Prime Business AfricaJaiz Bank share value is on a decline amid social media attacks on the non-interest financial institution.
Prime Business Africa gathered that Jaiz Bank’s share price dropped by N0.38 kobo, from N4.69 kobo to N4.31 kobo between August 25 and September 3, according to analysis of the company’s share performance.
Join our WhatsApp ChannelAnalysis showed that the decline led to the investment value of Jaiz Bank shareholders to depreciate by 8.10 percent, representing N16.94 billion combined loss within the period under review.
The company’s market valuation also dropped from N209.12 billion to N192.18 billion during the review period.
Two days before the decline started, Jaiz Bank had announced social media influencer, Japhet Omojuwa, as its brand ambassador on X (formerly Twitter).
However, the announcement was not well received by some users on the platform, as some threatened to boycott the bank for choosing Omojuwa as an ambassador.
The tweet announcing Omojuwa’s ambassadorship has recorded 2.2 million views since it was posted on August 22, compared to other brand ambassador announcements that have views below 15,000.
Dr. Tolu Falade, a Twitter user, said, “Not only will I ever use this bank. I will not transfer to anyone using the acct…provide another account or no transfer.”
Another user, who identified himself as Olamilekan A on the platform, said, “A bigot as a brand ambassador??? This is absolutely ridiculous 🙄 My kobo will never be transferred to this account. Never!”
Akeem Fola, a Twitter user, said, “How on earth can you do this? What good did you see in him to deserve being your ambassador? Betrayal? Defence of bad governance? Bigotry?
“Do you know how @grok described him the other day?”
Also commenting on the announcement, Nnamdi Chuks, said, “I am closing my account with your bank. You are unserious. Look at the characters you are making an ambassador of our lovely bank.
“It was nice doing business with you. Bye Jaiz👍👍👍👍👍👍👍👍👍”
The criticism that trailed the announcement is linked to Omojuwa’s opposition to Peter Obi, former Anambra state governor, who plans to vie for the presidential election in 2027.
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
