Business
TAJBank becomes first corporate to list Sukuk Bond on NGX
Joel Ajayi
TAJBank Limited, Nigeria’s fast-growing non-interest banking services provider, yesterday on the trading floor of the Nigerian Exchange Limited (NGX) became the first corporate to list Sukuk Bond on the bourse.
The bank listed N10 billion Mudarabah Sukuk issuance after it successfully raised over N11.4 billion under its N100 Billion Sukuk Issuance Programme.
The first of its kind in Nigeria is an Additional Tier 1 Capital Mudarabah Sukuk with loss-absorbency features designed to help TAJ Bank strengthen its capital adequacy ratio and general corporate business activities.
The Issuance received interest from both Retail and Institutional Investors, resulting in a subscription of 113.6.
The oversubscription of this Issuance demonstrates that the investment culture in the Country is still vibrant and there is sustained confidence in Nigeria’s path to economic recovery and stability.
Speaking at the closing gong ceremony in commemoration of the listing of the Sukuk issuance on the floor of the Exchange, Chairman, TAJBank, Alhaji Tanko Gwamna who was with top executives of the bank, reiterated that the listing is the first of its kind on the trading floor and it comes with non-interest bearing.
He noted that the listing of the Corporate Sukuk is what the capital market needs to enhance liquidity and further grow Nigeria’s economy.
TAJBank Boss disclosed that the financial institution is considering investing in the manufacturing and Agriculture sectors with raised funds from the Sukuk.
“Manufacturing sector is the only sector that can take most of the youth out of the street and keep them engaged. Also, we are funding agriculture production and its value chain from start to finish. These two sectors are where we wanted to fund the Sukuk issuance,” he said.
“The listing on the Exchange is for investors to trade in the Sukuk and diversify their investment,” he added.
According to him, “We are setting the trend and I’m sure a lot of corporates will come along. We are making more offerings because the market is in need of corporate Sukuk. It was a transparent exercise and people can trade with our Sukuk and it will offer more liquidity for economic growth.
He added that the financial institution very soon will be back in the capital market and raise more funds.
Speaking also, the Managing Director/CEO, TAJBank, Mr. Hamid Joda said the aim of the Sukuk listing is to give Nigeria’s investors alternative means of investment.
He noted that, “Millions of investors have been yearning for non-interest or Islamic instrument. We believe this is an opportunity for them to invest in such an instrument.
“The funds raised will be deployed into high-impact sectors that create jobs in Nigeria’s economy and in that way, it will have high-impact opportunities for millions of Nigerians.
“I believe with this move; we have inspired many other corporates in the financial space to come on board and issue Sukuk for greater development of our dear country.”
Speaking at the ceremony, the Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka commended the efforts of TajBank’s leadership and the parties to the issue: Greenwich Merchant Bank, Lead Issuing House; 117 Capital & Buraq Capital, Joint Sharia Advisers; and United Capital, Brokers, on the transaction.
“NGX will continue to support issuers by providing a platform of choice for capital raising and linking them with a diverse pool of investors.
“The Exchange is also committed to the development of Islamic financing in the Nigerian capital market and continues to implement initiatives to deepen its offerings.”
Commonly referred to as Islamic Bonds, Sukuk – a non-interest-bearing bond- has helped government diversify its sources of funding while offering ethical investors an opportunity to invest in government-issued securities. The instrument has not only helped the government achieve a higher level of financial inclusion but has served as a reference for pricing Sukuk issued by other bodies, especially the private sector.
Business
TAJBank opens another branch in Kano, assures customers world-class service
Joel Ajayi
Nigeria’s fastest growing non-interest banking products and services provider, TAJBank Limited, has opened a new branch in Kano in furtherance of the management’s sustained drive to deepen the brand’s penetration across the geo-political zones of the country.
The opening of the flagship Zoo Road, Kano branch came barely a week after the opening of the bank’s Apapa-Lagos branch and two days after the listing of its N10 billion Sukuk bond issuance on the Nigerian Exchange, making TAJBank the first corporate to list Sukuk bond on the bourse in Nigeria.
Speaking during the Kano branch opening event, the bank’s Managing Director/CEO, Mr. Hamid Joda, told hundreds of businessmen, artisans and individuals who expressed their interest to be among the first customers of the bank, that the management decided to further consolidate on the bank’s operations in the state “to support all Nigerians who desire to have banking services delivered to them at no interest and offer them opportunities to grow their enterprises and meet the needs of their families.
“As you may be aware, we just opened our Apapa-Lagos branch a few days ago. Coming to Kano to open this new branch, along with the existing ones here, is a demonstration of TAJBank board and management’s commitment to offer what no other bank is offering now to customers. I want to assure you that, as our operations mantra says, ‘our only interest is you’, our highly valued customers”, he added.
Joda said that with the licensing of TAJBank by the CBN to operate nationwide, more of TAJBank’s branches would be opened before the end of the first quarter of the year across the six geo-political zones to deepen the nation’s financial inclusion and by implication, lift millions of Nigerians out of poverty level through customized products and services delivery by the bank to its growing customers.
Commenting on the strength of the bank in terms of its customer-friendly services, strong information and Communications Technology (ICT) assets and highly skilled and courteous staff while opening the branch, Alhaji Ali Balarabe, said the experiences of customers at TAJBank’s branches everywhere attested to the fact that the bank was out to really serve its customers in ways no other bank is doing now.
Balarabe, who is Dangote Industries’ biggest distributor in Nigeria, enthused:
“I have been part of TAJBank’s sweet stories over the past three years and given the international and local awards by this bank so far, I can boldly say that TAJBank is the bank setting the pace in innovative products packaging and services delivery to customers.
“I encourage all Kano big business owners, MSME entrepreneurs, artisans, traders and individuals to do business with TAJBank and they will never regret doing so”, he added.
In his brief closing remarks, the Executive Director/ECO of the bank, Mr. Sherif Idi, told the hundreds of people queuing to open accounts in the branch that “identifying with TAJBank brand is the surest guarantee to a fulfilling future for all our customers in the country. Do it today, you won’t regret
-
Featured4 years agoLampard Names New Chelsea Manager
-
Featured3 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured4 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured3 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured2 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports5 months agoTINUBU LAMBAST DELE MOMODU
-
Featured4 years agoBoard urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
-
Sports9 months agoBREAKING: Pinnick Attacks Buhari, Sports Minister Over 3rd Term Ambition
