Jaiz Bank Plc shareholders have approved a N150 billion capital raise at the company's annual general meeting, clearing a key hurdle for the Islamic lender's expansion plans.
The vote provides the necessary mandate for the bank to execute the equity injection, which is expected to bolster its capital adequacy and support growth initiatives in Nigeria's competitive banking sector.
The capital raise comes as Jaiz Bank seeks to scale its operations and enhance its lending book.
Management has previously indicated that the additional capital will be deployed to strengthen the bank's balance sheet and fund new business opportunities.
The approval by shareholders reflects confidence in the bank's strategy to capitalize on market demand for Sharia-compliant financial services.
This development follows earlier reports that Jaiz Bank is awaiting approval from the Central Bank of Nigeria to roll out new financing products.