NAN-HE-19
Capital
Dutse, Jan. 26, 2017 (NAN) The Jigawa Savings and Loans on Thursday declared
N2.5 billion as share capital base of the bank.
Its Managing Director, Alhaji Babangida Umar, disclosed this at the Annual General Meeting (AGM) of the bank in Dutse.
He said that the bank was established as a primary mortgage bank in 2002 with 86 per cent share from state government, while 14 per cent share came from 27 the local government areas of Jigawa.
According to him, the bank, which began full operations in 2005, has been recording losses up until 2010, but started posting profit in 2012.
He added that “within this period, the reserve loss reduced from N200 million on negative note to N9 million as at 2015.
“In 2016, we made remarkable profit which turn our loss to gain and therefore, we will declare dividends in our next AGM.
“What we presented today is just a financial statement of 2014 and 2015 because of the delay we had from the Central Bank of Nigeria (CBN) before it approved our financial statement.”
He said that once CBN approved the financial statement for 2016, it would convene another AGM and declare dividends.
The managing director announced that the CBN had approved the bank’s expansion from four branches to seven across the state.
He noted that the three new branches would be located in Hadejia, Buji and Birninkudu.
Umar announced that the bank currently had 35,000 customers, with 79 staff strength. (NAN)
MS/HA
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Edited by Hadiza Mohammed-Aliyu