Business

RMAFC Chairman, Champions New Revenue Optimization Initiative in Collaboration with NASDRA

Published

9 months ago

January 30, 2025

Joel Ajayi

The Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Muhammed Bello Shehu, OFR, has reaffirmed the Commission’s commitment to modernizing Nigeria’s revenue generation in collaboration with the National Space Research and Development Agency (NASDRA) and other key stakeholders.

The Chairman made this reaffirmation on
Thursday, at the Commission’s Headquarter in Abuja, during the launching of the implementation of the Presidential initiative on revenue optimisation and digitalisation via space technology.

The Chairman recalled that during his inaugural speech, His Excellency, President Bola Ahmed Tinubu, GCFR, emphasized the importance of economic recovery through enhanced revenue generation, which can primarily be achieved through the discovery of new revenue streams.

He emphasized that the Renewed Hope Agenda of this Administration can only be realized through the implementation of efficient revenue generation methods, with the creation of new revenue streams through the use of modern technology.

Dr. M.B. Shehu, OFR said, “We stand at the threshold of a new era, where innovation, creativity and collaboration drive economic growth and progress. It is indeed not an overstatement to say that the traditional sources and methods of revenue generation, apart from the fact that they are no more in vogue, are, most importantly, not sufficient to meet the evolving needs of our great Nation. Therefore, as key stakeholders, we must think innovatively and collaboratively to unlock new opportunities for economic growth and development in the interest of our beloved country.”

Dr. Shehu, therefore, emphasized the need for a strategic, technology-driven approach to revenue mobilization, pointing out that effective collection, accountability, and proper utilization of revenues are essential for national development. He posited that optimizing revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders. “We are at the verge of writing a new chapter in Nigeria’s leadership. The collective determination of stakeholders here today is key to optimizing revenue collection and utilization. This is a task that must be achieved for our dear country.” He said.

The Director General of NASDRA, Dr. Matthew Olumide Adepoju, highlighted the potentials of space technology in revenue mobilization, noting that with AI, robotics, and space innovation, Nigeria can generate up to $50 billion annually while also strengthening national security.

Earlier in his Welcome Address, the federal commissioner representing Bauchi State in the Commission and Ag. Chairman of the Mobilization and Diversification Committee, Engr. Muhammed Sani Baba acknowledged the importance of the initiative and called for the support of all stakeholders to ensure its successful implementation.

He disclosed that the occasion was organised as a step towards the implementation of the directive of Mr President that the generation, collection and subsequent utilization of revenue should be modernized for the growth of the country and its exciting future.

A technical session featured a NASDRA-led presentation on leveraging space science and technology to block revenue leakages and create new revenue streams.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks 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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