Jaiz Bank Plc will on Wednesday, October 28, 2020, seek the approval of shareholders at an extraordinary general meeting in its Abuja corporate office to raise additional N10bn by way of a private placement to “identified investors”.

In a notice through the Nigerian Stock Exchange (NSE), by Mrs. Rukayat Oziama Dahiru, its company secretary, the bank plans to use proceeds of the special placement “to fund the bank’s branch expansion drive, enhance its information technology infrastructure and enhance is working capital to meet the needs of its teaming customers.”

The fresh capital, it said, subject to the requisite regulatory approvals, is being raised by way of an offer for subscription of 20bn ordinary shares at N0.65 each,

Also subject to the approval of the NSE, the bank says “the placement shares shall be listed upon conclusion of the private placement.”

However, in view of the Coronavirus (COVID-19) pandemic and restrictions in place, the EGM, according to the bank “shall only be by proxy.”