Jaiz Bank sells N5.08bn shares to Mohammed Indinmi

Jaiz bank has sold a total  N5.08bn to billionaire, Mohammed Indimi, for an estimated N3.3bn

Mohammed Indimi is the Founder and Chairman of Oriental Energy Resources Limited, a privately-owned oil exploration and production company that he started in 1990. Hard as it is to believe, Indimi is not an overnight success story. Though he is popularly associated with the oil and gas sector, Indimi’s business exploits did not start with oil and gas, but from cashing in on small business opportunities here and there. 

His newest acquisition is JAIZ bank, as he now own a larger percent of shares in the bank.   According to business post:

“Trading license holders and the investing public are hereby notified that additional 5,076,923,077 ordinary shares of 50 kobo each of Jaiz Bank Plc were today, Monday, October 4, 2021, listed on the daily official list of the Nigerian Exchange Limited (NGX).

“The additional shares listed on NGX arose from Jaiz Bank’s private placement of 5,076,923,077 ordinary shares of 50 kobo each to Muhammadu Indimi at N0.65 per share,” a part of the notice signed by Ms Elizabeth Ekpo, for the Head of Listings Regulation Department at the NGX, disclosed.

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As a result of the new listing, the total shares of the non-interest lender on the exchange have increased to 34,541,172,377 units as confirmed by the disclosure.

“With this listing of additional 5,076,923,077 ordinary shares, the total issued and fully paid-up shares of Jaiz Bank Plc have increased from 29,464,249,300 to 34,541,172,377 ordinary shares of 50 kobo each,” the notice said.

At the close of business today, the stocks of Jaiz Bank went down by 5.00 per cent or 3 kobo to 57 kobo per unit compared with 60 kobo per unit of the preceding trading day, with 2,989,683 units sold for N1.7 million.

Mr Indimi is a member of the board of Jaiz Bank. He is an astute businessman with a notable presence in the international business arena. He also serves as the Chairman of M & W Pump Nigeria Limited; which has partnered with MWI Corp of Deerfield Beach, Florida.

He is a founder of many successful indigenous companies and sits on the board of several privately-owned companies encompassing all sectors of the economy.

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