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TAJBank revs up nationwide operations drive, opens Apapa branch



Tolu Francis

TAJBank Limited, Nigeria’s fast-growing non-interest banking services provider, on Thursday opened a new branch in Apapa, Lagos in furtherance of its current drive to provide seamless financial transactions and advisory services for its growing customer-base.

It would be recalled that the bank secured its national banking license from the Central Bank of Nigeria (CBN) about six months ago and the opening of the Apapa branch is part of the board and management’s initiatives to open new branches within the next few months across the geo-political zones in the country.

Speaking at the opening ceremony, TAJBank’s Founder/Managing Director, Mr. Hamid Joda, said Apapa was targeted for the commencement of the bank’s branch network expansion in the South West region because of the strategic position in the nation’s business operations and the need to offer customers real-time, technology-powered world class services.

He said: “We are very excited to begin the deepening of our non-interest and customer-focused products and services in Apapa, Lagos as we commence the expansion of our services across the geo-political zones of the country.

“This is a mega branch based on the investments in technologies and solutions and the quality of human resource we are putting in place here and we intend to put in other branches we are opening very soon because we intend to offer what other banks are not offering in terms of value-addition to our customers.

“With this move, we want to assure Nigerians and other residents and businesses in our country that TAJBank’s only interest is our customers and in line with our business philosophy, we shall continue to offer them products and services that surpass their expectations in the years ahead.”

In his remarks, the bank’s Executive Director, Mr. Sherif Idi, recalled that the sterling performance of the non-interest lender was recognized both in Nigeria and internationally given “the awards from Business Day and Leadership newspapers and other global rating agencies to TAJBank in recognition of our world-class operational standards and service quality.”

In his remarks during the new branch opening event, the Managing Director/CEO of IAL Nigeria Limited who shares in the vision and business philosophy of TAJBank, Alhaji Ismail Adetola Lawal, commended the Board and management of the Non-interest Bank for opening the Apapa branch for the benefit of business owners and the Nigerian economy.

He said “My prayer for TAJBank limited is that the Almighty God will continue to build the Bank and make it the preferred choice for millions of Nigerians that are looking for interest free banking products and services. I want to assure them that TAJBank will not disappoint them but surpass their expectations.”

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FG To Pin Down Ways, Means To Address Liquidity In The System



Joel Ajayi

In its avowed determination to alleviate the pressure of excess money in the system, the Federal Government has said that it will pin down Ways and Means to deal with the problem of too much liquidity in the system

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, disclosed this in Washington DC, United States of America, while answering questions from journalists shortly
after a meeting with investors at the on-going Spring Meetings of the IMF and World Bank.

He informed the global gathering that the President Bola Ahmed Tinubu-led Administration was fully determined to
pinning down on Ways and Means to alleviate the pressure of the excess money in the system, adding that in the light of this, the fiscal and monetary authorities were also working towards bringing down inflation.

Mr. Edun added that by so doing, the two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again.

We need to borrow less and focus more on domestic resource mobilization. We want long-term resources to avoid repayment and refinancing pressures, he said.

The Minister added further that the nation’s tax/GDP was too low, even lower than the African region’s average and that as such, reforms were underway to streamline the number of taxes, deploy technology and implement policies that would double tax revenue in the next three years

At 10 percent to GDP, what should I say? It would appear as if some people are not paying their taxes. Our strategy is to increase the tax revenue without increasing the rate of taxes. We want to deploy technology to make tax collection more efficient.

Our analysis has shown that 90 percent of tax revenue comes from nine tax heads while we have over 80 taxes from federal through states to local councils.
If we eliminate the large number of these taxes and concentrate on the nine that yield the current 90 percent revenue and deploy technology, there will be more efficiency and we will be able to double our tax revenue in about three years, Edun said

He stated further that if we eliminate the large number of taxes and bill people properly, we will gain in terms of the peoples’ willingness to pay and you will collect more revenue. The Minister assured.

While addressing a question on food security, the Minister said that the present administration was dealing with the problem so as to provide farmers’ access to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

Mr. Wale Edun added that agro clusters were being developed in collaboration with the African Development Bank so as to increase food production in the country.

Alongside the Minister at the meeting were the former Minister of Finance Zainab Ahmed, Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya, Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso and some other top government officials.

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