Business

CBN Issues National Licence To TAJBANK

Published

3 years ago

July 27, 2022

…as lender revs up financial inclusion drive

By Mariam Sanni and Joel Ajayi

TAJBank Limited, Nigeria’s leading non-interest bank, has secured the approval for nationwide banking operations from the Central Bank of Nigeria (CBN).

The license is coming on the heels of several awards bagged by the bank in the past two years of operations in recognition of its outstanding banking services, including three International Standards Organization (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience prioritization.

Speaking on the national licence issued to the bank by the Apex bank during a media chat on Wednesday in Abuja, the bank’s Managing Director/CEO, Mr. Hamid Joda, described it “as another feat achieved by the Bank to leverage on our cutting-edge and impressive products and service delivery scorecards and by so doing, make TAJBank the preferred choice in non-interest banking operations at the grassroots in the country.

“We want to thank the regulatory authorities for issuing a national license as well as the growing number of our customers who are yearning to see us give them the best in non-interest banking services, especially at the grassroots and throughout the country.

“I want to assure them that with the latest approval by the authorities, we will deploy all human and technological resources to their doorsteps and give real meaning to the National Financial Inclusion Strategy (NFIS) by bringing world class non-interest banking products and services to their doorsteps for growth and prosperity”, Joda assured.

Attributing TAJBank’s impressive performances over the past two years to innovativeness in key areas of customer-centric service delivery powered by world-class technologies and solutions, human resource capacity building and shareholders and customers’ growing confidence, the CEO said the national license would help in growing the bank’s agency network to 25,000 by 2025, thereby reducing the financial exclusion rate.

It would be recalled that TAJBank’s management had last month unveiled plans to launch Nigeria’s first private sector Sukuk offering under a N100 billion programme under a Mudarabah structure, thereby marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

Commenting on the national licence issuance to the non-interest lender, the bank’s Executive Director, Mr. Sherif Idi enthused: “We are very excited to achieve this feat, especially when the potential benefits to our customers and the nation’s economy cannot be quantified in socio-economic terms. For us, it is a call for more services to millions of Nigerians, who are desirous of having access to credit without pains. Let me say it loud, we shall not disappoint them on this expectation.”

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Business

Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General

Published

6 days ago

June 12, 2025

The Gleamer

…Urges National Assembly to Pass Audit Bill 2022

Joseph Bisi

As Nigerians commemorated a historic milestone in their collective pursuit of a more socio-economically robust nation, the Auditor-General for the Federation (AuGF), Shaakaa Kanyitor Chira, has implored the nation’s leaders and citizenry to intensify their efforts in championing the cause of fiscal discipline and accountability within the public finance system. In a brief conversation with journalists to mark the 2025 ‘Democracy Day’ on Thursday, the AuGF commended President Bola Tinubu’s administration for its ongoing fiscal and tax reform initiatives, describing these measures as essential for enhancing the nation’s revenue generation and budgetary expenditures. Chira explained that transforming the potential benefits of these reforms into tangible gains for the citizenry required more transparent fiscal mechanisms for the monitoring and evaluation of government expenditures, including the auditing processes and the timely appraisal of the Audit report by his Office, free from political interferences. He said: “Today’s Democracy Day is worthy of celebration, given the political history of the country and the prospects for sustainable development. Over the past few years, we have witnessed a series of reform initiatives by both past and present administrations aimed at improving the nation’s fiscal system, particularly under President Bola Tinubu, based on the current Tax Reforms and Fiscal Policy Bills that are being finalized by the National Assembly. “Let me emphasize that these measures are not merely desirable for Nigeria’s sustainable development; the enactment of the four pivotal bills will significantly contribute to stabilizing the financial system while also promoting transparency in public finance and prudent governance at all levels of government throughout the country. “It is imperative to underscore, however, that the role of the Office of the Auditor-General of the Federation (OAuGF) in achieving these laudable objectives may be impeded if the Audit Bill currently before the National Assembly is not enacted into law. “The passage of the Bill, which seeks to augment the AuGF’s role in ensuring accountability, transparency and value for money in government expenditure while empowering the AuGF with administrative and financial autonomy, is crucial for enhancing transparency and accountability within Nigeria’s public finance system that aligns with International Standards of Supreme Audit Institutions (ISSAIs). “Therefore, I seize this opportunity to appeal to our lawmakers in the National Assembly to prioritize the passage of the Audit Bill as a strategic legislative initiative to achieve the commendable goals of the Tax Reforms and Fiscal Policy Bills they are presently finalizing,” the AuGF added.Experts are of the view that the Auditor-General’s call for the passage of the Audit Bill 2022 aligns with the OAuGF Strategic Plan 2024-2028, which encapsulates the objectives of the Office being the Supreme Audit Institution(SAI) of Nigeria, aimed at enhancing public sector governance and accountability. The four principal objectives of the Strategic Plan include Goal 1: Focusing on the enhanced independence and mandate of the OAuGF; Goal 2: to mitigate mismanagement of public funds through more robust follow-up on audit recommendations; Goal 3: to ensure improved financial reporting within the public sector; and Goal 4: to establish the OAuGF as a model institution not only in Nigeria but on a global scale.

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