Hassan Usman now Jaiz Bank substantive MD

Jaiz Bank Plc yesterday announced the appointment of Hassan Usman as its substantive managing director.

He is to run the affairs of the bank subject to the approval of Central Bank of Nigeria (CBN).

According to the bank, the decision was reached after a rigorous selection exercise where seasoned Islamic bankers within and outside the country were screened and interviewed.

Usman is taking over from Mahe Abubakar who has been the acting managing director since December 2015.

The bank also announced a profit before tax of N794.2 million for the financial year ended December 2015.

Speaking about its new managing director, the banks stated that Usman was not new to this position as he had previously acted in that capacity in 2013.

Until the latest appointment, Usman was an executive director, Operations and IT. He is a trained accountant and had graduated with a first class degree in Accounting in 1985 from the Ahmadu Bello University, Zaria, Nigeria.

Usman later became a fellow of the Institute of Chartered Accountants in Nigeria (ICAN). He obtained his Post Graduate Diploma in Management in 1995 from Maastricht School of Management.

Usman also attended the Oxford University Advanced Management Programme in 2002. He worked as the Financial Controller of New Nigerian Development Company (NNDC) Ltd, Kaduna, until he joined NAL Merchant Bank Plc., where he served as the financial controller and treasurer respectively between 1996 and 2001.

Usman had a brief 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.

Meanwhile, Jaiz Bank declared a N794.2 million profit before tax for the year ended December 31, 2015, as against N126.8 million realised in 2014.

Chairman of the bank, Alhaji Umaru Abdul Mutallab, said at the company’s 4th Annual General Meeting yesterday in Abuja that the bank grew its finance income by 47 per cent to N4 billion as against N2.72 billion in the preceding year.

Mutallab said the bank’s total asset during the year under review closed at N52.6 billion, compared to N44.4 billion the preceding year, with Gross Financing achieving 3% growth to stand at N23.8 billion, led by growth in the corporate, retail and business banking segments.

He said the customer deposit base closed at N38.7 billion in 2015, with current account and customers’ investment account deposits showing strong growth of 43 per cent and 39 per cent to N15.5 billion and N23.2 billion respectively.

Mutallab said the results have demonstrated continued growth and operational efficiency for the bank.


He said: “In the next five years, I see this bank in every nook and cranny of this country and other sub-Saharan Africa countries.”

The bank recently obtained a National Operating License from the CBN. This will enable it to spread across all the 36 states of the Federation.



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