Business

2020 AGM: Shareholders Laud Tajbank’s Board, Mgt Over Performance

Published

4 years ago

June 24, 2021

….As Lender Records 471% Growth In Profit Before Tax

Joel Ajayi

Shareholders Of Tajbank Limited, Nigeria’s Leading Non-Interest Banking Products And Services Provider, Yesterday Commended The Board And Management Of The Bank For Its Impressive Performance In Its First Year Of Operations, Promising Continued Commitment To The Realisation Of The Vision And Mission Of The Innovation-Driven Lender In The Years Ahead.

During The Financial Year, The Bank Reported Outstanding Improvements In Its Gross Earnings, Which Rose From By 6,066% In The Financial Year To N3.456 Billion; 471% Growth In Profit Before Tax (PBT) ; Deposit Growth Rate Of 1,524%, Return On Equity Rose By 361% And An Exponential Growth In Customer Base From 1,809 To 103,853, Among Other Positive Performance Indices.

Speaking During A Post-AGM Interactive Session With Journalists At The Bank’s 2nd Annual General Meeting (AGM) Held In Abuja, One Of The Leading Shareholders Of The Bank, Alhaji Lawal Garba, Said The Shareholders Were “Very Happy With The Board And Management Of The Bank For The Impressive Performance Recorded During The Year, Particularly On The Innovation That They Have Brought Into Non-Interest Banking In Nigeria.

“We Are Also Very Impressed With Their Entrepreneurship Drive Which Has Impacted On The Way The Bank Is Growing And We Are All Very Impressed And Wish The Bank More Successful Years Ahead.

“Also, We Are Want To Encourage The Management To Continue With The Mandate They Have Been Given By Redoubling Their Efforts Towards The Full Realisation, Though The Efforts They Have Put In So Far Have Been Commendable. Overall, We Are Very Impressed With Their Superlative Performance”, Garba Added.

Earlier In His Address At The AGM, The Bank’s Chairman, Alhaji Tanko Isiaku Gwamna, Noted That The 2020 Financial Year Was A Remarkable Year For The Bank In Terms Of Investment, Market Penetration, Growth, Expansion And Strong Financial And Strategic Performance That Enabled The Bank To Position Itself As One Of Nigerian Growing Banks.

He Linked The Lender’s Superlative Performances To Exceptional Service Delivery, Robust Investments And Deployment Of Critical Technologies And Solutions And Responsive Operational System.

Alhaji Gwamna Restated The Bank’s Commitment To Value-Addition For All Its Shareholders And The Nigerian Financial System, Stressing That Tajbank’s Sustainability Is Guaranteed By The Expansive Value It Is Creating For Its Shareholders, Customers, Employees And All Stakeholders.

He Assured: “Our Commitment To The Creation Of Optimal Shareholders’ Value Remains Solid And Expansive.”

Noting The Increasing Roles Of The Social Media As An Indispensable Tool For Customer Relationship Management, Value Addition And Complaint Resolution, The Seasoned Non-Interest Banker Pointed Out That Tajbank Had Leveraged On Investments In Key Technologies To Improve Its Visibility On Facebook, Instagram, Linkedin, Google+ And Whatsapp.

Alhaji Gwamna Pointed Out That Although Tajbank’s Priority Was To Ensure Optimum Performance And Value Addition Across All Stakeholders, The Bank’s Medium And Long Term Target “Is To Be Among The Recipients Of Key Awards On Product And Service Innovation, Consistently Transparent Corporate Governance Practices And Service Excellence” Through The Utilization Of Its Creative Workforce And Excellent Management Team.

He Also Harped On The Bank’s Relentless Efforts To Upscale Its Corporate Social Responsibility (CSR) Activities In Line With Its Vision Of Funding Programmes And Projects That Promote Financial Inclusion, Economic Prosperity, Equal Access To Opportunities, Sustainable Development And Promote Global Prosperity In Its Host Communities And The Larger Nigerian Society.

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Business

Nigeria, Japan Launch Groundbreaking Youth-Focused Venture Fund

Published

15 hours ago

April 2, 2025

The Gleamer

Joel Ajayi

In a major boost to youth entrepreneurship, Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.

NSIA CEO Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.

With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative, Umar-Sadiq said.

JICA Director General Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

The Coordinating Minister of the Economy welcomed the development, calling it a timely response to Nigeria’s youthful demography. This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.

By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.

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