This announcement, which was signed by the bank's secretary, Mohammed Shehu, and received approval from the Central Bank of Nigeria (CBN), was made public on November 7, 2024.
Ibrahim Ahmad's vast experience is anticipated to enhance the board's performance and play a crucial role in fostering the bank's ongoing growth and success.
Mallam Mustapha Ibrahim Ahmad, FCA, FCIT, is a Chartered Accountant who earned his Honours degree in Accounting from Ahmadu Bello University (ABU), Zaria, in 1989.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), the Chartered Institute of Taxation of Nigeria (FCIT), and the Corporate Treasurers Association of Nigeria (FCTN), as well as a member of the Nigerian Institute of Management (Chartered) (MNIM).
With over 34 years of experience in banking and manufacturing, Mallam Mustapha Ibrahim Ahmad specializes in financial reporting, risk management, treasury, corporate strategy, budgeting, procurement, and ERP implementation.
He began his professional journey at Continental Merchant Bank in 1989 and moved to Afribank International Limited in 1993, where he advanced to the role of Chief Finance Officer, showcasing his leadership and expertise in finance.
In 1997, he joined International Trust Bank Limited, continuing as Chief Finance Officer and further establishing his reputation in financial management. From 2002 to 2006, he served as Deputy Treasurer at First Bank of Nigeria, where he made significant contributions to the bank's treasury operations.
He presently holds the position of Group Treasurer and Acting Group Chief Finance Officer at Dangote Industries Limited.
Jaiz Bank announced a remarkable pre-tax profit increase of 149% year-over-year, rising from N2.7 billion in the third quarter of 2023 to N6.8 billion in the third quarter of 2024.
Additionally, the bank reported gross income from its investing and financing activities amounting to N20.9 billion, a significant increase from the N10.7 billion recorded in the previous year. The earnings per share also experienced substantial growth, climbing by 209.4% from the same quarter last year to the third quarter of 2024.
The company’s total assets expanded by 44.27%, increasing from N580.1 billion to N836.7 billion, while cash and cash equivalents surged to N292 billion, up from N204.4 billion. Currently, Jaiz Bank's shares are trading at N2.32 in the stock market, recovering from a low of N1.93 reached in April.