Jaiz Bank Denies Receiving N104m in Disputed Jos Investment Deal, Blames Former Employee

Jaiz Bank has denied receiving or recording funds linked to a disputed N104 million investment arrangement in Jos, Plateau State, following media reports alleging institutional fraud.

In a statement responding to the reports, the bank said a review of transactions involving a former employee and some complainants found no evidence that the disputed funds were paid into any authorised Jaiz Bank investment product or account.

According to the bank, its internal records indicate that the transactions were private arrangements between the complainants and the former employee rather than investments approved or registered by the financial institution.

“Internal records show no evidence of Bank-authorised investments, but rather indicate private transactions between the complainants and the former employee,” the statement said.

The bank also said the transaction details provided by the complainants did not align with its established operational, regulatory or authorisation procedures.

Jaiz Bank maintained that it had no official record of the disputed investment funds, distancing the institution from the alleged arrangement.

The matter is currently before the High Court of Justice of Plateau State. Against this background, the bank urged members of the public and media organisations to avoid reaching premature conclusions based on accounts that have not been established through the judicial process.

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

The bank’s statement represents its position on the dispute. The court proceedings are expected to provide an opportunity for the parties’ claims and evidence to be examined.