₦airaland Forum

Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc has achieved the new minimum capital requirement stipulated by the Central Bank of Nigeria (CBN).

The emergence of Jaiz Bank as one of the first to meet the new capital base came after the CBN, Securities and Exchange Commission (SEC) and Nigerian Exchange (NGX) cleared the bank’s N10.04 billion new equity funds.

Jaiz Bank had raised N10.04 billion through a private placement. The listing of the shares that arose from the private placement on the NGX marked the conclusion of the issuance process and confirmed Jaiz Bank’s early success ahead of the June 2026 deadline.

Speaking on the successful capital-raising exercise, Chief Executive Office, Jaiz Bank Plc, Dr. Haruna Musa, described the successful attainment of the new minimum capital base as a reflection of the bank’s dedication to delivering value-driven ethical finance solutions.

He noted that the bank’s strong financial position is underpinned by a diversified and resilient balance sheet with total assets currently at N1.06 trillion and shareholders’ funds at N47.9 billion.

“This achievement underscores the commitment of the board and management to adding value to our customers by providing bespoke ethical finance solutions.

“Jaiz Bank is well-positioned to compete effectively on all fronts, fulfilling customer needs through ethical and innovative financing. Despite a challenging operating environment, we have demonstrated resilience and achieved remarkable growth across financial and non-financial metrics. This positions us firmly on track to becoming the leading ethical bank in Africa,” Musa said.

He outlined that the bank would focus on its strategic priorities aimed at becoming Africa’s leading ethical bank.

“Looking ahead, we will continue strengthening relationships with our loyal customers while attracting new ones. Through our digital platforms, innovative products, and services, we aim to support individuals, businesses, and communities alike.

Our journey to lead the future of ethical finance in Africa remains unwavering, as we stay committed to excellence and delivering long-term value to all stakeholders,” Musa said.

According to him, the successful capital-raising and listing further solidify Jaiz Bank’s leadership in ethical banking, reinforcing its commitment to providing innovative financial solutions and driving sustainable growth in Nigeria’s banking sector.

He added that with this strategic positioning and strong financial footing, Jaiz Bank says it remains poised to expand its market share and contribute to the development of ethical finance across Africa.

The CBN had in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026.

Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

While several banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition.
Jaiz Bank had been adjudged as the ‘Global Most Promising Islamic Bank in 2024’.

Authorities of the Nigerian Army says it will commence the “systematic rotations” of frontline troops and introduce fresh forces into all the theatres of operations in the fight against crimes and criminalities across the country.

It said the development would begin by January 2025 in order to address issues of fatigue among the troops, adding that nothing would deter it from scaling up operations against terrorists, bandits, oil thieves and other criminals terrorising the country.

The Chief of Army Staff, Olufemi Oluyede, a Lieutenant-General, disclosed this during the opening session of the 2024 COAS Annual Conference, held in Abuja on Monday.

Oluyede urged officers and soldiers of the Nigerian Army to ensure that their determination to protect Nigeria’s territorial integrity remains stronger than ever.

“I am dedicated to maintaining systematic troop rotations to relieve personnel who have overstayed in the field and to introduce fresh forces into our operational theatres.

“This practice is essential for preserving the physical and mental well-being of our troops, preventing fatigue, boosting morale across the force, and ultimately enhancing operational effectiveness,” the army chief said.

He gave an assurance that the army would relentlessly pursue excellence in ensuring the safety and well-being of all Nigerians, adding that the conference was designed to assess the army’s activities for the outgoing year while consolidating plans for the forthcoming one.

According to him, the focus will be on developing innovative strategies to confront and ultimately defeat terrorism and other threats to the peace and security of the country.

“I am, however, determined to ensure that under my leadership, the Nigerian army remains steadfast and unwavering in its commitment to addressing the challenges facing our great nation.

“Our determination to protect Nigeria’s territorial integrity must be stronger than ever, and we will relentlessly pursue excellence in ensuring the safety and well-being of all Nigerians.

“My leadership concept aims to create an enabling environment that facilitates administrative and operational successes for the Nigerian army,” he said.

The COAS urged operational commanders to engage actively with their troops to ensure that they are motivated, prepared, and ready to tackle challenges head-on.

He also challenged them to embody decisive action and set good examples that inspire the force as well as lead with determination, resilience, empathy, and an unyielding commitment to the army’s mission objectives.

“We have increased the tempo of ongoing operations against terrorism, banditry, kidnapping for ransom, and wanton killings across the 6 geopolitical zones of the country.

“The fight against terrorism and banditry under Operations HADIN ΚΑΙ and FASAN YAMMA has been intensified in the North East and North West theatres, respectively.

“In particular, Operation FANSAN YAMMA is making concerted efforts to speedily dismantle the Lakurawa terror group’s networks in the North West.

“These operations leverage enhanced intelligence gathering, rapid deployment of special forces, and synchronised air and ground offensives to establish control and neutralize threats in the region,” he added.

Oluyede said that more efforts were ongoing to engage local communities in information gathering and sharing to foster trust as well as promote a united stance against Lakurawa and other terrorist groups.

He noted that the broad strategy underscored the army’s unwavering commitment to safeguarding the nation and ensuring the safety and security of its citizens.

He said that the troops deployed in other operations had continued to collaborate with personnel of other security agencies to contain security threats in the North Central, South East, and South-South regions of the country.

“The sustained large-scale ground offensives supported by air and maritime assets across all theatres have continued to keep terrorists and other criminals off balance while building the confidence of the locals.

“Relatedly, our non-kinetic efforts have been hugely successful, particularly in the North West and North East regions.

“So far, we have had a large-scale surrender of terrorists and the submission of a substantial cache of arms and ammunition, which ordinarily might not have been possible through only kinetic efforts.

“To this end, the Nigerian Army will upscale both kinetic and non-kinetic efforts across all theatres of operations in the coming year to ensure peace is completely restored across the Country,” he added.

Troops of the 1 Brigade, Nigerian Army, have arrested a notorious bandit leader and arms dealer, Bako Wurgi, also known as Baka NaGarba.
Wurgi is alleged to be involved in the murder of the Emir of Gobir, Isa Mohammad Bawa, in Sokoto State.

The arrest was disclosed by Zagazola Makama, a counterterrorism and insurgency expert specializing in the Lake Chad Basin, via his X handle on Sunday.

Makama revealed that the operation leading to Wurgi’s apprehension was carried out on Saturday.

According to Makama, intelligence reports indicated that Wurgi was receiving treatment at a hospital in Shinkafi town, Zamfara State, for injuries sustained during a clash with a rival group.

“Intelligence sources informed me that troops apprehended Wurgi after discovering he had been transported to the hospital with multiple cuts and gunshot wounds,” Makama said.

During the operation, two of Wurgi’s accomplices reportedly fled, but troops arrested another individual who had helped transport the suspect to the hospital in a tricycle.

The late Emir of Gobir was abducted on July 9, 2024, in Sabon Birnin Local Government Area, Sokoto State, and murdered on August 22 after ransom negotiations collapsed.

“Reports indicate that Wurgi played a key role in the kidnapping and subsequent killing, which involved ransom negotiations that included cash and motorcycles but ultimately failed,” Makama stated.

Makama further described Wurgi as an arms smuggler with international connections.

“He is reportedly related to Bello Turji, a notorious bandit leader, through his grandfather.

His son, Sani Duna, is alleged to act as a getaway biker for Turji, highlighting familial links within the banditry network,” Makama added.

The arrest of Wurgi is being hailed as a significant breakthrough in the fight against terrorism and banditry in Nigeria’s Northwest region.

Wurgi is currently being held at an undisclosed location while a manhunt continues for his fleeing accomplices, according to the report.

As part of his operational tour of Nigerian Air Force (NAF) establishments in Lagos, the Chief of the Air Staff (CAS), Air Marshal Hassan Bala Abubakar, on 13 December 2024, visited Caverton Helicopters Maintenance, Repair, and Overhaul (MRO) facility to evaluate progress on the ongoing 2,500-hour and 5-year major inspections of NAF Bell-412 helicopters (NAF 599 and NAF 600).

The visit highlighted the critical role of indigenous expertise in advancing NAF’s operational capabilities and fostering sustainable aviation solutions.

Air Marshal Abubakar commended Caverton’s technical expertise and cutting-edge facilities, expressing satisfaction with the quality of work being done. He noted that NAF 600 was near operational readiness, while NAF 599 was 70% complete.

The CAS emphasized the importance of leveraging local partnerships to reduce reliance on foreign services, enhance NAF’s fleet maintenance, and build national capacity for aircrew training and technical development. He described the collaboration with Caverton as a model for sustainable solutions that align with the NAF’s commitment to operational excellence.

The Chief Executive Officer of Caverton Helicopters, Mr. Olabode Makanjuola, assured the CAS of the company’s readiness to continue delivering top-notch services to support NAF operations.

He highlighted the facility’s achievements in overhauling critical helicopter components and noted the value of the NAF partnership in strengthening Nigeria’s aviation industry.

The visit underscored the strategic importance of indigenous collaborations in bolstering national security and advancing Nigeria’s aviation sector.

mikeapollo:
The "assets" means the assets under the JV, which is the share of crude oil coming from the JV.
What relationship does Mobil have with NNPC if not the JV?
A company cannot lay claim to another company assets unless they have a business relationship or agreement e.g intragroup, partnership or JV etc

mikeapollo:
I know what I am saying and not mixing anything . What I said from the beginning is that the JV between Mobil and NNPC was 40:60. However when NNPC objected to the sale by Mobil to Seplat, the new ratio was adjusted to 30:70 in favour NNPC in order to appease NNPC and settle the case out of court.
Seplat inherits 30 percent of the JV while NNPC keeps 70 percent .
NNPC went to court to stop the sale because of the JV and that is what matters to them. NNPC is not bothered about what percentage of ownership Sepat has in Mobil.

mikeapollo:
https://africaoilgasreport.com/2024/05/farm-in-farm-out/nnpc-to-hold-70-of-the-jv-as-the-exxonmobil-seplat-transaction-comes-to-a-close/

NNPC got 10percent more, SEPLAT share is now 30percent instead of 40percent. That is what settled the issue.

mikeapollo:
Go and reconfirm the new JV ratio after the settlement of the dispure.
The original ratio in the JV was Mobil 40 : NNPC 60.
After the settlement of the didpute NNPC got additional 10percent from Mobil's share, hence making a new total of 70percent and Mobil sold the balance 30percent to SEPLAT.
Reuters does not know more than NNPC/NUPRC in this matter.

mikeapollo:
Stop the twists and misrepresentation. Tinubu did not dismantle any barrier. It was the NNPC that went to court to challenge the sale by Mobil to Seplat because they (NNPC) believed they had the first right of refusal as agreed in the JV contract. As a compromise to settle out of court, Mobil agreed and gave additional 10percent to NNPC and sold the remaining 30percent to Seplat (instead of the initial 40percent).
That is what resolved the problem. Tinubu did not do anything special or spectacular. Stop hyping people who have not done anything !

niyisky:
There will be no cries about Tinubu using Oando to close the deal

Seplat Energy Plc has finalised the $1.28bn acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, marking a milestone in the company’s growth strategy.

In Thursday’s release signed by the Chief Executive Officer, Seplat Energy Plc, Roger Brown, the energy company announced the completion of the transaction, having been approved by President Bola Ahmed Tinubu and regulatory clearance by the Nigerian Upstream Petroleum Regulatory Commission.

Brown added that the acquisition initially stalled due to a legal challenge by the Nigerian National Petroleum Company Ltd, commenced in 2022, adding that NNPC had contested the transaction over its right of first refusal in the joint venture.

He described the transaction as a historic achievement for the company, stating, “We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin, providing enormous potential for the Seplat Group.

Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.

MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible, and reliable energy for Nigeria alongside attractive returns to our shareholders.”

In a statement, Seplat described the deal as “transformative,” stating that it would more than double the company’s production capacity and enhance its ability to drive growth and profitability.

Additionally, the company emphasised the acquisition’s potential to contribute significantly to Nigeria’s economic future.

Reacting to the development, Chairman, Seplat, Udoma Udoma, expressed gratitude to President Tinubu and the regulatory bodies involved.

“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.

Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities, and our staff,” he said.

Allen Onyema, the Chairman and CEO of Air Peace, has commended President Bola Ahmed Tinubu, for his efforts in implementing policies aimed at stabilising business operations across Nigeria.

Onyema who met with President Tinubu at the state house in Abuja on Thursday December 12th, said that the president has made great strides with the ease of doing business in the aviation industry, and with the new reforms introduced by Festus Keyamo, the Minister of Aviation and Aerospace Development.

He said he is certain that Tinubu’s administration will stabilise the aviation industry.

Onyema added that although the economy is facing turbulent times, Tinubu’s reforms will help the entire nation in the long run and he further encouraged Nigerians to support the government and indigenous investments.

“The president is a business man and he’s trying to stabilise businesses with his policies, but people don’t realise this. Some of us in business realize what the President is trying to do.

“What he is trying to do is the real restructuring of the country. Many Nigerians believe that restructuring is dividing the country along regional lines, but what Tinubu is doing is the real restructuring by changing the way we do things in the country for a better result in the long run,” Onyema added

Creedng:
Trash trash trash