Jaiz Bank Denies Fraud Over N104m Jos Investment
By Patience Ikpeme
Jaiz Bank Plc has rejected media reports accusing it of institutional fraud over a disputed ₦104 million investment arrangement in Jos, Plateau State. The bank says the money never passed through its books.
In a statement issued on Wednesday in Abuja, the bank said it “wishes to address recent media reports alleging institutional fraud involving a disputed ₦104 million investment arrangement in Jos, Plateau State.”
The bank said it carried out a full review of the transactions involving a former employee and some of the complainants. According to Jaiz Bank, the review found that “the disputed funds were never received, booked, or registered under any official Jaiz Bank investment product or account.”
In simple terms, the bank is saying the money was never paid into any of its accounts or investment products, so it was never part of the bank’s business.
The bank also said its own records do not support the claim that it approved any such investment. It stated that “internal records show no evidence of Bank-authorized investments, but rather indicate private transactions between the complainants and the former employee.” This means the bank believes the deal was a personal arrangement between the individuals involved and was not carried out in the name of the bank.
Jaiz Bank further said the details of the transaction given by the complainants do not match the way the bank works. According to the statement, they “do not align with Jaiz Bank’s established operational, regulatory, or authorization protocols.” Put plainly, the bank says the deal as described does not follow the rules and approval steps that every real transaction in the bank must follow.
The bank noted that the matter is already before the High Court of Justice of Plateau State. For this reason, it urged members of the public and the media to be careful. It asked them “to avoid drawing premature conclusions based on unverified public narratives.” The bank is asking people not to make up their minds about who is right or wrong before the court has heard the case and given its judgment.
Jaiz Bank, which operates under Islamic banking principles, said it remains committed to its values. It said it is “fully committed to ethical, Shari’ah-compliant finance, transparency, and cooperation with regulatory and judicial authorities to ensure a fair resolution.” Shari’ah-compliant finance means banking that follows Islamic law, which includes fair dealing and the avoidance of interest.
