The Board of Jaiz Bank Plc, the pioneer non-interest financial institution in Nigeria, has approved the appointment of Haruna Musa, as the Managing Director/ Chief Executive Officer of the bank.
His appointment took effect following the receipt of the approval of the Central Bank of Nigeria (CBN) on the 21st November, 2023, the institution said in a statement.
He took over from Ahmed Hassan, who was appointed the acting MD/CEO in August following the voluntary resignation of Dr. Sirajo Salisu, the pioneer MD/CEO.
Musa’s cognate experience in the banking industry spans over 27 years. He is an alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano, and Cranfield University, United Kingdom. He is currently at the final stage of a Ph.D programme in Islamic Banking and Finance at the Universiti Utara in Malaysia.
At the Cranfield University, Haruna obtained an MSc. in Finance and Management (2008 – 2009). He acquired a Master’s Degree in Business Administration (MBA) from Bayero University, Kano (1997 – 1998) and a Post Graduate Diploma in Management from the same University (1994 – 1995). He holds a Bachelor of Agriculture from Ahmadu Bello University, Zaria, (1987 – 1991).
Until his appointment as the substantive MD/CEO of Jaiz Bank Plc, Haruna served as Executive Director with GT Bank for eight years; and garnered 22 years out of his 27 years wealth of banking experience working for Guaranty Trust Bank (GT Bank) from March 2001– October 2023.
In October 2015, Haruna assumed the role of Executive Director & Head, Northeast & Public Sector, Abuja Divisions on the Board of GT Bank, a testament to his professionalism, exemplary leadership traits and competence.
He was also appointed as a Non- Executive Director with GT Bank (Cote D’Ivoire Ltd) and Chairman of the Board Audit Committee from March 2015 to October 2023, where he contributed to the turn- around of the Bank from a loss position to consistent profitability.
Haruna undertook extensive executive-level courses including Advanced Management Program from Wharton Business School, University of Pennsylvania, USA (2023); Making Corporate Boards More Effective – Harvard Business School, Harvard University, USA (2015); Positive Leadership Program – Michigan Ross Executive Education, USA (2014); General Management Program – Cranfield University, UK (2012).
Jaiz Bank’s new MD/CEO’s robust achievements include several commendation letters for selflessness and meritorious service from his previous employers. He is also an honourary member of the Chartered Institute of Bankers of Nigeria (CIBN).
Jaiz Bank Plc declared an N6.6 billion profit before tax for the 2022 financial year, an increase of N2.4 billion, which translates to 53%, compared to N4.2 billion realised in the corresponding period of 2021.
Also, the Islamic bank recorded a 29% increase in its gross earnings of N33.43 billion in 2022 from N25.8 billion earned in 2021. This is just as its net income surged by 33% from N16.9 billion in 2021 to N22.5 billion in the 2022 financial year.
