Business

TAJBank Wins BusinessDay’s ‘Islamic Bank of The Year’ Award For 3rd Time

Published

12 months ago

November 6, 2023

The Gleamer

….Newspaper’s mgt link award to lender’s world-class services, others

…..Newspaper’s mgt justifies award on lender’s impressive financials, others

Joel Ajayi

TAJBank Limited, Nigeria’s fastest-growing and most customer-friendly non-interest lender, has again won the BusinessDay newspaper’s 2023 ‘Islamic Bank of the Year Award, beating other contenders in the selection process for the prestigious award for the third consecutive year.

Presenting the award to the Bank’s management, represented by the Regional Head, Lagos Mr. Michael Iteye, during the newspaper’s Banking and Financial Institutions (BAFI) awards ceremony held in Lagos, BusinessDay’s representatives at the awards ceremony, Tosin Sanni, GM Emerging Africa; and Frank Aigbogun, Publisher BusinessDay, said that the award was conferred on TAJBank in recognition of “its commitment to world-class services, impressive financial performances and consistently being at forefront in the nation’s financial inclusion drive over the last three years.”

Speaking on the highly competitive award by the newspaper, the bank’s Founder/Managing Director, Mr. Hamid Joda, said: “As the saying goes, hard work pays. So, the Islamic Bank of the Year Award by BusinessDay to our bank this year is a clear indication that the public is aware of the remarkable strides we are making to set new standards in technology-powered and value-laden services and products to our customers.

“We are happy that this award is coming barely four months after TAJBank became a leader in the Tier 1 Capital ranking and posted the highest Profit Before Tax (PBT) of the non-interest banking segment of the Nigerian Exchange in half year 2023.

“As we have said from the beginning as our corporate mantra that “our only interest is the customer”, the BusinessDay newspaper’s award this year is a confirmation that we are on track in terms of innovative service delivery and value-addition to our growing customers globally.

“Let me use this opportunity to thank our customers, the regulatory authorities and other stakeholders in the financial system that we will not relent in our efforts to consistently offer them the best as we continue to expand the frontiers of our operations for financial inclusion to the unbanked and under-banked people, especially those in the grassroots nationwide”, Joda assured.

Commenting on the latest recognition of the bank for its service delivery innovativeness, TAJBank’s Co-Founder/Executive Director, Mr. Sherif Idi, said: “We are excited for bagging this coveted award, which, based on what the newspaper’s management confirmed was bestowed on TAJBank after a rigorous competition and transparent process adopted by the panel of judges.

“As our Board and management have always said, this award is a call on us to do more in terms of innovative services and products’ packaging and I want to assure all stakeholders in the Nigerian and global non-interest banking space, particularly our valued customers, that TAJBank will not let them down, in terms of their expectations for world class services and getting loans without interest as we jointly continue to take the bank to loftier heights”, Idi assured.

It would be recalled that TAJBank had in 2021 and 2022 won the BusinessDay’s awards and before then had also clinched the Leadership Newspapers’ 2020 ‘Bank Of The Year’ award.

In recognition of the non-interest lender’s strict compliance with global best practices, particularly in information security standards in all areas of its operations, TAJBank in 2022 received the Payment Card Industry Data Security Standard (PCI DSS) certification and three International Standards Organisation (ISO) certifications by the Certification Partner Global (CPG), namely ISO 27001, ISO 22301, and ISO 20000 on Information Security, Business Continuity, and IT Service Management Systems

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Business

FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September

Published

2 days ago

October 17, 2024

The Gleamer

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.

The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

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