Business

Bilateral Boost: Nigeria, Italy Forge Path to Shared Prosperity

Published

5 months ago

May 22, 2025

Maryam Aminu

Nigeria’s Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has described the country as one of Africa’s most attractive investment destinations, as Nigeria and Italy take bold steps toward deepening economic and trade relations.

Speaking at the first Nigeria-Italy Investment Summit 2025 (NIIS 2025), themed “Building Bridges: Unlocking Opportunities,” Abbas, represented by Hon. Afuope Afolabi, emphasized Nigeria’s large population, dynamic market, and resource-rich economy as key assets for global investors.

“Italian enterprises have found fertile ground in Nigeria, and we in turn have benefited from these investments,” Abbas said, calling for a reimagined approach to bilateral cooperation through targeted investments in agriculture, energy, oil and gas, agro-processing, and solid minerals.

The summit organized by Giant Gee Nigeria Limited in partnership with the Italian Embassy served as a high-level platform for fostering investment-driven dialogue and strategic partnerships.

Deputy Speaker Benjamin Kalu, represented by Hon. Uchenna Harris Okonkwo, echoed the sentiment, stating, “These are two nations with immense potential. This summit is not just about investment; it’s about aligning values and mutual economic ambition.”

Italian Deputy Ambassador Mr. Lacopo Foti described the gathering as a celebration of shared values, trust, and commitment to sustainable development. “Italy’s cultural heritage and technological expertise make it a natural partner for Nigeria,” he noted.

With 2024 trade volumes between the two countries reaching approximately €2.5 billion, stakeholders expressed optimism that NIIS 2025 would spark greater collaboration and unlock long-term opportunities to transform both economies and improve livelihoods.

Earlier, the Managing Director of Giant Gee Nigeria Ltd, Amb. Engr. Augustine Chigbolu, said the summit aims to revitalize the bilateral business relationship between Nigeria and Italy.

“By fostering these strategic partnerships, the summit aims to not only solidify existing trade relations but also to discover new avenues for joint innovation and development.” He added

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

1 week 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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