29
April 2021
2. Hassan Usman
Abdulfattah Amoo Advanced Shari'ah & Prof. Abdurrazzaq Abuja 21 - 23
Dr. Sirajo Salisu Contemporary Issues in Abdulmajeed Alaro May 2021
Mr. Ahmed A. Hassan
Islamic Finance Training
3. Mr. Ahmed A. Hassan
Sustainable Business Strategy – Harvard Business School Online 20 June - 21
Becoming a Purpose-Driven INDULEAD July 2021
Leader
Financial Modelling & Financial 9 - 10 Nov.
Statement Forecasting 2021
4. Hassan Usman Advanced AML & CFT for SEC Online 29 - 30
Abdulfattah Amoo Business Executives September
Dr. Sirajo Salisu 2021
Mr. Ahmed A. Hassan
5. Mrs. Aisha Waziri Umar CBN/FITC Continuous CBN/FITC Online 24 - 25
November
Alh. Mukhtar Danladi Sani Education Training Programme 2021
Alh. Aminu Dantata for Directors
Dr. Sirajo Salisu
Mr. Ahmed A. Hassan
6. Dr. Sirajo Salisu Strategic & Operational GIZ Abuja 25
7. All Directors Planning Workshop November
SimpliAlpha Consulting Inplant 2021
AML/CFT Training Ltd
9 December
2021
Ethical Foundation of Islamic Dr. Bashir Aliyu Inplant 9 December
Financial Services and the 2021
Role of the Board
TENURE OF DIRECTORS BOARD MEETINGS
In order to ensure both continuity and injection of fresh ideas, The Board meets quarterly and additional meetings are
the tenure for Non-Executive Directors is limited to a convened as the need arises. The Board has the authority to
maximum of three (3) terms of four (4) years each, i.e. twelve delegate matters to Board Committees and the Executive
(12) years while the maximum tenure for Executive Directors Management.
is limited to a maximum of two (2) terms of five (5) years each,
i.e. ten (10) years. ATTENDANCE OF MEETINGS
In its bid to continuously improve its corporate governance
This is in compliance with the provisions of the CBN Code. processes, as well as enhance attendance of Board meetings
by Board members, the Company Secretary prepares an
annual calendar of meetings which is subsequently reviewed
and adopted by the Board prior to the commencement of a
new financial year.
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Corporate Governance Report
The table below is the record of attendance for the Board of Directors meetings for the 2021 financial year.
S/N Names March 9 June 22 Aug. 24 Oct. 6 Nov.3 Dec. 9
√
1. Alh. (Dr .) Umaru Abdul Mutallab, FCCA, CON √ √ (Emergency) √
√
2. Malam Hassan Usman, FCA √√ √ √√
√ √√
3. AbdulFattah O. Amoo,FCA √√ √ √√
4. Dr. Sirajo Salisu √ √√ √ √√
5. Alh. (Dr.) Aminu Alhassan Dantata, CON √ √√ √ √√
6. Alhaji (Dr.) Muhammadu Indimi, OFR √ √√ √ √√
7. Malam Falalu Bello, mni, OFR √ √√ √ √√
8. HRH (Engr .) Bello Muhammad Sani, OON √ √√ √ √√
√ √√
9. Alh..(Dr.) Musbahu Muhammad Bashir √ √√ √ √√
√ √√
10. Alh. (Dr.) Umaru Kwairanga √ √√ √ √√
√ √√
11. Alh. Muktar Sani Hanga √ √√ √ √√
√ √√
12. Ibrahim Mamun Maude √ √√ √ √√
13. Mr. Mohammed Seedy Njie √ √√
14. Dr. Abdullateef Bello √ √√
15. Mrs. Aisha Waziri Umar √ √√
16. Ahmed A. Hassan, FCA** - --
** Note : Ahmed Alhaji Hassan was appointed with effect from August 24, 2021.
Board Committees Board Governance, Remunerations & Nominations
The Board has established various Committees with well- Committee (BGRNC)
defined Terms of Reference containing their scope of
responsibilities. The Committees meet quarterly but may Membership
hold additional meetings as the need arises. The Board has five 1. Alh. (Dr.) Muhammadu Indimi (Chairman)
standing Committees, and they include: 2. Alh Mukhtar S. Hanga
3. Alh. (Dr.) Aminu A. Dantata
1. Board Risk Management Committee. 4. Dr. Abdullateef Bello
2. Board Investment Committee. 5. Alh. (Dr.) Musbahu M. Bashir
3. Board Finance & General-Purpose Committee. 6. Mrs. Aisha W. Umar
4. Board Governance Remuneration and Nomination
The Committee's major responsibilities includes:
Committee. • Considering matters relating to Board's remunerations
5. Board Audit Committee.
and Appointment.
In addition to the above committees, and in line with the • Recommending any proposed change(s) to the Board.
provisions of the Companies and Allied Matters Act, the • Keeping under review the need for appointments.
Board also established the Statutory Audit Committee with • Preparing a description of the specific experience and
five (5) members drawn from the shareholders and the
Board. abilities needed for each Board appointment,
• Considering candidates for appointment as either
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Corporate Governance Report
E xe c u t i ve o r N o n - E xe c u t i ve D i re c t o r s a n d • Advising the Board on the contents of the Directors
recommending such appointments to the Board; Annual Remuneration Report to shareholders.
• Advising the Board on succession planning regarding the The Committee held five (5) regular meetings during the
roles of the Chairman, Chief Executive Officer and financial year and the record of attendance is provided below:
Executive Directors;
BGRNC Meeting Attendance
S/N Names Feb. 24 May 25 June 17 Aug. 17 Oct. 12
1. Alhaji (Dr.) Muhammadu Indimi, OFR √ √ √ √ √
2. Alh. (Dr.) Aminu Alhassan Dantata, CON √ √ √ √ √
3. Dr. Abdullateef Bello √ √ √ √ √
4. Alh. Mukhtar Sani Hanga √ √ √ √ √
5. Alh. (Dr.) Musbahu M. Bashir √ √ √ √ √
6. Mrs. Aisha Waziri Umar √ √ √ √ √
Board Investment Committee (BIC) • Reviewing investments portfolio in line with set
Membership objectives.
1. Alh (Dr.) Musbahu M. Bashir (Chairman)
2. Alh (Dr.) Umaru Kwairanga • Reviewing classification of investments of the Bank based
3. Alh. Ibrahim Mamum Maude on prudential guidelines on quarterly basis;
4. HRH Engr. Bello Muhammad Sani
5. Hassan Usman (Managing Director) • Approving the restructuring and rescheduling of
6. Abdulfattah O. Amoo (Executive Director, South) investments within its powers;
7. Dr. Sirajo Salisu (Executive Director, North)
• Writing-off and grant of waivers within powers delegated
The Committee's major responsibilities include: by the Board; and
• Evaluating and approving all investments within its
• Periodic review of Investment Manuals and Guidelines.
powers delegated by the Board;
• Evaluating and recommending all investments beyond its The Committee held six (6) regular meetings during the
financial year and the record of attendance is provided below:
powers to the Board;
BIC MeetingAttendance
S/N Names Feb. 9 April 6 May 27 Aug. 11 Oct 14 Dec. 6
1. Alh..(Dr.) Musbahu Muhammad Bashir √ √√ √ √ √
2. Malam Hassan Usman, FCA √ √√ √ √ √
3. Alh. (Dr.) Umaru Kwairanga √ √√ √ √ √
4. HRH (Engr .) Bello Muhammad Sani, OON √ √√ √√ √
5. Ibrahim Mamun Maude √ √√ √ √ √
6. AbdulFattah O. Amoo,FCA √ √√ √ √ √
7. Dr. Sirajo Salisu √ √√ √ √ √
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Corporate Governance Report
Board Risk Management Committee (BRMC) other related services providers to be engaged by the
Bank;
Membership • Approving the Internal Risk Rating Mechanism;
1. Mall. Falalu Bello (Chairman) • Reviewing the Risk compliance reports for regulatory
2. Alh. (Dr.) Muhammadu Indimi authorities;
3. Alh. Mukhtar S. Hanga • Reviewing and approving exceptions to the Bank's Risk
4. Mrs. Aisha W. Umar policies;
5. Hassan Usman (Managing Director) • Reviewing policy violations on Risk issues at Senior
6. AbdulFattah O. Amoo (Executive Director, South) Management level;
7. Ahmed A. Hassan (Exec. Director, Services/CFO) • Certifying Risk reports for investments, operations,
market/liquidity subject to limits set by the Board.
The Committee's major responsibilities includes: • Considering the appointment, resignation or dismissal of
• Overseeing the overall Risk Management of the Bank; the Bank's Chief Risk Officer;
• Reviewing periodically, Risk Management objectives and
The Committee held five (5) regular meetings during the
Policies for consideration of the full Board; financial year and the record of attendance is provided below:
• Approving the Risk Rating Agencies, Credit Bureau and
BRMC Meeting Attendance Feb. 18 April 14 July 13 Oct. 25 Dec. 6
S/N Names
1. Mall. Falalu Belo √√ √√ √
2. Alh. (Dr.) Muhammadu Indimi
3. Alh. Mukhtar S. Hanga √√ √√ √
4. Mrs. Aisha Waziri Umar
5. Hassan Usman √√ √√ √
6. AbdulFattah O. Amoo
7. Ahmed Alhaji Hassan √√ x√ √
√√ √ √ √
√√ √ No longer No longer
a member a member
Not yet Not yet Not yet
a member a member a member √ √
Board Finance & General-Purpose Committee (BFGPC) • Considering and making recommendations to the Board
of Directors for its approval, the framework for
Membership expenditure on capital items and to review the list of
1. Alh (Dr.) Umaru Kwairanga(Chairman) priorities within the framework;
2. Mall Falalu Bello • Considering, reviewing and reporting on the periodic
3. Alh. Mamun Ibrahim Maude management accounts of the Bank, and to also advise the
4. Hassan Usman (Managing Director) Board of Directors on the year-end accounts.
5. AbdulFattah O. Amoo (Executive Director, South) • Considering and making representations to the Board of
6. Ahmed A. Hassan (Exec. Director, Services/CFO) Directors on the solvency of the Bank and the
safeguarding of its assets;
The Committee's major responsibilities are to: • Considering and advising the Board of Directors on any
• Considering and advising the Board of Directors on all relevant taxation issues;
aspects of the Bank's finances;
• Considering and making recommendations to the Bank
on the annual estimates of income and expenditure,
other budgets and the financial forecasts for the Bank;
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Corporate Governance Report
The Committee held five (5) regular meetings during the financial year and the record of attendance is provided below:
BFGPC MeetingAttendance
S/N Names April 19 June 16 July 13 Oct. 25 Dec. 7
1. Alh. (Dr.) Umaru Kwairanga √ √ √
2. Mall. Falalu Bello √ √ √ √√
3. Alh. Mamun Ibrahim Maude √ √ √
4. Hassan Usman √ √ √ √√
5. Abdulfattah Amoo √ √ √
6. Ahmed A. Hassan - - - √√
√ √
No longer No longer
a member a member
√ √
BoardAudit Committee • Reviewing the appropriateness and completeness of the
Membership Bank's statutory accounts and other published financial
1. Dr. Abdullateef Bello (Chairman) statements, and thus;
2. HRH (Engr.) Bello M. Sani • Considering, reviewing and reporting on the periodic
3. Mall. Falalu Bello Management Accounts of the Bank; and also advise the
4. Alh. (Dr.) Muhammadu Indimi Board of Directors on the year-end accounts;
5. Alh. (Dr.) Umaru Kwairanga • Ensuring that the Bank complies with all relevant internal
policies and procedures as well as regulations governing
The Committee's major responsibilities includes: the Bank;
• Reviewing the summaries of the whistleblowing cases
• Developing and keeping under review the Bank's reported and the result of the investigation from the
accounting policies in order to ensure that they were in Head of Internal Audit.
consonance with the applicable Accounting Standards; • Reviewing the internal audit reports and assess the
• Reviewing the effectiveness of the Bank's system of adequacy of the internal controls.
accounting, reporting, and internal control and ensuring • Reviewing the Compliance Reports for each quarter.
compliance with legal and ethical requirements of the • Ensuring full and prompt implement ation of
Bank; recommendations of Internal Auditors, Examiners and
• Reviewing the integrity of the bank's financial reporting External Auditors.
and the independence of the external auditors;
The Committee held five (5) meetings jointly with the Statutory Audit Committee and one (1) regular meeting during the
financial year.The record of attendance is provided below:
S/N Names Feb. 3 Mar 2 & 8 April 13 July 12 Aug. 10 Oct 13
1. Dr. Abdullateef Bello √
2. HRH (Engr.) Bello Muhammad Sani Emergency √√
3. Mall. Falalu Bello
4. Alh. (Dr.) Muhammadu Indimi √ √√
5. Alh. (Dr.) Umaru Kwairanga
√ √√ √ √√
√ √√ √ √√
√ √√ √ √√
√ √√ √ √ No longer
a member
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Corporate Governance Report
Statutory Audit Committee
Membership Terms of Reference
Alh. Shehu Mohammed, FCA The Committee is saddled with the following responsibilities
(Chairman/Shareholder) amongst others:
Alh. Lawal Ibrahim Ozomata • Ascertaining whether the accounting and reporting policies of
(Shareholder)
Alh. Mohammed Gulani Shuaibu the Bank are in accordance with legal requirements and
(Shareholder) agreed ethical practices;
Alh. (Dr.) Aminu Alhassan Dantata, CON • Reviewing and approving the scope and planning of audit
(Non-Executive Director) requirements;
Alh. (Dr.) Musbahu M. Bashir • Reviewing the findings on management matters in
(Non-Executive Director) conjunction with the External Auditors and Management's
Alhaji (Dr.) Umaru Kwairanga responses thereon;
(Non-Executive Director) • Overseeing the independence of the external auditors;
• Keeping under review the effectiveness of the Bank's system
of accounting and internal control systems;
• Overseeing management's process for the identification of
significant fraud risks across the Bank and ensuring that
adequate prevention, detection and reporting mechanisms
were in place;
• At least on an annual basis, obtaining and reviewing a report by
the internal auditor describing the strength and quality of
internal controls including any issues or recommendations for
improvement raised by the most recent internal control
review of the company;
• Discussing the annual audited financial statements and half
yearly unaudited statements with management and external
auditors.
The Statutory Audit Committee held five (5) meetings jointly with the Board Audit Committee
and the record of attendance is provided below:
S/N Names Feb. 3 March 2 & 8 April 13 Aug. 10 Oct. 13
1. Alh. Shehu Mohammed, FCA √ √ √ √
Emergency
√
2. Alh. Lawal Ibrahim Ozomata √√ √√ √
3. Alh. Mohammed Gulani Shuaibu √√ √√ √
4. Alh. (Dr.) Aminu Alhassan Dantata, CON x √ √√ √
5. Alh. (Dr.) Musbahu M. Bashir √ √
6. Alhaji (Dr.) Umaru Kwairanga √ √ No longer No longer
√ a member a member
√√ √
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Corporate Governance Report
Management Committees Management Committees include; Assets and Liability
The Board Committees are supported by Management Committee (ALCO), Management Investment Committee
Committees of the Bank, comprising of senior officers who (MIC); Branch Development Committee; Procurement
are responsible for the day-to-day operation of the Bank as a Committee; IT Steering Committee; Disciplinary Committee;
going concern. They ensure that laid down policies are Criticized Asset Committee (CAC), and Operational Risk
followed and that the Bank abides by all relevant regulatory Management Committee. These Committees review and
and legal requirements. formulate strategies to implement the Board's broad strategic
direction in various areas including business and financial
Executive Management Committee is the highest performance, strategic planning, manpower planning,
Management Committee comprising of the Executive operations, customer service, investor relations, external
Directors and Top Management Staff of the Bank. Other relations, and organizational efficiency amongst others.
OWNERSHIP STRUCTURE No. Units
S/N Category
1. Corporate 302 14,865,481,904
2. Foreign 30 15,307,221
3. Government 121 1,981,016,766
4. Individual 28,024 16,872,971,096
5. Institution 194 289,486,369
6. Joint 169 513,167,003
7. Pension 2 3,742,018
Total 28,842 34,541,172,377
SUSTAINABILITY BANKING and consultants who have access to material public
We at Jaiz Bank strive to do business in an ethical and socially information. In line with the policy, affected persons are
impactful manner. We are therefore mindful of business prohibited from trading on the Bank's security during a closed
decisions on the environment, as a result of which we are period.
constantly developing and implementing policies with the
ultimate objective of enhancing the quality of life of our WHISTLE BLOWING PROCEDURE
people and other stakeholders within our community, The Bank has established a robust whistle blowing procedure
protecting our environment, while ensuring the growth of our which covers internal whistle blowers and extends to the
business. We have consequently adopted significantly, the conduct of the stakeholders. The Bank has a direct link on its
Nigerian Sustainable Banking Principles (NSBP). website and intranet to enable stakeholders to report any
allegations they want the Bank to investigate. Apart from the
CODE OF ETHICS direct link, unethical practices can be reported via the email
The Bank has an Ethical Conduct and Integrity Policy in place address [email protected].
and all employees are required to abide by it. All employees
are expected to maintain high ethical standards in all aspect of A team comprising selected members of Top Management
their professional life. The Policy also provides sample offences are responsible for reviewing repor ted cases and
and appropriate disciplinary measures to be adopted. recommending appropriate action to the Board through the
The Bank also has a Code of Conduct & Ethics Policy for its Audit Committee depending on the severity of the issues
Directors which specifies expected behaviours. involved. In any case, however, quarterly reports of all whistle-
blowing cases are forwarded to the Board.
DEALING IN COMPANY SECURITIES AND PRICE
SENSITIVE INFORMATION The Chief Compliance Officer of the Bank similarly renders
The Bank has adopted a policy on insider trading and market quarterly whistle-blowing report to the Central Bank of
abuse regarding all transactions in the Bank's securities which Nigeria.
is applicable to its Directors, Officers, employees, contractors
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Corporate Governance Report
REMUNERATION POLICY SHAREHOLDERS' INTEREST
In line with corporate governance best practices, the Board The Bank in its bid to protect the interest of its shareholders
had developed a robust policy on Remuneration for the Bank. including particularly, its minority shareholders, ensures that
The Policy takes into account the environment in which the Shareholders meetings are convened in a transparent and fair
Bank operates and the results it achieved at the end of each manner. Adequate notice of general meeting is provided to
financial Year. The bank's remuneration comprises of the shareholders and their rights are protected at all times.
following elements: Attendance of general meeting is open to all shareholders or
their proxies. The proceedings are usually monitored by the
• Fixed remuneration: This is primarily based on the level representatives of the Central Bank of Nigeria, Corporate
of responsibility and constitutes a relevant part of total Affairs Commission, Nigerian Deposit Insurance Commission
compensation. It entails the base salary and allowances and the Securities and Exchange of Commission.
payable monthly, in arrears or annually. A wage
benchmark is established for each position/level. The Bank has an Investor Relations Unit, which deals with
communications among the Bank; the shareholders; as well as
• Variable remuneration: This is primarily linked to the the capital market. The Bank also has an Investor Relations
achievement of previously established targets and Portal on its website where the Bank's annual reports and
prudent risk management. It comprises profit accounts and other relevant information are made accessible
sharing/productivity bonus payable annually. to its shareholders. The Bank has a dedicated email address
through which shareholders and prospective investors can
The combination of these elements serves as the basis for a channel their enquiries for prompt response. The email
balanced remuneration system reflecting the bank's strategy, address is [email protected].
its values as well as the interests of its shareholders.
COMMUNICATION POLICY
i. Remuneration to Non-Executive Directors: The main objective of the Policy is to support the Bank in
The Non-executive Directors of the Bank are paid achieving its objectives in pursuit of best corporate
remuneration by way of sitting fees for attending the governance practices. The Executive Management ensures
meetings of the Board of Directors and its Committees. that communication and dissemination of information is done
Beside the sitting fees they are also entitled to Directors in English language which must be clear, relevant, objective,
fees, reimbursement of travel, hotel, and other out-of- easy to understand and useful. The Policy also ensures that the
pocket expenses incurred in the course of discharging Bank delivers prompt, courteous and responsive service that
their responsibilities. The Non-executive Directors of is sensitive to the needs and concerns of the customers and
the Company are not paid any other remuneration or other stakeholders.
commission.
ADVISORY COMMITTEE OF EXPERTS (ACE)
The sitting fees of the Non-executive Directors for The independent Committee of Shariah Experts reviews the
attending meetings of Board of Directors and the Banks operations to confirm that activities were carried out in
Committees of Board of Directors may be modified or accordance with the Shariah. The ACE has the responsibility
implemented from time to time only with the approval of providing assurances that the Bank’s funds are not invested
of the Board. in prohibited activities or transactions, and also certify that all
the Bank's products and services are compliant with the
ii. Remuneration to Executive Directors, Shari’ah. The members of the Shari'ah Advisory Board are a
The remuneration for Executives comprises of fixed mixture of Islamic scholars well versed in Islamic laws,
remuneration, benefits & perquisites, retirement/exit principles and traditions relating to trade, finance and
benefit and performance-based remuneration (short economics, as well as financial experts.
term incentives and long term incentives).
INTERNAL CONTROL
CONTINGENCY PLANNING FRAMEWORK Various aspects of the internal control of the bank are the
The framework for contingency planning consists of a set of responsibilities of key officers. The Chief Audit Executive, the
identified policies, actions and processes necessary for the Chief Compliance Officer, the Chief Risk Officer, the Chief
prevention, management and containment of banking Finance Officer, and the Company Secretary/Legal Adviser
systemic distress and crisis. are all responsible for managing the internal control of the
The Board has put in place various contingency plans for Bank.
capital and liquidity restoration, amongst others which would
enhance the Bank's ability to withstand both temporary or The System of the Bank provides adequate assurance that the
long term disruptions in its ability to fund its activities in a Bank will not be adversely affected by any event that could be
timely manner. reasonably foreseen.
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Corporate Governance Report
COMPANY SECRETARY MONITORING COMPLIANCE WITH CORPORATE
The Company Secretary is responsible for assisting the Board GOVERNANCE
and Management in the implementation of the applicable The Chief Compliance Officer monitors compliance and
Codes of Corporate Governance. The Company Secretary implementation of the Central Bank of Nigeria (CBN) Code
serves as a point of reference and support for all Directors. of Corporate Governance as well as the Securities and
The appointment of the Company Secretary is done through Exchange Commission (SEC)'s Code of Corporate
a rigorous process that is similar to those of directors. The Governance.
Company Secretary is fully empowered to discharge these
responsibilities and the position reports directly to the Board, COMPLAINTS MANAGEMENT POLICY
with dotted line to the MD/CEO. The Bank, in line with the rules of the Securities and Exchange
Commission, has put in place a Complaints Management
STATEMENT OF COMPLIANCE Policy. The Policy is available in the Investor Relations section
The Bank complies with the relevant provisions of the SEC, on the Bank's website.
FRCN and CBN Codes of Corporate Governance. In the
event of any conflict between the two Codes regarding any
matter, the Bank would defer to the provision of the CBN
Code as its primary Regulator.
90
Customer Complaints and Feedback Report
CUSTOMERS COMPLAINTSAND FEEDBACK COMPLAINTS HANDLING AND RESOLUTION
At Jaiz Bank, our Mission is “Making Life Better through Ethical STRUCTURE
Finance”. We are fully committed to this mission through The Bank is committed to effective complaint-handling and
striving to deliver positively impactful products and services values the feedback received through its various channels. To
leading to exceptional customer experience. ensure that Customer's complaints are resolved promptly, the
Bank has put in place a 24/7 Contact Centre where all
We believe that providing customers with access to a fair and complaints are received in real-time under the supervision of
efficient process for complaints-handling and feedback will a Senior Officer of the Bank, who is responsible for prompt
engender their trust and confidence in us as a financial investigation and resolution of such complaints within the
institution. We have put in place a policy intended to define approved timelines.
the key principles and rules for effective and efficient
complaint management in compliance with applicable Complaints received are given a unique identifier number for
regulatory requirements and best practices. tracking purposes. Efforts are made to resolve customer's
complaints at first level. However, where the complaint
Customer feedback is an effective tool in our relentless effort cannot be resolved immediately, it is escalated to the
to delight our customers at all our touch points. We analyse appropriate desk and the customer is kept informed
data and feedback received from customers to identify throughout the process until final resolution is attained. The
recurring issues and root causes in a bid to improve our customer is also advised of alternative dispute resolution
products and services. avenues if he/she is unsatisfied with the resolution.
We continually train our employees to be “Customer- ComplaintsTracking and Reporting
focused” by developing a strong customer service orientation Complaints are recorded in a systematic manner, such that
as well as being customer-centric in every aspect of the Bank's information can be easily retrieved for reporting and regular
operations in line with the core values of the Bank. analyse are undertaken to monitor trends, measure the
quality-of-service delivery and make improvements. A review
Complaints Channels of the root cause of complaints is carried out and lessons
learnt are fed back to the relevant business units to avoid
To ensure a seamless and effective complaint and feedback recurrence.
Daily Reports on customer complaints are sent to the Central
process, the following channels are available to Customers: Bank of Nigeria as required. In addition, monthly reports and
their analysis are provided to the Bank's Executive
• 24/7 Contact centre -(07007730000) Management Committee for review.
• Jaiz Bank Website – www.jaizbankplc.com - Live Chat
Jaiz Online Enquiry and Complaint Portal Solicited Customers Feedback
• Email Address –[email protected] The Bank constantly solicits and evaluates valuable feedback
• received from customers and staff on its products and
• Facebook: https://www.facebook.com/jaizbankplc services through the following:
Twitter: @jaizbankplc • Online Customer Surveys.
• Instagram: jaizbankplc • Staff Forum;
• • Customer engagement programs;
• LinkedIn: jaizbankplc • Business review meetings with customers
• Jaiz Bank Branches - Suggestion / Complaint Boxes
• Customer Service Desks
Customers' Complaints Report for the year ended 31 December 2021
Naira Number Amount Claimed (Naira) Amount Refunded (Naira)
S/N Description 2020 2021
1. Pending Complaints 4,357 8,431 2020 2021 2020 2021
747,372 5,719,646 - -
2. Received Complaints 109,211 118,198 52,813,322 71,013,384 - -
3. Resolved Complaints 105,137 117,859 47,093,677 30,405,840 47,093,677 30,405,840
- - - -
4. Unresolved Complaints escalated - -
to CBN for Intervention 8,431 8,770 6,467,018 46,327,189 - -
5. Unresolved Complaints Pending
with the Bank
91
Corporate Responsibility for Financial Statements
RC: 476637
Corporate Responsibility for Financial Statements as at 31 December 2021
In line with the provisions of section 405 of the Companies and Allied Matters Act (CAMA), 2020, we, the
Chief Executive Officer and the Chief Financial Officer of JAIZ Bank Plc have reviewed the audited nancial
statements and accept responsibility for the nancial and other information contained in the annual report.
The following certications and disclosures regarding the true and fair view of the nancial statements as
well as the effectiveness of the Internal Controls established within the Bank are hereby provided below:
Financial statements
a) We have reviewed the audited nancial statements of the Bank for the year ended 31
December 2021.
b) The audited nancial statements do not contain any untrue statement of material fact or omit
to state a material fact which would make the statements misleading, in the light of the
circumstances under which such statement was made.
c) That the audited nancial statements and all other nancial information included in the
statements fairly present, in all material respects, the nancial condition and results of
operation of the Bank as of and for the year ended 31 December 2021.
Effective Internal Controls
a) We are responsible for establishing and maintaining internal controls and have designed
such internal controls to ensure that material information relating to the Bank is made
known to us by other officers of the Bank, during the period ended 31 December 2021.
b) We have evaluated the effectiveness of the Bank's internal controls within 90 days prior to
31 December 2021, and
c) We certify that the Bank's internal controls are effective as at 31 December 2021.
Disclosures
a) There were no signicant changes in internal controls or in other factors that could signicantly
affect internal controls subsequent to the date of our evaluation, including any
corrective action with regard to signicant deciencies and material weaknesses.
b) There were no signicant deciencies in the design or operation of internal controls which
could adversely affect the Bank's ability to record, process, summarise and report nancial
data, and have identied for the Bank's auditors any material weaknesses in internal
controls; and
c) There was no fraud that involved management or other employees who have a signicant role
in the Bank's internal control.
Signed by:
Ahmed A. Hassan, FCA Hassan Usman, FCA
Chief Financial Officer Managing Director/CEO
FRC/2013/ICAN/00000004528 FRC/2013/ICAN/0000003984
92
Statement of Directors’ Responsibilities
RC: 476637
Statement of Directors' Responsibilities in Relation to the Financial Statements for
financial year ended December 31,2021
The Directors accept responsibility for the preparation of the nancial statements that give a true and fair
view in accordance with the requirements of the International Financial Reporting Standards, the Financial
Accounting Standards issued by AAOIFI, the Financial Reporting Council of Nigeria Act 2011, the Banks and
Other Financial Institutions Act, and relevant Central Bank of Nigeria regulations.
The Directors further accept responsibility for maintaining adequate accounting records as required by the
Companies and Allied Matters Act of Nigeria and for such internal control as the Directors determine is
necessary to enable the preparation of nancial statements that are free from material misstatement
whether due to fraud or error.
Going Concern:
The Directors have made assessment of the Bank's ability to continue as a going concern and have no
reason to believe that the Bank will not remain a going concern in the years ahead.
Resulting from the above, the Directors have a reasonable expectation that the Bank has adequate
resources to continue operations for the foreseeable future. Thus, Directors continued the adoption of the
going concern basis of accounting in preparing the annual nancial statements.
Signed on behalf of the Directors by:
Ahmed A. Hassan, FCA Hassan Usman, FCA
Chief Financial Officer Managing Director/CEO
FRC/2013/ICAN/00000004528 FRC/2013/ICAN/0000003984
93
Board Evaluation Report
NEXTZON
STRATEGY RECRUITMENT GOVERNANCE SME CONSULTING eBUSINESS PUBLIC SECTOR CONSULTING VENTURES
January 20,2022
Chairman, Board of Directors
Jaiz Bank PLC
Kano House,
73, Ralph Shodeinde Street,
Central Business District,
P. M. 31 Garki,
Abuja, Nigeria.
Dear Sir,
RE: 2021 CORPORATE GOVERNANCE PERFORMANCE REVIEW
Nextzon was engaged to undertake an annual Corporate Governance performance evaluation for Jaiz Bank
PLC for the financial year ended December 2021.
We certify that we have concluded the 2021 Corporate Governance performance review exercise for Jaiz
Bank Plc, wherein governance and control areas were reviewed and appraised using the Central Bank of
Nigeria (CBN) revised Code of Corporate Governance for Banks and Discount Houses issued in May 2014
as benchmark. From our independent assessment, the Bank achieved full compliance on 98% of the
principles defined by the CBN in the industry code of corporate governance.
Our evaluation identified a few gaps which we have advised that the Board should focus its attention on
implementing in this financial year.
We thank you for the opportunity and privilege of working with you
Yours faithfully;
For: NEXTZON BUSINESS SERVICES LIMITED
Segun Olukoya
Executive Director
FRC/2019/IODN/000000019793
RC 418477 1 Rachael Nwangwu Close,
Lekki Phase 1,
NEXTZON BUSINESS Lagos, Nigeria.
SERVICES LIMITED Phone: GL +(234) 0812 722 7044
email: [email protected]"
…enterprise builders"
94
Statutory Audit Committee’s Report
RC: 476637
Report of the Statutory Audit Committee
We have examined the Auditors' Report for the year ended 31st December 2021 in
accordance with the provisions of Section 404 (7) of the Companies and Allied
Matters Act 2020.
In our opinion, the Auditors' Report is consistent with our views of the scope and
planning of the Audit. The External Auditors' ndings as stated in the Management
Letter received satisfactory responses from Management. We are also satised that
the Bank's Accounting Policies are in conformity with the Statutory requirements and
agreed with ethical practices.
Alhaji Shehu Mohammed FCA
FRC2018/ICAN/00000017824
Chairman, Statutory Audit Committee
Abuja
February 22, 2022
Members of the Audit Committee – Chairman
1. Alhaji Shehu Mohammed FCA – Member
2. Alhaji Mohammed Shuaibu Gulani FCA – Member
3. Mr. Ibrahim Lawal Ozomata FCA – Member
4. Alhaji (Dr.) Aminu Alhassan Dantata CON – Member
5. Alhaji (Dr.) Umaru Kwairanga F.IoD, FCS, FCIP
95
Whistle Blowing Report
RC: 476637
ANNUAL REPORT ON CODE OF CORPORATE GOVERNANCE AND WHISTLE-
BLOWING GUIDELINES
With reference to section 5.2.8 of the Code of Corporate Governance for Banks and Discount Houses in
Nigeria and Section 4.11 of the whistle blowing guidelines issued by the Central Bank of Nigeria (CBN),all
the whistle-blowing incidences reported during the year have been investigated and dealt with by the
Management in line with the Bank's approved whistle-blowing Policy.
Mrs.Rukayat O.Dahiru
Chief Compliance Officer
FRC/2014/NBA/00000009649
96
Ace Report
RC: 476637
In the Name ofAllah,the Most Gracious,the Most Merciful
Praise be to Allah, and may peace and blessings be upon our Beloved Prophet Muhammad (SAW),
his family and companions.
To the Shareholders of Jaiz Bank Plc:
Peace, mercy and blessings of Allah be upon you and Assalamu Alaikum wa Rahmatullahi wa
Barakatuh;
According to the letter of assignment, we present the following report:
We have reviewed the products used and the contracts relating to transactions, application and
practices made by the Jaiz Bank Plc during the year ending December 31, 2021. We have also taken
due diligence to determine our opinion regarding whether Jaiz Bank has committed to the
principles and rules of the Shariah as well as our advisory opinions, decisions and directives.
Responsibility of Management:
The management is responsible for ensuring that Jaiz Bank operates in accordance with the
provisions and principles of Islamic Law as the ACE advises regularly on Shariah application and our
responsibility is restricted and confined to expression of an independent opinion based on our
observations of the Bank's operations, as well as preparations of report for you.
Scope of work of theAdvisory Committee of Experts:
We have reviewed and adopted forms of contracts and agreements. We have also reviewed
various processes relating to all transactions of Jaiz Bank, with shareholders, investors, customers
and others. We have selected random samples of such transactions through the Internal Shariah
Audit Unit covering all transactions as well as review of feedback regarding the Shariah Audit, its
field visit, the operations and applications of ACE Fatwas and decisions issued by the Board in this
regards. In performing our duties, we have received cooperation and understanding from all levels
of Management in the Jaiz Bank especially the Managing Director and the Shari'ah Audit
Department.
We planned and implemented our task with the aim of obtaining all the information and
explanation which we considered necessary to provide us with sufficient evidence to give
reasonable assurance that all transactions by Jaiz Bank did not violate the provisions of the rules and
principles of Shariah and wherever we found any earned income to be from non-permissible
sources we directed that such income must be transferred to charity.
97
ACE Report
Opinions of the ACE:
a. We are of the opinion that the reviewed contracts and transactions conducted by Jaiz Bank
during the year ending by 31/12/2021 were in accordance with the rules and principles of
Shariah.
b. The distribution of profits on the investment accounts was in line with the bases adopted
and approved by the ACE according to the rules and principles of Islamic law.
c. All the gains made from Haram (prohibited by Shariah rules) sources have been set aside in
a separate account and/or transferred to Jaiz Foundation for charitable purposes.
d. However, a few mistakes in processing some of the transactions were noticed and
communicated to the management for correction. Many of these have already been
regularized and some are still in the process which the management promised to work on
regularizing them.
e. The Advisory Committee of Experts (ACE) of Jaiz Bank Plc has reviewed the financial
statements of the Bank, and taken note of the Non-Permissible Income (NPI) declared by
the Bank during the period under review. The ACE hereby confirms that the NPI has been
disposed off by the Bank to the satisfaction of the ACE.
The Advisory Committee of Experts (ACE) wishes to thank the Board of Directors, management,
departments and staff of the Jaiz Bank for their good cooperation with it and their commitment to
the Islamic banking practices. The ACE prays to Almighty Allah to bring them success.
And Allah knows best.
May Allah's mercy and blessings be upon you.
Date: March 2, 2022
Prof. (Dr.) Monzer Kahf
Chairman
Dr. M.A.Abubakar Sheik Abdulwahab A. Muhammad
Member Member
Prof.Ahmad Bello Dogarawa
Member
98
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