Jaiz Bank has restructured its board and management as part of the implementation of its new strategy in compliance with two recent circulars from the Central Bank of Nigeria.

A statement issued by the bank said the first circular led to the resignation of two non-executive directors: the former Chairman of the Board of Directors, Umaru Mutallab and Falalu Bello from the board and the subsequent appointment of a new chairman for the board.

It said the circular had also led to the recent resignation of two more non-executive directors: Ibrahim Maude and Bello Sani, which reduced the board members to 14.

The bank disclosed that this development made the board cascade the changes and restructuring process to the management level and ultimately to all staff cadre.

It added that the board at its meeting held on August 14, 2023, accepted the voluntary resignation of Dr Sirajo Salisu as the MD/CEO and consequently appointed Ahmed Hassan as the acting MD/CEO, executive director, operations and chief financial officer.

“This strategic realignment aims to reposition the bank to serve its clientele and stakeholders better. This will help the bank to boost its profitability, increase its market share and sustain its competitive edge,” the statement said.