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

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….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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FAAC MEETING: FG, STATES AND LGCs SHARE N1,152.756 TRILLION FROM A GROSS TOTAL OF N2,326.149 TRILLION FOR THE MONTH OF FEBRUARY, 2024

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The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and  Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month of February, 2024 from a gross total of N2,326.149 trillion.


In a statement Signed by Director, Press and Public Relations of FAAC Mohammed Manga  in Abuja revealed that from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N352.409 Billion, the States received N366.950 Billion, the Local Government Councils got N267.153 Billion, while the Oil Producing States received N166.244 Billion as Derivation, (13% of Mineral Revenue).


The sum of N66.456 Billion was given for the cost of collection, N856.937 Billion allocated for Transfers Intervention and Refunds, while the sum of N250.000 Million was saved.


The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for February 2024, was N460.487 Billion, which was an increase from the N420.733 Billion distributed in the preceding month, resulting in an increase of N39.755 Billion.


From that amount, the sum of N18.420 Billion was allocated for the cost of collection and the sum of N13.262 Billion given for Transfers, Intervention and Refunds. The remaining sum of N428.806 Billion was distributed  to the three tiers of government, of which the Federal Government got N64.321 Billion, the States received N214.403 Billion, Local Government Councils got N150.082 Billion.


Accordingly, the Gross Statutory Revenue of N1,192.428 Billion  received in the month  was higher than the sum of N1,151.808 Billion received in the previous month of January 2024, N40.620 Billion. From that amount, the sum of N47.404 Billion was allocated for the cost of collection, a total sum of N843.675 billion for Transfers, Intervention and Refunds and a total of N200.000 Billion saved.


 The remaining  balance of  N101.349 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N7.351Billion, States received N3.729 Billion, while the sum of N87.394 Billion was allocated to LGCs as Derivation (13% Mineral Revenue).


Also, the sum of N15.789 Billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.274 Billion, States got N7.578 Billion, Local Government Councils received N5.305 Billion, while N0.632 Billion was allocated for Cost of Collection.


The Communique also disclosed N657.444 Billion from Exchange Difference, which was shared as follows: Federal Government received N278.463 Billion, States got N141.240 Billion, while the sum of N108.891Billion was allocated to Local Government Councils, N78.850 Billion was given  for Derivation (13% of Mineral Revenue) and the sum total of N50.000 Billion was saved.


Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Excise Duty and Customs External Tarrif levies (CET) increased significantly, while Oil and Gas Royalties increased marginally.Electronic Money Transfer Levy (EMTL) and Companies Income Tax (CIT) recorded considerable decreases.


According to the Communique, the total revenue distributable for the current month of February 2024, was drawn from Statutory Revenue of N101.349 Billion, Value Added Tax (VAT) of N428.806 Billion,  N15.157 Billion from Electronic Money Transfer Levy (EMTL), and  N607.444 Billion from Exchange Difference,  bringing the total distributable amount for the month to N1,152.756 trillion.


The balance in the Excess Crude Account (ECA) as at March 2024 stands at $473,754.57.


In his opening remarks at the meeting, Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, said in the fiscal side, there is a move to raise the forex trading.


He informed that President Bola Ahmed Tinubu led administration in its avowed determination to achieve and ensure rapid and sustained economic growth in the country has commenced the intervention programme which is a direct payment to about 15 -17 million poorest and vulnerable Nigerians, after carefully making sure that the system is fraud free, using the Biometric Registration and Digital Registering. 


He explained  that there is an increase in revenue, and *we are commending the revenue generating agencies for their hard work

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