Business
TAJBank Earns Highest Credit Ratings In NIB Sector
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.
Business
FG To Seize Mortgaged Property of Defualting Retiring Public Servants
Joel Ajayi
Federal Government Staff Housing Loans Board will henceforth seize mortgaged properties of retiring federal public servants who failed to fully repay the housing loans advanced to them by the board.
In a statement issued by the Staff Housing Loans Board Head, Information & PRU Obiechina Ngozi on Wednesday in Abuja reveals that this is in accordance with the Public Service Rules 021002 (p) as issued by the Office of the Head of the Civil Service of the Federation.
The OHCSF sent out the memo as a reminder for the federal public servants who are about to retire to adhere strictly to the provisions of the Public Service Rules.
The memo reads; “I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-indebtedness to the Federal Government Staff Housing Loans Board (FGSHLB) and any MDA Staff Multipurpose Cooperative Society, as issued by the OHCSF, as a prerequisite for retirement.”
“Further to the above, it should be noted that in the event of exiting the service prior to full repayment of the housing loan advanced by the FGSHLB, the Board shall exercise its legal right to seize the mortgaged property.”
Speaking on the above, Salamatu Ladi Ahmed, Executive Secretary, FGSHLB, reiterated that the warning is also for retired officers who defaulted.
She stated that the management of the Board, on its part, is compiling the list of all retired federal public servants who are still owing the housing loans they obtained while in service, to be sent to relevant regulatory agencies to recover the debts from them.
FGSHLB is committed to ensuring that all public servants comply with this rule and obtain the necessary Certificate of Non-indebtedness before retirement, and urge all those affected to take immediate action and settle any outstanding debts or liabilities with the Board.
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