Management of Jaiz Bank Plc has assured its shareholders that there is no internal rift whatsoever, contrary to reports in some media outlets.
The Managing Director of the bank, Mr Hassan Usman, gave the assurance on Sunday in Abuja during an interface with finance journalists.
He explained: “There is no rift in the Board of the bank other than legitimate exercise of divergent opinions on a matter in the ordinary course of the Directors’ duties. As a testimony to the absence of a rift, the Board and Shareholders of the bank. The matter of succession for the current Managing Director was considered by the Board as the expiration of his contract approached.
“Whereas some Directors of the bank opined that a change of leadership was required to pursue some critical strategic goals, others believed otherwise, given the very impressive performance of the current Management.
“The Board nonetheless resolved to appoint a new successor in person of Mr. Muhammad Shaheed Khan. This decision was however rescinded at a subsequent meeting of the Board. The Board’s resolution to rescind its decision and consequently discontinue the appointment process was in line with the terms and conditions of the offer letter issued to Mr. Khan since the offer was subject to relevant regulatory approvals.
“Incidentally, the approval obtained from the relevant regulators materially modified the intention of the Board as expressed in the conditional offer to Mr. Khan, necessitating the Board’s decision to discontinue the process of his appointment.”