Business

RMAFC Chairman In Partnership With Firs Flags Off Revenue Recovery Exercise To Boost Federation Account

Published

5 days ago

October 20, 2025

Joel Ajayi

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Chairman, Dr. Mohammed Bello Shehu, OFR, on Monday, 20th October, 2025, hosted the Special Adviser to the President on Revenue Matters and Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji at the Commission’s Headquarters in Abuja for the formal inauguration of the Engaged Consultants for the Revenue Recovery Exercise.

In his remarks, Dr. Shehu reaffirmed the Commission’s determination to strengthen Nigeria’s fiscal governance and ensure that all revenues due to the Federation are fully accounted for and remitted into the Federation Account According to him, “This exercise is not a routine administrative action but a deliberate, result-oriented innovation designed to strengthen fiscal governance and ensure every recoverable naira due to the Federation is transparently remitted.”

He explained that the engagement of consultants was a strategic initiative aimed at plugging revenue leakages, enhancing transparency, and boosting the fiscal capacity of the three tiers of government, in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.

Dr. Shehu said, “In line with the constitutional responsibility of the Commission, and with the full support of Mr. President and the Special Advisor to the President on Revenue, as well as the Executive Chairman of the FIRS, this initiative for spatial recovery projects to identify and recover unremitted revenues across sectors of the economy was brought into light.”

The FIRS Chairman, represented by the Coordinating Director of FIRS, Mr. Shettima Tamadi, who inaugurated the consultants, commended the RMAFC Chairman for his proactive leadership and reaffirmed the FIRS’s commitment to effective collaboration with the Commission in realizing the objectives of the recovery programme.

He said, “Nigeria has a huge revenue gap, but with stronger collaboration between agencies and partners, we can bridge that gap and achieve sustainable fiscal growth.”

In his speech, Mr. Joseph Nwaeze Okechukwu, Secretary to the Commission, appreciated all stakeholders for their support and urged the consultants to work diligently to complete the assignment within the stipulated six-month timeframe.

He emphasized that the consultants must ensure that all identified recoverable revenues are promptly returned to the Federation Account to support national development priorities.

Delivering his acceptance speech on behalf of the consultants, the lead consultant, Mr. Temitayo Ojeleke described the engagement as a national call to duty and assured the Commission and FIRS of their commitment to professionalism, transparency, and measurable results.

He said, “We accept this assignment as partners in Nigeria’s economic renewal, ready to deliver results that will strengthen the nation’s revenue base.”

The inauguration marks a significant milestone in RMAFC’s ongoing efforts to enhance inter-agency collaboration, improve accountability, and maximize revenue generation for the collective benefit of the Federation.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

3 days ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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