Business

Customer-centric service values, innovation earned us 2022 Award – TAJBank MD

Published

2 years ago

November 13, 2022

Joel Ajayi

For the second consecutive year, judges at the BusinessDay’s ‘Banks and Other Financial Institutions (BAFI) Awards have rated TAJBank Limited, Nigeria’s leading non-interest bank, as the winner of the ‘Islamic Bank of the Year Award’ 2022 for the bank’s impressive performance during the year.

In a pre-award ‘Notification of Shortlisting At BusinessDay Banks and Other Financial Institutions’ (BAFI) Awards’ letter by the management of BusinessDay dated October 13, 2022 to TAJBank management, the awards’ organisers stated: “It would not be an exaggeration to say that 2022 has been the Year of TAJ when the bank has been setting one record after the other.

Having won the Islamic Bank of the Year Award at the 2021 edition of the BAFI Awards, this back-to-back shortlisting would make it a first if TAJBank wins again this year.”

The BAFI Awards’ organisers attributed the nomination of TAJBank for the 2022 Award to the bank’s financial performance; credit rating upgrade to “Bbb” by Augusto & Co reflecting “the Bank’s good liquidity profile, satisfactory capitalization, improving profitability and a growing franchise in the Islamic banking space”, Issue of National Banking License by the Central Bank of Nigeria; and successful issuance of its N100 billion Series 1 Sukuk programme, amongst others.

After several days of appraisal of the nominees for this year’s Award, the BusinessDay management formally conferred the ‘Islamic Bank of the Year Award’ 2022 on TAJBank on November 5 this year at an impressive ceremony where hundreds of the bank’s customers described the award “as well deserved”.

Speaking on the BAFI award to the bank, the Managing Director/Chief Executive Officer of TAJBank, Mr. Hamid Joda, described it as “unequivocal proof that our Board and management, supported by our very resourceful, customer-friendly staff, are on the right track in our sustained drive to re-define non-interest banking in Nigeria, especially in terms of our innovativeness and customer-focused products and services delivery.

“We are excited by the award, which we have won now for the second consecutive year in justly barely less than three years of our operations and we want to assure the regulatory authorities, our stakeholders and customers that we will not relent in our efforts to consistently deliver the best to our customers in services and by so doing, grow our shareholders’ funds and returns on their investments in the years ahead.

“Let me say that this award is earned because our customers, who, are our “only interest” are doing their best to support the bank and we dedicate the award to them and Almighty God that enables us to keep TAJBank growing at all fronts”, Joda added.

TAJBank had won the Leadership Newspapers’ 2020 Bank of The Year’ award barely a little over a year after it debuted as a non-interest bank in Nigeria based on its innovativeness and standardization in products and services delivery.

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Business

FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September

Published

1 day ago

October 17, 2024

The Gleamer

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.

The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

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