Business

TAJBank revs up nationwide operations drive, opens Apapa branch

Published

2 years ago

February 13, 2023

Tolu Francis

TAJBank Limited, Nigeria’s fast-growing non-interest banking services provider, on Thursday opened a new branch in Apapa, Lagos in furtherance of its current drive to provide seamless financial transactions and advisory services for its growing customer-base.

It would be recalled that the bank secured its national banking license from the Central Bank of Nigeria (CBN) about six months ago and the opening of the Apapa branch is part of the board and management’s initiatives to open new branches within the next few months across the geo-political zones in the country.

Speaking at the opening ceremony, TAJBank’s Founder/Managing Director, Mr. Hamid Joda, said Apapa was targeted for the commencement of the bank’s branch network expansion in the South West region because of the strategic position in the nation’s business operations and the need to offer customers real-time, technology-powered world class services.

He said: “We are very excited to begin the deepening of our non-interest and customer-focused products and services in Apapa, Lagos as we commence the expansion of our services across the geo-political zones of the country.

“This is a mega branch based on the investments in technologies and solutions and the quality of human resource we are putting in place here and we intend to put in other branches we are opening very soon because we intend to offer what other banks are not offering in terms of value-addition to our customers.

“With this move, we want to assure Nigerians and other residents and businesses in our country that TAJBank’s only interest is our customers and in line with our business philosophy, we shall continue to offer them products and services that surpass their expectations in the years ahead.”

In his remarks, the bank’s Executive Director, Mr. Sherif Idi, recalled that the sterling performance of the non-interest lender was recognized both in Nigeria and internationally given “the awards from Business Day and Leadership newspapers and other global rating agencies to TAJBank in recognition of our world-class operational standards and service quality.”

In his remarks during the new branch opening event, the Managing Director/CEO of IAL Nigeria Limited who shares in the vision and business philosophy of TAJBank, Alhaji Ismail Adetola Lawal, commended the Board and management of the Non-interest Bank for opening the Apapa branch for the benefit of business owners and the Nigerian economy.

He said “My prayer for TAJBank limited is that the Almighty God will continue to build the Bank and make it the preferred choice for millions of Nigerians that are looking for interest free banking products and services. I want to assure them that TAJBank will not disappoint them but surpass their expectations.”

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Business

FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September

Published

10 hours ago

October 17, 2024

The Gleamer

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.

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 the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.

The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

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