Business
TAJBank, ICD seal pact on capital projects’ financing in Nigeria
Joel Ajayi
TAJBank Limited, Nigeria’s leading non-interest bank, has signed a Memorandum of Understanding(MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a member of theIslamic Development Bank (IsDB) Group, aimed at attracting funding for major infrastructure projects inNigeria.
The MOU signing between TAJBank and the ICD is to express a convergence of will between both entities and build a relationship between the Nigerian lender and the international organization toexplore avenues of financing key capital projects in the Country.
According to the bank’s board, the Sukuk will be offered in tranches of N10 billion each as soon as regulatory approvals are secured.
Speaking on the MOU after the signing, TAJBank’s Managing Director/CEO, Mr. Hamid Joda, enthused: “We are deeply delighted to have crossed another milestone with the signing of this MOU and especially with the Islamic Corporation for the Development of the Private Sector (ICD), it only further buttresses our intention of stimulating investments in critical sectors of the economy leading to national development.
“As we all know, Nigeria has a huge infrastructure gap that requires funding through long-term fundslike that of the ICD”, Joda added.
In his remarks on the deal, the bank’s Executive Director, Mr. Sherif Idi, also expressed his joy over thedevelopment, stressing that the signing of the MoU further demonstrates that “TAJBank is sustaining its giant strides, and this is seen in this partnership as we hope to do more in securing investments that will further bring about creation of jobs and production for better national advancement.”
TAJBank, a leading non-interest bank in the country, commenced operations about two years ago and has accomplished several milestones, including expanding its branch network to 22 within its franchisearea during the period.
The non-interest banking services provider had a few days ago unveiled plans to launch a private sector targeted N100 billion Sukuk programme under a Mudaraba structure that will afford it the opportunity to grow its capital base and by so doing, position it on a strong pedestal to finance large and long-term projects in Nigeria.
The ICD is a multilateral development financial institution under the IsDB saddled with the responsibilityof supporting the development of its member-countries through the provision of finance for private sector projects, promoting competition and entrepreneurship and encouraging cross border investments, amongst other key responsibilities
Business
FG Reiterates Commitment To Bussines-Friendly Environment
Joel Ajayi
In a move to boost Nigeria’s economic growth and development, the Federal Government has reaffirmed its commitment to creating a safe and conducive environment that will foster private sector investments aimed at unlocking new economic potentials as well as create job opportunities for the teeming youth in the country.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun gave the assurance today in his office in Abuja when he hosted Alhaji Aliko Dangote, President of the Dangote Group, for crucial discussions on enhancing private sector participation.
The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to creating a business-friendly environment that fosters enterprise growth while emphasizing the government’s dedication to implementing supportive policies and reforms aimed at unlocking the private sector’s potential, driving innovation, and accelerating sustainable economic transformation.
Also present at the meeting were Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adelabu Adedeji, Chairman MRS Oil & Gas, Sayyu Dantata, and Maryam Ibrahim, Special Adviser to the Minister
With the government’s commitment to creating a business-friendly environment and the private sector’s eagerness to invest, Nigeria is poised for sustainable economic transformation and growth. Thus, the partnership between the government and the Dangote Group is a significant step towards unlocking the country’s economic potential.
Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 18, 2025
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