Business

TAJBank Earns Highest Credit Ratings In NIB Sector

Published

2 years ago

December 13, 2023

Joel Ajayi

TAJBank Limited, Nigeria’s leading non-interest banking services provider, has again set a record with Bbb+ rating by the foremost rating agency – Agusto & Co thereby making the fast-growing non-interest lender the best rated in the nation’s Non-Interest Banking (NIB) space.

The latest rating, which is a notch up from the Bank’s previous rating, comes in recognition of the bank’s high quality balance sheet and robust earnings capacity.

The lender clinched the rating of Bbb last year despite the prevailing economic situation, but this year took its operational efficiency and best practice principles higher to Bbb+, which industry analysts attributed to bank’s zeal and strong performance rendering its innovative products and services to its growing customer base.

Commenting on the improved rating of the bank by the rating agency, the Founder/CEO of the fastest growing and value-driven non-interest lender, Mr. Hamid Joda, described the improved rating by Agusto & Co as a clear demonstration that TAJBank has continued to prioritize necessary risk management and operational controls, with clear focus on quality processes related to first class standards, management, and administration lifecycle.

He enthused: “The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardization of the bank’s operations, especially in terms ensuring high operational standards and service provisions for our growing customers on a sustainable basis.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers and by so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.

“Our message to both current and potential customers out there is that with TAJBank, they can be rest assured of safety of their transactions and the bank’s readiness to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer”, Joda assured.

In his remarks, the bank’s Executive Director, Sherif Idi, said that the latest TAJBank ratings by Agusto & Co, had again “reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender that today remains at the leading edge of the NIB sub-sectoral market and is determined to retain this position in the years ahead by prioritizing investment in human capital and innovative technologies and solutions in order to continue to serve its customers better and add value to the businesses or socioeconomic well-being.”

Agusto & Co assigns credit risk ratings to various entities, including financial institutions, companies in the industrial and commercial sectors, state governments, mutual funds, asset management companies, leasing companies and pension funds.

The firm’s rating is monitored and can be revised upwards or downwards depending on changes that occur in the organization during the validity period of the rating.

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Business

Ministry of Arts, Culture and Creative Economy Presents Budget Performance Report to National Assembly

Published

7 mins ago

June 19, 2025

The Gleamer

Joel Ajayi

The Ministry of Art, Culture, Tourism and Creative Economy has presented its budget performance report to the National Assembly, highlighting the ministry’s achievements, challenges, and future plans.

The report which was presented to the House Committee on Art, Culture and Creative Economy on Wednesday, detailed the ministry’s efforts to promote Nigeria’s cultural heritage, support the growth of the creative industry, and drive economic growth.

The ministry’s initiatives include developing a robust intellectual property policy, investing in infrastructure, and fostering collaboration with stakeholders.

The ministry’s budget performance presentation which highlighted its eight-point plan, initiatives such as Nigeria Destination 2030, skills development, policy frameworks, intellectual property protection, strategic partnerships, growth targets, digital transformation, and cultural heritage preservation was given a thumbs up by the House committee.

During the presentation, the minister, Barr Hannatu Musa Musawa highlighted the challenges faced by the ministry, including limited resources and infrastructure. Despite these challenges, she said that the ministry has made significant progress in promoting Nigerian culture and supporting the creative industry.

Musawa also emphasized the importance of collaboration and partnership in driving the growth of the creative industry.

“We cannot do this alone. We need to work together with stakeholders, including industry experts, international partners, and the National Assembly, to drive economic growth and job creation”.

The minister explained that the ministry’s initiatives are expected to have a significant impact on the creative industry, generating revenue, creating jobs, and promoting Nigerian culture globally. She stated that the ministry is also exploring ways to develop infrastructure, including a physical Bollywood-style destination, and creating a streaming platform to showcase Nigerian content.

“The ministry has also secured a grant from the French treasury to support infrastructure development, and is working to leverage international partnerships to drive growth in the creative industry” the minister said.

Earlier, the Permanent Secretary of the Ministry Dr Mukhtar Yawale Muhammed, MFR, mni. highlighted key achievements and budget performance in the sector as well as the ministry’s GDP contribution to the economy, tourism revenue accrued, and project implementation.

The Chairman, House Committee on Art, Culture and Creative Economy Hon. Gabriel Saleh Zok commended the ministry’s initiatives and expressed the Committee’s commitment to support the growth of the creative industry.

“We are here to access your budget performance and ensure effective utilization of funds appropriated. We expect to have a closer working relationship with the ministry”.

The interaction with the House Committee members provided insights into the Ministry’s efforts to drive economic growth and development through strategic initiatives and project implementation.

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