Business

RMAFC Holds Strategic Retreat To Review Remuneration Packages For Political Office Holders

Published

2 months ago

August 21, 2025

Joel AJAYI

In a significant move towards the implementation of one of its core mandates, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced a strategic retreat in Kano aimed at harmonising reports in the bid to review the remuneration packages for political, public, and judicial office holders across the country.

Declaring the retreat open, the Chairman of the Remuneration and Monetisation Committee (RMAFC), Hon. Mohammed Kabeer Usman, who also serves as the Federal Commissioner representing Gombe State, underscored the importance of the assignment to the stability and growth of Nigeria’s governance structure

Hon. Usman reminded participants that the 1999 Constitution (as amended) empowers the Commission to determine appropriate remuneration for political, public, and judicial office holders at all levels. He noted that the Commission had earlier taken some steps towards the review of the remuneration package to reflect prevailing economic realities.

According to him, “The Commission carefully considered a wide range of perspectives, including memoranda from stakeholders, public hearings, and ministerial submissions, while also drawing from economic indicators and remuneration practices in other countries.”

He further explained that the review process was not only about figures but also about sustainability and affordability. “The Commission has equally analyzed the capacity of government to implement the review package, ensuring that recommendations remain fair, realistic, and sustainable,” he stated.

Speaking further, Hon. Usman disclosed that the Committee was directed to harmonise the earlier report and subsequent addendum into a single document so as to provide a clear and comprehensive framework for implementation.

He appealed to members to bring their diverse experience and knowledge to bear, stressing that the retreat must produce outcomes that are balanced and beneficial to all. “I implore everyone to contribute towards achieving the purpose of our gathering, given our varied knowledge and wealth of experience,” he said.

The retreat is expected to set a sustainable framework for political, public, and judicial office holders’ remuneration in line with the mandate of the Commission.

Present at the retreat are RMAFC Federal Commissioners: Hon. Adamu Fanda representing Kano state, Hon. Henry Nduka Awuregu, Hon. Aruviere Egharhevwa representing Delta state, Hon. Hassan Usman Mahmud representing Kaduna stat and Hon. Hauwa Umar Aliyu representing Jigawa state, Hon. (Prof.) Steve Davies Ugbah representing Benue state, Hon. Abdulazeez Idris King representing Kogi State, Hon. Aliyu A. Abdulkadir representing Nassarawa State; and Hon. Nathaniel Adojutelegan reprenting Ondo State.

The Secretary of the Committee, who is also the Director of Fiscal Efficiency in the Commission Dr. Tanimu Adamu Aliyu, FNIM. and other supporting staff were also in attendance.

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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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