Business

TAJBank Sustains Industry Feat, Pays 3rd Dividend In 5 Years

Published

3 months ago

June 30, 2025

..As Total Assets Grow By 84%

Tobi Philips

TAJBank Limited, Nigeria’s fastest growing non-interest bank, sustained its record-breaking feat in the nation’s banking history with the payment of 20 kobo per share dividend to its shareholders at the end of financial year (FY) 2024, being the third investment reward for the investors in its five years of operations.

Available industry data on dividends paid to shareholders by most banks during the year under review showed that TAJBank’s dividend, based on earnings per share, represented one of the best in terms of dividend ratio to share value of banks nationwide.

The major highlights of the TAJBank’s financial results in FY 2024 showed that the bank’s Total Assets grew from N518.33bn in 2023 to N953.10bn in 2024, representing 84% growth year-on-year; while its Gross earnings also increased to N75.5bn in the year under review from N43.2bn in 2023, indicating 80% growth.

Similarly, the multiple award-winning non-interest bank also recorded impressive performance in its deposit base, which surged by 89%, from N369.33bn in FY2023 to N696.34bn in FY 2024.

In the year under review, the bank’s gross earnings rose to N467.38bn from N271.92bn recorded in 2023 financial year, representing 72% year-on-year on growth just as the profit before tax (PBT) grew by 61% to N18.2bn from N11.3bn in the preceding year, among other impressive financial indices.

Commenting on the bank’s FY2024 financial results, particularly on dividend payment to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “With the payment of the third dividend to the shareholders within five years of operations,

TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority in their drive to sustain the bank at the forefront of non-interest banking space in Nigeria.

“The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery and I want to assure our investors that their interests will always be prioritized in our operations at all times”, Joda added.

In his remarks, the bank’s Co Founder/Executive Director, Mr. Sherif Idi, said: “The payment of the third dividend to our shareholders at the end of FY2024 is historic and aligns with the primary goal of TAJBank being in business, which is to continually serve the interests of our shareholders, customers, and the public.

“We want to thank all our shareholders for contributing to the growth of the bank and also urge them to encourage their friends to invest in TAJBank as doing so will guarantee them sustained benefits”, the banker assured.

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

3 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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