Business

TAJBank to launch maiden private sector N100bn Sukuk offering

Published

3 years ago

June 6, 2022

By Joel Ajayi
TAJBank Limited, Nigeria’s leading non-interest bank, is set to launch Nigeria’s first private sector Sukuk offering under a N100 billion programme.

The bank’s Sukuk offering, which is currently undergoing regulatory approvals, is expected to be launched soon, marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

TAJBank is launching the instrument under a Mudaraba structure that will afford the non-interest lender opportunity to grow its capital base and by so doing, position it on a strong pedestal to finance large and long-term projects in Nigeria while unlocking investment opportunities in Africa’s largest economy.

According to the bank’s board, the Sukuk will be offered in tranches of N10 billion each as soon as regulatory approvals are secured.

Commenting on the corporate Sukuk offering during an interactive session with journalists in Abuja, the bank’s Managing Director/CEO; Mr. Hamid Joda, explained:

“TAJBank’s Sukuk offer being the first private sector Sukuk offer in Nigeria would open the door for several Sukuk offers by other private sector entities thereby stimulating investments in critical sectors of the economy leading to national development.

“Our aim is to raise the needed funds that would be invested in targeted high-impact sectors that spur job creation and enhance the standard of living of Nigerians”, Joda stressed.

In his remarks at the forum, the Executive Director, Mr. Sherif Idi, said: “There are many economic activities or projects that well-meaning Nigerians and companies are unable to fund. The Sukuk is a perfect way of aiding to finance these projects.

He further stated that the use of the Sukuk to fund these projects means that investors are incentivized to help the economy develop by creating and producing rather than consuming only.”

TAJBank started its operations through its Head Office in Abuja and a branch in Kano. Over the last two years, the Bank has accomplished several milestones, including expanding its branch network to 22 within its franchise area.

It would be recalled that apart from achieving break even within eight months of operation and remarkably growing its shareholders’ fund and returns on their investment within 12 months, TAJBank recently reported a 433% growth in PBT for the 2021 financial year and significant growth in gross revenue, balance sheet and other performance assessment indicators Attachments area

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Business

Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General

Published

6 days ago

June 12, 2025

The Gleamer

…Urges National Assembly to Pass Audit Bill 2022

Joseph Bisi

As Nigerians commemorated a historic milestone in their collective pursuit of a more socio-economically robust nation, the Auditor-General for the Federation (AuGF), Shaakaa Kanyitor Chira, has implored the nation’s leaders and citizenry to intensify their efforts in championing the cause of fiscal discipline and accountability within the public finance system. In a brief conversation with journalists to mark the 2025 ‘Democracy Day’ on Thursday, the AuGF commended President Bola Tinubu’s administration for its ongoing fiscal and tax reform initiatives, describing these measures as essential for enhancing the nation’s revenue generation and budgetary expenditures. Chira explained that transforming the potential benefits of these reforms into tangible gains for the citizenry required more transparent fiscal mechanisms for the monitoring and evaluation of government expenditures, including the auditing processes and the timely appraisal of the Audit report by his Office, free from political interferences. He said: “Today’s Democracy Day is worthy of celebration, given the political history of the country and the prospects for sustainable development. Over the past few years, we have witnessed a series of reform initiatives by both past and present administrations aimed at improving the nation’s fiscal system, particularly under President Bola Tinubu, based on the current Tax Reforms and Fiscal Policy Bills that are being finalized by the National Assembly. “Let me emphasize that these measures are not merely desirable for Nigeria’s sustainable development; the enactment of the four pivotal bills will significantly contribute to stabilizing the financial system while also promoting transparency in public finance and prudent governance at all levels of government throughout the country. “It is imperative to underscore, however, that the role of the Office of the Auditor-General of the Federation (OAuGF) in achieving these laudable objectives may be impeded if the Audit Bill currently before the National Assembly is not enacted into law. “The passage of the Bill, which seeks to augment the AuGF’s role in ensuring accountability, transparency and value for money in government expenditure while empowering the AuGF with administrative and financial autonomy, is crucial for enhancing transparency and accountability within Nigeria’s public finance system that aligns with International Standards of Supreme Audit Institutions (ISSAIs). “Therefore, I seize this opportunity to appeal to our lawmakers in the National Assembly to prioritize the passage of the Audit Bill as a strategic legislative initiative to achieve the commendable goals of the Tax Reforms and Fiscal Policy Bills they are presently finalizing,” the AuGF added.Experts are of the view that the Auditor-General’s call for the passage of the Audit Bill 2022 aligns with the OAuGF Strategic Plan 2024-2028, which encapsulates the objectives of the Office being the Supreme Audit Institution(SAI) of Nigeria, aimed at enhancing public sector governance and accountability. The four principal objectives of the Strategic Plan include Goal 1: Focusing on the enhanced independence and mandate of the OAuGF; Goal 2: to mitigate mismanagement of public funds through more robust follow-up on audit recommendations; Goal 3: to ensure improved financial reporting within the public sector; and Goal 4: to establish the OAuGF as a model institution not only in Nigeria but on a global scale.

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