Business

TAJBank records highest EPS in Banking Industry, N845m PAT

Published

4 years ago

April 24, 2021

….As assets grew 443% growth in first year of operations

TAJBank, Nigeria’s leading non-interest banking services provider, has recorded the highest earning per share (EPS) in the nation’s banking industry with its shareholders earning N11.82 per share, representing an appreciation of 1,182% on every N1 investment by them in the financial year 2020.

This is even as the lender reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020 just as its other performance indices were upswing, demonstrating the management’s superior financial competencies to create sustainable value for its various stakeholders.

The performance also lends credence to the success and market acceptance of the non-interest banking model.

The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.

TAJBank’s financial statements already approved by the monetary authorities indicated that the lender, which had achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain, grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443% increase and a remarkable growth.

A further analysis of the ethical and value-driven bank’s financials showed 1,495% growth in its deposit base showcasing the lender’s capacity to thrive in the non-interest banking sub-sector through innovation and efficient service delivery in the face of the COVID-19 triggered disruptions in the financial sector.

The Bank has also grown its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.

Quite remarkably, at a time when electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.

Commenting on the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, the Founder and Chief Operating Officer, Mr. Hamid Joda, said the feat “is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals.

“Breaking even in nine months of operations is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far. We assure our customers that we will continue to ts explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers”, Joda added.

The bank’s Co-founder and Chief Marketing Officer, Mr. Sherif Idi, also enthused: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers”, Idi enthused.

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Business

Court Orders Arrest Of Wike-led FCTA Director, 10 Others

Published

5 days ago

May 28, 2025

The Gleamer

By Aliyu Galadima

An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.

The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.

Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.

The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.

The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.

He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.

The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.

They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.

According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.

The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.

The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.

With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them

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