Business

TAJBank To Issue N20Bn Mudarabah Sukuk, Targets N100Bn Issuance

Published

7 months ago

March 17, 2025

Joel Ajayi

TAJBank, a leading non-Interest bank in Nigeria committed to providing innovative and customer-centric financial solutions, is finalizing arrangements on the raising the sum of N20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 capital with the aim of fueling its business expansion drive. The issuance is part of its N100 billion Sukuk programme.

The new investment initiative, which is coming after about two years following the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023, presents a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5% per annum return.

Specifically, the new Mudarabah Sukuk bond, is designed to offer a stable and ethical investment option, allows investors to participate in the bank’s profit-sharing ventures, and underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country.

According to the management of the bank, the Mudarabah Sukuk issuance terms and conditions, now undergoing final regulatory assessment and approval processes, is open to all investors, both individuals and corporates and the goal is to provide a reliable source of extra income, accessible from the comfort of your home.

Commenting on the current moves to raise the N20 billion Sukuk bond on the NGX during a virtual chat with journalists, the Founder/CEO of TAJBank, Mr Hamid Joda, said: “We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles.

“This listing on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model”, the banker added.

The bank’s management advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing process

It would be recalled that Joda had, at the beating of the Gong during the listing of the TAJBank’s maiden N10 billion Sukuk bond on the NGX in February 2023, which was over-subscribed by over 115%, assured investors that the bank’s board and management would ensure good returns on their investments.

He said: “As TAJBank gets the NGX’s endorsement today on its fund raising for operations, I want to assure all investors in the maiden Sukuk bond offer by our bank that the board and management will surpass their expectations in terms of return on their investment and other benefits.”

Investment analysts strongly believe that the N20 billion Mudarabah Sukuk provides investors with a secure and transparent avenue to grow their wealth while adhering to ethical guidelines.

For instance, they pointed out that the 20.5% annual return made it an attractive option for those seeking to diversify their investment portfolios and generate passive income.

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Business

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

Published

5 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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