Connect with us

Business

TAJBank sets new record, pays dividend in 3 years

Published

on


….as non-interest lender’s PBT surges by over 300% in FY 2022 


Joel Ajayi
TAJBank Limited, Nigeria’s fast-growing and technology-driven non-interest banking services provider, has set a new record in the nation’s banking system with the payment of dividend to its shareholders just three years of its operations.


It would be recalled that TAJBank made history early this year as the first corporate entity in Nigeria’s history to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance. 


Available data on banking industry’s audited financial reports indicated that no bank had achieved such a remarkable feat in the over 100 years of the sector’s history.

 
Addressing the shareholders at the meeting, the Board chairman, Alhaji Tanko Isiaku Gwamna, recounted the global economic whirlwinds in the past two years as well as the macroeconomic developments in the nation’s economic space, especially the surging inflation rate, with the attendant negative impacts on businesses.


Gwamna maintained that despite the inclement operating environment, the Board and management of the bank were able, through innovation and proactive strategies, to sustain TAJBank on the path of sustainable growth and financial stability for the benefits of the shareholders and Nigeria’s economyOn the dividend issue, he said: 


“On behalf of the Board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you.”


In his report, the bank’s Managing Director/CEO, Mr. Hamid Joda, described the FY 2022 as a significant milestone in the journey of the non-interest lender despite the headwinds that characterized the operating environment as the management was able to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects.


On the bank’s financial performance in FY 2022, Joda reported that TAJBank recorded remarkable growth across key indices during the year as its balance sheet grew by over 93% from N110 billion recorded in FY 2021 to N212 billion while its Profit Before Tax (PBT) also surged from N1.6 billion in FY 2021 to N5.081 billion in 2022 financial year.


He also told the excited shareholders that the bank’s earnings per share grew by 138% to N31.27 kobo in FY 2022 compared to N13.11 kobo recorded in FY 2021.
On the plans to further grow the bank in the years ahead, Joda, the award-winning banker, said: “In our relentless effort to promote non-interest products and modes of banking nationwide, the Board and management of TAJBank have set key objectives for the year 2023 and beyond. 


“These initiatives include, inter alia, to promote financial inclusion by leveraging various channels and touchpoints, especially our electronic platforms with the aim of reaching out to the unbanked populace; and to be recognized as the market leader in the non-interest banking industry in Nigeria.


“We also plan to open 110 branches/business offices across state capitals/major commercial centers before 2024 and to offer non-interest banking products and services to underserved markets; to grow our agency network to 100,000 active agents by 2025 thereby reducing the financial exclusion rate; to grow our customer base to at least four million by 2027; and to achieve a minimum customer satisfaction score of 85%”, he added.


Speaking to journalists shortly after the AGM, a leading financial expert and an Independent Non-Executive Director of the bank, Alhaji Tata Shekaru Omar, lauded the Board and Management for innovatively positioning TAJBank at the leading edge of competition in the nation’s increasingly dynamic financial services market.


He enthused: “TAJBank is just barely four years of age and that it was able to make profit in its first year of operation is great and cheery news for all its stakeholders. I want to say kudos to the MD and the entire team for such a feat, especially that the bank is now giving out dividends to shareholders. 


“TAJBank deserves the congratulations it is getting as an institution because it has achieved a lot and this needs to be commended. The bank has continued to make great strides and now it is even expanding in terms of branches.


TAJBank continues to make a statement that non-interest banking is here to stay and the way to go”, he added.

Continue Reading

Business

Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda

Published

on

By Joel Ajayi

For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.

That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.

At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”

Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.

Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.

Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.

The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.

Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.

Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.

From Dialogue to Industrial Action

ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.

The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.

The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.

The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.

One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.

The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.

Building the Infrastructure for Value Addition

The industrial transformation envisaged by ARMS 2026 goes beyond legislation.

A major concern is the “missing middle” between where raw materials are produced and where factories are located.

Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.

Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.

The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.

The Digital Dimension

Technology is also becoming an important part of the Council’s strategy.

The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.

The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.

Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.

Turning Waste Into Industrial Inputs

Another major component of ARMS 2026 is the proposed expansion of the circular economy.

The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.

The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.

For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.

From National Production to African Value Chains

The African Continental Free Trade Area is another important element of the summit’s agenda.

The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.

Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.

This approach places regional integration at the heart of Africa’s industrialisation strategy.

Bridging Research and Capital

A recurring weakness in many developing economies is the gap between research and commercialisation.

Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.

ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.

The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.

A Larger Industrial Conversation

The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.

The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.

The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.

The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.

Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.

Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.

For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.

ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.

If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.

The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production

Continue Reading

Trending

error

Enjoy this blog? Please spread the word :)