The pioneer non-interest bank in Nigeria, Jaiz Bank Plc, last year clocked 10 years, having commenced operations on January 6, 2012, with three branches in Abuja, Kaduna and Kano.
Despite paying the huge costs associated with pioneering, the bank was able to break even within the first three years of operation, which was unprecedented at the time.
From a modest balance sheet size of N12 billion in 2012, the bank closed the 2020 financial year at N278 billion (total assets & contingents) and grew all other key performance indices exponentially over the years.
It is the evident story of this fantastic take off of an institution that has forever changed the banking landscape of Nigeria that makes the news of the announcement of consummate banker, Mohammed Mustapha Bintube, the current Chairman/CEO, Buraq Capital Limited as the Chairman of Jaiz Bank, a fitting description of “ a square peg in a square hole.”
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Bintube’s appointment followed the approval of the Central Bank of Nigeria (CBN), after his recommendation to the apex bank. He replaced Umaru Abdul Mutallab, who was the bank’s chairman for about a decade.
Prior to his appointment to the new role, Bintube was a shareholder and pioneer Managing Director and Chief Executive Officer of Jaiz Bank Plc from 2011 to 2013.
He was at the saddle to pioneer an industry that was not there, creating confidence for other people to come in.
Painting a picture of what it was like to take off at a time, the immediate past Managing Director/CEO, Hassan Usman said: “The bank first opened its doors to customers on the 6th of January 2012. The journey was much like a roller coaster – you experience some degree of fear at the onset, but subsequently, excitement takes over when the carriage takes off and you feel that euphoria of defying the odds of gravity.
“After the take-off, momentum is gradually gathered and stopping the coaster becomes not an option, the wisest thing to do is to make every jerk and movement worthwhile and impactful. That is what we did, we lived every moment, learning from each mistake, supporting our customers through thick and thin while pressing on – despite the absence of essential non-interest banking enablers – to pioneer a nascent sub-sector that is now bourgeoning with players and accolades.”
Jaiz has since gone on to build the second largest non-interest bank in Sub-Saharan Africa in just 10 years.”
Like a military general, Bintube comes to the new assignment with a personal portfolio that has prepared him for what lies ahead. He obtained a Bachelor of Science in Business Administration from Ahmadu Bello University, Zaria in 1981 and Advanced Diploma in Banking and Finance from Fin-Africa- Milan, Italy in 1989.
Bintube’s over three decades of banking career commenced as principal manager, Commercial Bank Credit Lyonnais from 1989 to 1995; assistant general manager, at Commercial Bank Credit Lyonnais from 1995 to 1997; deputy general manager, FSB International Bank from 1997 to 1999; general manager, FSB International Bank from 1999 to 2001.
His career snowballed in the banking industry when he was promoted to the rank of executive director at the FSB International Bank and served in that capacity from 2001 to 2004.
He is currently the chairman, Buraq Capital Limited from 2014 till date. He is also the chairman, Board of Directors of Emerging Africa Trustees Limited, chairman, Board of Directors of Neelds Realty and chairman, Qalam Travels and Tours from 2021 till date.
The new board chairman was appointed into the position of chairman, Board Credit & Governance Committee of the Bank of Industry from 2017 to 2022; chairman, Board Licensing & Regulatory Committee of the Nigeria Communications Commission from 2010 to 2015.
He was the chairman, Board Finance & General Purpose Committee of the Nigerian-Reinsurance Corporation from 1991 to 1993.
With his appointment, the bank is poised to leverage on its market acceptance and continue to innovate in order to consistently deliver superior customer experience in the dynamic business environment, hence maintaining its clear leadership in the non-interest banking space.
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