Business

Hon. Minister of State for Industry Flags Off Ikom-Etomi-Agbokim Waterfalls Road Project

Published

10 months ago

January 8, 2025

Ikom, Cross River State – In a landmark event held on January 8, 2025, the Honourable Minister of State for Industry, Senator John Owan Enoh, officially flagged off the construction of the much-anticipated Ikom-Etomi-Agbokim Waterfalls road. The project, initiated under the leadership of President Bola Ahmed Tinubu, is set to address decades of challenges faced by the region, enhancing connectivity, tourism, and economic growth.

During his speech at the flag-off ceremony, Senator Enoh highlighted the historical and economic importance of the route, which links the four government-owned cocoa estates established during the late Michael Okpara administration. He emphasized that this project is not just about building a road but about addressing longstanding issues and fostering development for the people of Cross River State.

“The importance of this route cannot be overstated,” the Minister remarked. “From boosting tourism at Agbokim Waterfalls to improving the livelihoods of cocoa farmers and local traders, this project will transform the region.”

The Minister expressed profound gratitude to President Tinubu for his unwavering support and transformational leadership. He lauded the President’s initiative in naming the Lagos-Calabar Coastal Highway, which includes this road, as a critical federal project, thereby cementing Cross River State’s inclusion in national infrastructure plans.

Senator Enoh also thanked the Niger Delta Development Commission (NDDC), led by its Managing Director, Dr. Samuel Ogbuku, for taking decisive steps to redeem the region’s infrastructure legacy. He acknowledged the initial setbacks faced by the project, including poor contractor selection in 2012, and praised

the current leadership of the NDDC for ensuring a fresh start with competent contractors and a renewed commitment to quality and timely delivery.

Reflecting on the personal significance of the project, Senator Enoh shared his emotional connection to the road, which has been a subject of controversy and delays for years. “For me, public service is about delivering happiness and excitement to the people,” he stated, adding that the successful commencement of this project marks the end of a longstanding jinx.

The road is expected to significantly boost tourism in the region by improving access to the renowned Agbokim Waterfalls, one of Nigeria’s most famous natural attractions. Additionally, the project is poised to enhance economic activities, particularly in agriculture and trade, benefiting local communities along the route.

The ceremony witnessed a large turnout of community members, stakeholders, and government officials, all united in their excitement and optimism for the positive impact the road will bring.

As the construction begins, the people of Cross River State look forward to the fulfillment of this transformative vision, one that promises to strengthen infrastructure, foster economic development, and create a lasting legacy for the region.

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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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