Business
Clean Energy Transition Can’t Succeed Without Workers’ Rights – REAN
By Joel Ajayi
The Executive Secretary of the Renewable Energy Association of Nigeria (REAN), Dr. Tosin Akande, has emphasized that a successful clean energy transition is impossible if workers’ rights are neglected.
The energy transition refers to the shift from reliance on fossil fuels to renewable and cleaner energy sources for a more sustainable and environmentally friendly future.
Dr. Akande issued this warning in her goodwill message at the public presentation of the Workers’ Charter of Demand and Stakeholders’ Engagement held on Thursday in Abuja.
She stressed the importance of worker inclusion in the clean energy transition, warning that ignoring labor rights could jeopardize the process.
“A clean energy transition cannot be successful if workers are neglected. We must create mechanisms for reskilling and upskilling, particularly for workers who have spent their careers in the fossil fuel industry,” she stated.
Dr. Akande also highlighted the renewable energy sector’s vast potential for job creation, emphasizing the need for strong policies to prevent unemployment and poor working conditions.
“Without strong policies, many workers could face job losses or poor working conditions,” she warned.
Her goodwill message reinforced the urgent need for collaboration among government, labor unions, and industry stakeholders to ensure that Nigeria’s transition to clean energy is both equitable and sustainable.
Dr. Akande commended Friedrich-Ebert-Stiftung (FES) Nigeria and its partners for their dedication to advocating labor rights amid Nigeria’s energy transition process.
The event, organized by the Institute for Peace and Conflict Resolution (IPCR) in collaboration with FES Nigeria, also marked the launch of the Justice Department Transition Project, which aims to ensure a just and sustainable shift to renewable energy.
Business
TAJBank Emerges Nigeria’s Biggest Non-Interest Bank
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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