Jaiz Bank denies N104m investment fraud

From Adanna Nnamani, Abuja

Jaiz Bank Plc has denied allegations of institutional fraud involving a disputed N104 million investment transaction in its Jos branch, Plateau State, insisting that the funds were never received or recorded in any of its official accounts.

The bank, in a statement, said an internal review of transactions involving a former employee and some complainants revealed no evidence that the disputed investment was authorised or conducted under any of its recognised investment products.

According to the bank, available records indicate that the transactions were private dealings between the complainants and the former employee, rather than official business conducted on behalf of the financial institution.

Jaiz Bank maintained that the transaction details presented by the complainants did not conform with its established operational procedures, regulatory requirements and authorisation protocols.

It said: “The disputed funds were never received, booked, or registered under any official Jaiz Bank investment product or account.

“Internal records show no evidence of Bank-authorised investments, but rather indicate private transactions between the complainants and the former employee.” The bank’s clarification comes amid media reports alleging fraud involving N104 million in an investment arrangement linked to its Jos branch. However, Jaiz Bank urged members of the public and the media to exercise restraint and avoid drawing premature conclusions, noting that the matter was already before the High Court of Justice of Plateau State.

It cautioned against relying on unverified accounts of the dispute while judicial proceedings were ongoing, stressing the need to allow the court to determine the issues before it.

The financial institution also reaffirmed its commitment to ethical and Shari’ah-compliant banking, transparency and cooperation with relevant regulatory and judicial authorities to ensure a fair resolution of the matter.

Jaiz Bank said it remained committed to upholding the principles guiding its operations and maintaining public confidence in its banking services.

The N104 million controversy followed complaints by customers who alleged that their investments through Jaiz Bank’s Jos branch had become inaccessible.

The dispute reportedly dates back to 2022, when some customers said they were introduced to investment arrangements by a former employee of the bank, Habiba Abdulrahman, with assurances of returns on their deposits.

The complainants alleged that the arrangement initially yielded returns but problems emerged around January and February 2025 when they attempted to withdraw their funds.

Some of the affected customers subsequently accused the bank of failing to account for their investments, while others maintained that their dealings were conducted through its personnel and within its premises.

However, Jaiz Bank has insisted that the transactions were private arrangements between the complainants and the former employee, arguing that the funds were never received or recorded as official bank investments.

The controversy prompted protests by affected customers in Jos on November 2, 2026, with calls for government and regulatory intervention and the recovery of their funds. The matter is currently before the Plateau State High Court.