Business

TAJBank Signs Agreement For N20Bn Mudarabah Sukuk Bond Issuance

Published

4 months ago

June 10, 2025

Joel Ajayi

TAJBank, Nigeria’s leading non-interest lender, on Tuesday signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme.

The latest investment initiative of the multiple award-winning non-interest lender, which is coming after about two years following the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023, presents another opportunity for individuals and corporate investors to stake their funds in an ethical instrument with a competitive 20.5% per annum return.

Specifically, the new Mudarabah Sukuk bond of TAJBank, which has secured all necessary regulatory approvals, is designed to offer a stable and ethical investment option to investors to participate in the bank’s profit-sharing ventures, and underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country.

According to the management of the bank, the new Mudarabah Sukuk bond is open to all investors, both individuals and corporates and the goal is to provide a reliable source of extra income, accessible from the comfort of your home.
Briefing journalists on the importance of the agreement signing ceremony, the Chairman of TAJBank, Alhaji Tanko Isiaku Gwamna, said: “The offer of the N20bn Mudarabah Sukuk to the market is to avail members of the public an investment opportunity that aligns with ethical financial principles.

“As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model”, the Chairman assured.

He further advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing processes.

Commenting on the historic pact between his company and TAJBank on the Sukuk bond issuance, CEO of the lead issuing house – AVA Capital Ltd, Mr. Kayode Fadahunsi, said: “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarah Sukuk in the NGX as part of its N100 billion programme.

“I want to assure investors that as was the case in the Bank’s maiden Sukuk bond listing on the Exchange, the bank’s management will surpass their expectations in terms of return on their investment and other benefits in this second outing”, Fadahunsi added.

Investment analysts strongly believe that the N20 billion second tranche Mudarabah Sukuk bond issuance with a 20.5% annual return is potentially among the best offer to investors seeking to diversify their investment portfolios and good returns on a sustainable basis.

It would be recalled that TAJBank’s Founder/Managing Director, Mr. Hamid Joda had, during the beating of the Gong on the listing of the Bank’s maiden N10 billion Sukuk bond on the NGX in February 2023, which was over-subscribed by over 115%, assured investors of good returns on their investments and the Board has been fulfilling the promise since then

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

4 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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