Business

Finance Ministry Organizes 2 day Workshop on Performance Management System for Directors

Published

5 months ago

May 20, 2024

Joel Ajayi

In its avowed determination to enhancing efficiency, productivity, and accountability in line with the policy thrust of the present administration, the Federal Ministry of Finance has organized a 2-Day sensitization workshop on Performance Management System (PMS) for Directors and their Deputies,
designed to improve productivity within the organization.

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, while declaring the workshop open, stated that the event aims at equipping Directors with the knowledge and skills necessary to effectively implement and manage the Performance Management System, aligning with the Ministry’s goals and objectives.

Represented by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, Edun stated further that the workshop will provide a platform for Directors to share best practices, challenges, and experiences, fostering a collaborative and supportive environment.

We are committed to enhancing the performance and effectiveness of our Directors, and this workshop is a crucial step in achieving that goal. We believe that this sensitization will have a positive impact on the overall performance of our Ministry and ultimately benefit the citizens we serve, he said.

Edun informed that the PMS was part of the government’s ongoing efforts to reform and modernize the public service, which he said will provide a framework for setting performance standards, monitoring progress, and evaluating the performance of officers in their various workplaces.

He explained that with the PMS, staff will be held accountable for their performance, and their appraisal will be based on clear and measurable Key Performance Indicators (KPIs). The system will also provide opportunities for training and development to ensure that staff have the necessary skills and competencies to excel in their roles.

The PMS is expected to improve the overall performance of the public service, enhance the delivery of public services, and promote a culture of excellence and accountability, the Minister added.

He expressed optimism that the workshop will equip Directors with the knowledge and skills necessary to implement effective strategies for optimal productivity in their respective Departments.

While charging the Directors to take the workshop seriously, as it is crucial in the realization of the Ministry’s Mandate in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration, Edun emphasized the importance of effective performance management in enhancing accountability, transparency, and productivity in the Ministry.

He expressed his confidence that the workshop will have a positive impact on the performance of the Directors and the Ministry as a whole. The Minister encouraged the participants to be open-minded, engage actively in the discussions, and implement the knowledge and skills acquired in enhancing accountability as well as productivity in their respective Departments.

Earlier in his opening remarks, the Ministry’s Permanent Secretary Special Duties, Mr Okokon Ekanem Udo, stated that the Performance Management System has come to stay and that all staff have key roles to play in institutionalising it.

He stated further that the workshop was imperative as it provides an avenue to share ideas, knowledge, and experience in order to be on the same page regarding the implementation of the Ministry’s Performance Management.

The Permanent Secretary noted that the workshop will enable Directors and their Deputies to deeply reflect on key Result Area (KRAs), objectives and Key Performance Indicators (KPIs) of their respective Departments/Divisions with a view to restrategizing to achieve desired goals in line with the Ministry’s Mandate.

Speaking on behalf of Directors, the Director, Economic Research and Policy Management (ERPM), Mrs. Grace Ogbonna described PMS as a move in the right direction as it aims not only at entrenching excellent service delivery to Nigerians but also ensuring the principles of accountability, transparency and imbuement of contemporary methodologies to effectively measure, monitor and optimise our performance in fulfilling our Mandate to the nation.

She thanked the Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya and the Permanent Secretary, Special Duties of the Ministry of Finance, Mr Okokon Ekanem Udo, for creating an enabling environment for the successful hosting of the event.

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Business

TAJBank Sets Industry Record, Pays 2nd Dividend In 4 Yrs

Published

19 hours ago

October 21, 2024

The Gleamer

…As Shareholders’ Fund Grows By 960%

TAJBank Limited, Nigeria’s fastest growing non-interest bank, has set a new record in Nigeria’s banking sector history with the payment of dividends to its shareholders at the end of its half year ended June 2024, the second in its 4th year of operations.

The multiple award-winning non-interest lender in the half year under review paid 10% cash as interim dividend to its shareholders, following the approval of the financial statements by the Central Bank of Nigeria.

Another major highlight of the bank’s financial report showed that the bank blazed a major trail in financial management with the shareholders’ fund surging from N5 billion in 2019 to over N53 billion in June this year, representing 960% growth in the investors’ fund.

In the half year under review, the bank’s gross earnings rose to N32,846 billion from N17,022 billion recorded in 2023 financial year, representing a 93% increase over the preceding year’s earnings, amongst other impressive financial indices.

Speaking with journalists during a virtual chat at the weekend on the bank’s half year 2024 financial results, particularly on the payment of dividends to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “The payment of this second tranche of dividends to our shareholders barely four years of TAJBank’s operations is historic as this is the first time such a feat is recorded in the over 100 years of banking services in Nigeria.

“With this milestone, the bank’s board and management are telling investors in Nigeria and outside the country that TAJBank will consistently add value to their investments and continue to reward them for their confidence in our bank not only financially but also in creating opportunities for them to grow their businesses and improve their wellbeing.

“As the public can see from the latest financial statements of the bank, the sterling performances of TAJBank clearly attest to the management’s proactive strategies and innovativeness in product development and service delivery. All these are aimed at surpassing our customers’ expectations and demonstrating to the investment publics in Nigeria and globally that the primary purpose of being in business is to best serve their interests”, the banker added.

Similarly, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, enthused: “TAJBank’s impressive financial performance in the current half year 2024 further demonstrated its resilience and the management’s uncommon zeal for excellence in all areas of its operations.

“Let me emphasize here that we are very grateful to all the shareholders and urge them to always support the board and management in their sustained efforts to transform TAJBank to the foremost non-interest bank in Africa, having attained the number one ranking in Nigeria by all assessment standards in this few years of its operations”, the banker added.

It would be recalled that TAJBank had last year impressed its shareholders by raising their earnings per share from N31.06 kobo in FY2022 to N65.40k per share, indicating 114.56% improved returns on their investments.

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