Business

RMAFC Charges Stakeholders on the Implementation of Recommended Remuneration Packages

Published

8 months ago

February 27, 2025

Joel Ajayi

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has reiterated the need to ensure adherence to constitutional provisions in implementing its recommended remuneration packages for political, public, and judicial office holders especially at the state and local government levels.

Speaking at a one-day workshop held at the Commission’s Headquarters today, Thursday, 27th February 2025, in Abuja, RMAFC Chairman, Dr. Mohammed Bello Shehu, OFR, emphasized that proper implementation of remuneration packages is crucial for ensuring good governance and reducing the cost of governance in Nigeria.

“The Commission had observed lapses in the implementation of its remuneration reports at the state and local government levels, as revealed in our 2019 pilot monitoring exercise. Many states have adopted the Commission’s recommendations without the required legislative action, thereby contravening constitutional provisions,” Dr. Shehu stated.

He further highlighted that the disregard for the prescribed remuneration package for elected councilors at the local government level remains a key concern. “Respect for the remuneration package at all levels of government will go a long way in promoting transparency and fiscal discipline in governance,” he added.

Earlier in his welcome address, the Federal Commissioner representing Gombe state in the Commission Hon. Mohammed Kabeer Usman, who is the Chairman of the Remuneration and Monetization Committee, underscored the importance of the workshop in addressing challenges in the implementation process.

“The determination of remuneration packages for political, public, and judicial office holders is one of the core functions of the Commission, as provided under the 1999 Constitution. This workshop serves as a platform to educate stakeholders and ensure compliance with constitutional requirements,” Hon. Usman stated.

He urged participants to actively engage in deliberations, emphasizing that the knowledge gained from the workshop should be applied to facilitate the proper execution of remuneration packages at the state and local government levels.

Also speaking, the representative of the Chairman of the Association of Local Governments in Nigeria (ALGON), Dr. Aminu Hassan, in his goodwill message, expressed optimism that the workshop would foster collaboration between state executives and legislatures.

“ALGON hopes that this workshop will go a long way in cementing a symbiotic relationship by the executives of their respective states and the legislatures, ensuring that we implement a single remuneration for executive political office holders,” he stated.

In her goodwill message, the Chairman of the Forum of Clerks of the Nigerian Legislature (FOCON), Barr. Rukayyatu Adamu Jalo expressed appreciation to the RMAFC Chairman for including FOCON in the workshop. She disclosed that it was the first time the forum was being recognized. Barr. Jalo acknowledged the value the workshop would add to its members.

Delivering the vote of thanks at the end of the opening ceremony, the Secretary to the Commission, Engr. Joseph Okechukwu Nwaze expressed gratitude to the Chairman for organising the workshop and commended the commissioners for their participation. He assured everyone that the workshop would provide valuable insights and practical takeaways to aid the effective implementation of remuneration packages.

The workshop brought together key stakeholders, including state executive representatives, state legislators, and local government officials, to address critical issues in the implementation of RMAFC’s remuneration recommendations.

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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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