Nigerian billionaire Mohammed Indimi, the founder of Oriental Energy Resources, an oil explorer, has acquired an additional 5,076,923,077 ordinary shares in Jaiz Bank, one of Nigeria’s most prominent Islamic financial institutions, at a cost of NGN3.3 billion ($8 million).
This was disclosed by a Nigerian Stock Exchange Market Bulletin – NGXREG/LRD/MB41/21/10/04 – issued on Oct. 4 to trading license holders and the investing public.
The listed additional shares arose from Jaiz Bank’s private placement of 5,076,923,077 ordinary shares of 50 kobo each to Indimi at N0.65 per share. The additional ordinary shares were listed yesterday on the Daily Official List of the Nigerian Exchange Limited (NGX).
“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 notice said.
“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,” the notice stated as signed by Elizabeth Ekpo on behalf of the NGX Listings Regulation Department.
With this listing, the total issued and fully paid-up shares of Jaiz Bank increased from 29,464,249,300 to 34,541,172,377 ordinary shares of 50 kobo each.
Indimi, who previously owned 3,233,813,044 ordinary shares in the bank, now owns 8,310,736,121 shares, amounting to a 24.06-percent stake in the bank, which makes him the bank’s largest shareholder.
Indimi is the chairman of Oriental Energy Resources, a privately held Nigerian oil exploration and production company that he founded in 1990.
