NEWS AGENCY OF NIGERIA
Economy/Business

Wema Bank set to meet CBN’s recapitalisation deadline- MD

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By Rukayat Adeyemi

Wema Bank, on Tuesday, said it is set to raise N200 billion capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).

Mr Moruf Oseni, Wema Bank Managing Director/Chief Executive Officer, said this at the 2023 Annual General Meeting (AGM) of the bank in Lagos.

Oseni said that the preparedness followed the approval of the bank’s shareholders and Board.

According to him, the bank will achieve the aim through public placements and a public offering.

The News Agency of Nigeria (NAN) reports that the CBN on March 29 directed commercial banks in the country with international authorisation to shore up their capital base to N500 billion and national banks to N200 billion.

Similarly, non-interest banks with national and regional authorisation will increase their capital to N20 billion and N10 billion respectively.

The recapitalisation exercise, expected to commence from April 1 through March 31, 2026, is to help the country to attain its one trillion-dollar economy target.

Oseni explained that the CBN had done its due diligence and approved the bank’s N40 billion rights issue, which is currently undergoing the Securities and Exchange Commission’s (SEC) approval to be listed on the Nigerian Exchange.

He said: “Our capital base now stands not at the current N15 billion, but with the rights issue, at N55 billion, which is a significant headway towards N200 billion.

“We are confident that we will achieve this before the timeline expires.

“We have shared our plans with the CBN, and working assiduously to meet the balance of our capital base in the nearest future.”

According to him, at a minimum, Wema Bank will remain a national bank but will keep working tenaciously to become a ‘Systematically Important Bank’ and re-attain Tier-one status.

The managing director said that the bank would continue providing optimum value for its shareholders and stakeholders.

On the bank’s financials for the year 2023,
Oseni said the Bank reported a 196 per cent increase in Profit Before Tax (PBT) from N14.75 billion in the previous year to N43.59 billion in year 2023.

He mentioned that the bank also posted  220.4 per cent increase in its Profit After Tax (PAT) from N11.21 billion in year 2022 to N33.66 billion in the year under review.

The managing director stated that the bank reported 70.63 per cent increase in its gross earnings from N132.30 billion in the previous year to N225.75 billion in year 2023.

According to him, the bank also posted 53.64 per cent increase in loans disbursed in 2022, from N521.43 billion to N801.10 billion.

Wema Bank also recorded a remarkable 220.53 per cent increase in earnings per share from N87.2 to N279.5, among other successful upturns.

Oseni noted that the bank’s performance has been stellar throughout the year and the figures testify to that.

“As a bank, we feel privileged and lucky to have enjoyed the support of our shareholders and stakeholders, especially in the past year.

“None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve,” he said.

Meanwhile, the bank’s shareholders unanimously approved 50k dividend for the year ended Dec. 31, 2023.

They also approved the appointment of two new non-executive directors of the bank, namely: Ms Yewande Zaccheaus and Mr Yusuf Kazaure, and the new Executive Director, Mr Segun Opeke, as new additions to the Wema Bank Board of Directors.

Commending the exceptional results, Mr Badmus Tunde, a shareholder of the Bank descibed the performance as overwhelming, adding that profitability has been maintained.

Tunde welcomed the new chairman on board, as well as the managing director, noting that they are very capable of steering the ship.

“I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life.

“Since 1945, Wema Bank has seen the good, bad, beautiful and the ugly, and through thick and thin, it has gotten to where it is today,” he said.(NAN)

Edited by Olawunmi Ashafa

Stakeholders restate need for human capital development to grow continent
Banking , Business

Stakeholders restate need for human capital development to grow continent

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By Lucy Ogalue

African stakeholders say human capital development is critical in accelerating growth of the continent.

They said this on Tuesday on the sidelines of the ongoing African Development Bank (AfDB) Group Annual Meetings in Nairobi.

The News Agency of Nigeria (NAN) reports that the theme of the meeting is “Harnessing Human Capital for Sustainable Growth and Development in Africa: Demographic Dividend and Circular Movement of Skilled Labour”.

Prof. Victor Murinde, the Executive Director, African Research Consortium, said that quality education and harnessing technological development would enable the continent to reap the benefits of human capital development.

Murinde expressed the need for Africans to leverage the private sector in building funding for skills development, invest and leverage technology, and ensure skills development, especially for youth and women.

“We need to focus on investing in small enterprises, such as women enterprises, as that is where there is potential for growth.

“We will ensure we build necessary skills for young people and women, de-risk their investment, and handhold them by providing mentorship. These are ways of supporting human capital development.”

Murinde said the move was to focus on high-quality research by providing opportunities for researchers on the continent to investigate burning research issues using the African dimension.

According to him, this will build Africans’ capacity to lead research on the problems confronting the African continent.

“The ability for countries to research their issues, conduct actual training to boost the quality of people employed in government offices and do high-quality research is key,” he said.

For Mr Kwame Owino, the Chief Executive Officer, Institute of Economic Affairs, the importance of education in achieving human capital development needed to be reiterated.

“There are many ways of ensuring human capital, but public education is the most basic. That set of people and the progress the country has made are significant factors in what the country is going to look like.

“So we need to ensure human capital is fully developed,” he said.

Similarly, Mr Williams Asiko, the Vice-President African Regional Office of Rockefeller Foundation, said the foundation was engaging in various projects to ensure human capital development on the continent.

“Part of what we have done is to support institutions where this human capacity can make a difference. Look at areas where there are gaps and build capacity around those areas.

“And one of the areas we focused on is building a carbon market in Africa that is fit for the world,” he said.

Meanwhile, Dr Martha Phiri, the Director of Human Capital and Skills Development at the AfDB, said that this year was a year of education, and human capital was at the centre of social transformation for Africa.

“The bank recognises that a healthy, productive, and informative workforce will drive transformation, food security, power plants, improved care services and health education, among other things.

“We have taken some approach that is not just about agriculture, but that is all-encompassing to integrate this into all that we do.

“Having affordable healthcare for all is also crucial, as is learning from the experience of COVID-19 on the continent. We support digital health and skills and have provided 600 million dollars to support African countries.

“And as we build skills for young people, we cannot run away from climate impact, so we have to build the necessary skills that are climate-smart,” she said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Africa will drive global agenda on renewable energy – AfDB president
Banking , Business

Africa will drive global agenda on renewable energy – AfDB president

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By Lucy Ogalue

Dr Akinwunmi Adesina, the President, African Development Bank (AfDB) Group, says Africa will drive global agenda on renewable energy and green transitions.

Adesina said this at a media conference in Nairobi, on the sidelines of the ongoing AfDB Annual Meetings 2024.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB, the 50th meeting of the African Development Fund (ADF) and 60 years of AfDB’s existence

While articulating Africa’s inherent advantage in renewable energy, Adesina said the continent had abundant solar potential, and a catalyst for driving green energy initiatives on a global scale.

“Globally, we have been talking about global energy transitions. Everybody worries about continued CO2 emissions and the need to contain that through energy transitions and moving into more renewable energy.

“Africa will drive the global agenda on renewable and green energy transitions for two reasons. We have great sunshine, which has about 11 terawatts of solar potential.

“That is the highest solar potential you have anywhere in the world. And the level of solar radiation in Africa is the highest anywhere you will find in the world.

“So, therefore, as the world now transitions into renewable energy, Africa will be front and centre in terms of harnessing the power of renewable energy to drive our world,” he said.

According to Adesina, there is a lot of interest in green hydrogen, green ammonia, fertilisers, jet fuels and other things that require renewable energy, such as solar energy.

He said that Africa’s rich reservoir of natural resources, including platinum, copper, and lithium, positioned the continent as a key player in the burgeoning Electric Vehicle (EV) market.

He emphasised the importance for Africa to harness these resources strategically for its transformation and to assert its prominence in global value chains.

“And so Africa today has 90 per cent of all the platinum in the world. It has well over 60- 70 per cent of all the copper you have worldwide.

“Fifty per cent of all the other metals, whether nickel or lithium. Africa has a massive amount of these natural metals that will determine the future of electric vehicles in the world.

“And so how Africa harnesses that for its transformation will be critical, but also critical for how Africa positions itself globally in those value chains.

“So there are potential, opportunities, and positioning issues for Africa within the context of your global electric vehicles and battery energy storage systems.

On Agriculture, Adesina said it emerged as a linchpin in Africa’s transformation narrative.

According to him, with most of the world’s uncultivated arable land lying within its borders, Africa holds the key to global food security.

He, however, underscored the imperative for Africa to leverage its agricultural potential to meet the needs of a burgeoning global population.

Adesina said that the continent was poised to chart its course on the global stage and should ensure to shape the future of generations to come.

“So, what Africa does with agriculture will determine the future of food in the world. Africa’s transformation will have to happen not with what Africa does not have.

“It has to happen with what Africa has and how it harnesses those things, which will drive this fast-paced transformation. (NAN)(www.nannews.ng)

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Edited by Modupe Adeloye/Ese E. Eniola Williams

Tinubu’s credit scheme will promote growth of auto sector- NADDC
Economy/Business

Tinubu’s credit scheme will promote growth of auto sector- NADDC

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Tinubu’s credit scheme will promote growth of auto sector- NADDC

By Lucy Ogalue

The Federal Government’s Credit Scheme aimed at ensuring the affordability and availability of locally assembled vehicles will enhance the growth of Nigeria’s Automotive Council, Mr Joseph Osanipin said.

Osanipin, the Director-General, National Automotive Design and Development Council (NADDC), said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

According to him, under President Bola Tinubu-led administration, the council has extended crucial financial support to assembly plants across Nigeria.

“The ministry of Industry, Trade and Investment through the presidency is putting together a credit scheme to encourage those people who want to patronise only locally manufactured/assembled vehicles.

“So the credit scheme will not be for those people who want to go and bring their vehicles from abroad, but for locally manufactured ones,’’ he said.

Osanipin expressed hope that the credit, which would be given at a favourable rate, would bolster growth, ensure the sector thrived, and contribute significantly to the economy.

In spite of this support, some assembly plants faced challenges such as operating below capacity or shutting down production.

While acknowledging these issues, the NADDC boss emphatically stressed the importance of consistent production, saying the president’s directive would ensure regular production.

Osanipin said affordability was a key focus of the Federal Government’s automotive policy.

According to him, locally assembled new vehicles are competitively priced compared to imported ones.

“New vehicles, the ones we assemble in Nigeria are competitive in terms of price and can go head to head with new ones that are coming from outside the country.

“Let us say utility vehicles (pickup), if you look at the price of sone pickup vans assembled in Nigeria are about 60 per cent of the price of those that are coming from outside.

“Some are 70 per cent, some are 80 per cent based on the type of the pickup vans, so in terms of price, they can compete with new vehicles,’’ Osanipin said.

The NADDC boss said the availability of assembled vehicles was another critical area being addressed.

He recounted an instance where a government agency (MDA) needed ambulances and was directed to purchase CNG vehicles locally.

Osanipin said the assembler delivered the initial batch immediately and then produced the remaining ones, which was done promptly.

According to him, this demonstrates the capability of local assemblers to meet demand, provided there is sufficient support and consistent demand.

He said that the credit scheme would ensure that more Nigerians opt for locally assembled vehicles, thereby, boosting production.

“As the nation looks forward to the coming years, the positive impact of these policies will continue to drive the growth and development of Nigeria’s automotive industry, creating jobs, boosting the economy, and promoting local manufacturing. (NAN)

Edited by Ese E. Eniola Williams

Driving Change: NADDC’s bold steps in powering Nigeria’s automotive future
Economy/Business

Driving Change: NADDC’s bold steps in powering Nigeria’s automotive future

263 total views today

 

Driving Change: NADDC’s bold steps in powering Nigeria’s automotive future

By Lucy Ogalue

The National Automotive Design and Development Council (NADDC) has highlighted its various initiatives to revolutionise the Nigerian automotive industry.

The Director-General of NADDC, Mr Joseph Osanipin, said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

NAN reports that Osanipin, appointed in October 2023, wasted no time implementing strategies designed to bolster the sector and drive economic growth.

Osanipin said the council had focused on enhancing the component parts sector, which was crucial for both Semi-Knockdown (SKD) and Complete Knockdown (CKD) vehicle production.

According to the director-general, the parts are the building blocks of our automotive industry.

“A typical vehicle like a passenger car has more than 3,000 parts. The hose that can take fuel is a part, the nut, oil filter, fuel filter are all parts.

“So some of these things are what we are looking at to put more effort in making sure that these things are produced in Nigeria.

“By doing so, we are increasing the technical know-how of our people, we are creating jobs for our people, we are increasing and improving the economy in the auto industry and as well increasing the component part,” he said.

According to him, this initiative is also strategically aligned with the African Continental Free Trade Area (AfCFTA) agreement, ensuring Nigeria’s automotive parts are recognised under the Rules of Origin.

Osanipin said it prevented other West African countries from dominating this market share.

He said it was another significant initiative involved in promoting the adoption of Compressed Natural Gas (CNG) vehicles.

He recalled the Federal Government’s directive to Ministries, Departments, and Agencies (MDAs) to purchase CNG vehicles, specifically those assembled or manufactured in Nigeria.

The director-general said NADDC was working closely with relevant stakeholders to implement this directive effectively.

“So we also engaged our people here in Nigeria because we licensed these assemblers, we gave them the licence to operate anywhere here in Nigeria.

“We are working with other agencies to put in place the necessary standard. We work with the Standards Organisation of Nigeria (SON).

“And SON has released more than 50 standards to guide the conversion process or production of CNG vehicles

Recognising the importance of skilled manpower, Osanipin said the council developed the National Occupational Standards (NOS) for CNG and Electric Vehicles (EVs) training.

He said the validation process for the NOS, which would serve as the curriculum for training programmes, had been completed and submitted to the National Automotive Testing and Education (NATE) for approval.

Osanipin expressed optimism that the process would certify and enhance the skills of individuals in the automotive sector and further support the industry’s growth.

The NADDC boss also reiterated his commitment to advancing Nigeria’s automotive industry and ensuring its sustainability and competitiveness on a continental scale.

“Our efforts are geared towards creating a robust automotive sector that can compete globally while providing economic opportunities for Nigerians,” he said. (NAN)

Edited by Ese E. Eniola Williams

Automotive Council commends Tinubu’s vision for auto industry
Economy/Business

Automotive Council commends Tinubu’s vision for auto industry

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Automotive Council commends Tinubu’s vision for auto industry

By Lucy Ogalue

As  President Bola Tinubu marks one year in office, the impact of his leadership is evident, especially in the country’s automotive industry.

Mr Joseph Osanipin, the Director-General, National Automotive Design and Development Council (NADDC), said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

According to Osanipin, the NADDC has been instrumental in driving forward the President’s vision of a Renewed Hope Agenda.

The director-general said the president’s directives have significantly boosted efforts to promote made-in-Nigeria vehicles and strengthened the automotive sector.

NAN reports that Tinubu had directed Ministries, Departments and Agencies (MDAs) to use Compressed Natural Gas (CNG) vehicles made in Nigeria.

According to the president, any submission contrary to this will be rejected. This unambiguous stance has provided the necessary impetus for compliance and simplified NADDC’s enforcement efforts.

“So we are working with necessary stakeholders and agencies to pursue that and with this directive from the president it made our job easier.

“And I am sure every stakeholder in the industry is very happy with that because they know we need to invest more in CNG vehicles.

“Most of the assemblers we have already have the kit, they train themselves, they have been doing manpower training to equip the staff on how to do the conversion.

“And some of the assemblers are already doing direct CNG so that there will be no need for conversion, it is coming out as CNG,” Osanipin said.

The director-general said a significant part of Tinubu’s vision was the development of the local spare  parts sector.

Osanipin said component parts development remained NADDC’s major achievement. While Nigeria may not be able to produce all automotive parts, the emphasis was on leveraging local capabilities.

He said local production of items such as car seats, leather, and oil filters had been prioritised to meet domestic demand and reduce reliance on imports.

On support, he said the council had engaged component parts manufacturers, particularly in Nnewi, to support their efforts.

“We have had an engagement with them in Nnewi ,we went to meet them in their offices, in their workshop, in the plants in Nnewi, because we have noticed a lot of them are around that axis.

“And then we are putting together an industrial park in Nnewi.

“So the essence of the industrial park is to bring everybody under the same roof so that they will be able to have a shared facility,” he said.

According to the NADDC boss, sharing facilities such as power, training  and testing centres will reduce costs and make local products more competitive.

“These facilities will ensure that locally made products meet international standards as verified by the Standards Organisation of Nigeria (SON).”

The director-general said in alignment with Tinubu’s vision, NADDC conducted extensive training programmes for technicians and roadside mechanics while focusing on manpower development.

He said NADDC had developed regulations for Electric Vehicles (EVs) and CNG vehicles and enhanced the skills of local technicians to ensure they were well-equipped to handle the evolving automotive industry.

Osanipin reiterated that the focus on made-in-Nigeria vehicles, component parts development, and manpower training underscored the present administration’s commitment to creating a sustainable and competitive automotive sector.

He said: “our efforts are geared towards creating a robust automotive sector that can compete globally while providing economic opportunities for Nigerians.” (NAN)

Edited by Ese E. Eniola Williams

FG’s auto strategy attracting investments to Nigeria- NADDC boss
Economy/Business

FG’s auto strategy attracting investments to Nigeria- NADDC boss

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FG’s auto strategy attracting investments to Nigeria- NADDC boss

By Lucy Ogalue

The Federal Government has proactively attracted foreign investments to the Nigerian automotive industry.

Mr Joseph Osanipin, the Director-General, National Automotive Design and Development (NADDC), said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Osanipin said a significant effort geared towards this move was the recent meeting with the African Association of Automotive Manufacturers (AAAM) on May 3.

According to him, AAAM, consisting of eight major Original Equipment Manufacturers (OEMs) in Africa, has expressed keen interest in investing in Nigeria.

“They are looking at areas and how to invest in Nigeria because they know we have something that is unique and that’s the market, the population and then the growing youth.

“When you look at the age of the Nigerian population, you will now know that a lot of Nigerians are below 40 years. These are the people that buy cars more.

“So they know this is where to invest. We are working with them, we know their concerns, we have noted them and we are working with those concerns.

He said the investors were discussing with the Federal Government on how to explore investment opportunities in the country.

On vehicle recalls, the NADDC said the council focused on ensuring the quality of locally assembled vehicles to meet global standards.

“So what we will try to do with our own assemblers is; there are some basic processes to ensure quality assurance. We always make sure that those basic processes are in place and adhered to.

“Some of these vehicles that are recalled, it is when you are using it you realise something is wrong either with the braking system or feasibility or a lot of things.”

According to Osanipin, every vehicle assembled in Nigeria undergoes rigorous testing to ensure compliance with safety standards.

He said NADDC also had a compliance unit that monitored service failures and quality issues and ensured that appropriate actions were taken.

The director-general said that for vehicles that required recall, the council always followed up with its representatives from Nigeria to tackle the issue.

Osanipin said the efforts to attract foreign investments, ensure safety and quality, and promote locally assembled vehicles were all part of a comprehensive strategy.

According to him, the strategy is to strengthen the automotive industry and drive economic prosperity. (NAN)

Edited by Ese E. Eniola Williams

Nigeria’s automotive sector eyes growth with CNG, electric vehicles
Economy/Business

Nigeria’s automotive sector eyes growth with CNG, electric vehicles

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Nigeria’s automotive sector eyes growth with CNG, electric vehicles

By Lucy Ogalue

The Nigerian automotive industry is gearing up for a significant transformation with focus on Compressed Natural Gas (CNG) and Electric Vehicles (EVs).

The Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, told the News Agency of Nigeria(NAN) in Abuja that Nigeria’s abundant natural resources were key to this transformation.

“On EVs, Nigeria has a very good advantage if we pursue EVs as well as CNG parts.

“The advantage in CNG is because we have natural gas in abundance, it naturally makes it cheaper for us to go that route.

“Again, we have the technical know-how and the component parts,” he said.

According to Osanipin, many are already thinking of manufacturing cylinders, fossils, and many other CNG components in Nigeria.

He said the push for CNG and EVs was about technological advancement and economic benefits for the country.

“Investors see Nigeria’s large and growing youth population as a prime opportunity, with the population and Nigeria’s economy, investors know this is where to invest, “ he said.

On the benefits of CNG, the director-general said producing these components locally would force down the prices of some of these parts and even the price of new vehicles.

Osanipin said part of the strategy required using a deletion policy, where imported parts were gradually removed from the locally assembled vehicles, thus making our vehicles more competitive in price.

According to the NADDC boss, the council aimed to leverage these advancements to create more jobs and increase technological transfer.

The director-general also credited the propelled auto industry to the Tinubu-led administration’s focus on ease of doing business and digital innovation.

According to him, digital innovation has significantly influenced NADDC’s operations by helping it gather data easily, advise on specialisation, and track vehicle registration across the country, among other things.

Osanipin said that to further support the automotive industry, NADDC would inaugurate a vigorous campaign to raise awareness about locally assembled vehicles.

“We are going to visit media houses to let them know our reality.

“We want to sensitise Nigerians about the benefits of buying locally made vehicles.” 

“This campaign will highlight the activities of the council and the achievements of local assemblers, promoting the quality and availability of Nigerian-made vehicles,” he said. (NAN) 

Edited by Ese E. Eniola Williams

AfDB’s €209.17 Kenyan highway project to be completed in December
Banking , Business

AfDB’s €209.17 Kenyan highway project to be completed in December

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By Lucy Ogalue

The African Development Bank (AfDB) says its 209.17 Euros Kenol—Sagana—Marua Highway Project in Kenya will be completed in December.

Mr Richard Malinga, AfDB’s Transport Engineer and Desk Manager of the project said this when he briefed newsmen in Nairobi on Sunday shortly after inspecting various projects.

“The work started in October 2020 and has advanced, so essentially, by the end of this year, it will be completed.

“The project will ensure regional connectivity, reduce travel time and create wealth for people around the region,” he said.

The News Agency of Nigeria (NAN) reports that the inspection was one of the activities planned for the AfDB Annual Meetings 2024.

The Kenol – Sagana – Marua Highway Project involves the reconstruction of an 84km road linking Kenya’s capital city, Nairobi, with the commercial and agricultural towns of the Central and Upper Eastern regions.

The project aims to improve access to northern Kenya and connect neighbouring countries as part of the Great North Road/Trans African Highway.

The old road, a two-lane single-carriageway, posed a major challenge to traders and farmers through high vehicle operating costs and longer travel times.

Malinga said the road’s total length is about 9600km, with the section in Kenya, which runs between the Tanzanian and Ethiopian borders, being about 920km.

“This expansion project significantly complements the AfDB’s interventions along the corridor in Kenya, namely the construction of the Nairobi –Thika Highway and the Mombasa–Nairobi–Addis Ababa corridor development projects.

“The project corridor also connects, at Isiolo town, to one of the Horn of Africa corridors, Isiolo–Mandera, which connects Kenya to Somalia.

“The Kenya-Sagana-Marua project is being done in two lots, a total of 84 km; the first section, lot 1, is approximately 48km, and the second one, lot 2, is 36 km,” he said.

According to Malinga, the road, which is being upgraded to a two-lane dual carriageway, has other extensive supporting facilities along its route.

“These include the construction and equipping of a trauma centre in Sagana and the construction of additional facilities at an Autism Centre in Karatina.

“It also includes the construction of bus parks, a modern market and sheds for commuter motorcycles, popularly known as ‘Boda Boda’.

“The project is working with the Kenya Forest Service and local community forestry groups to plant trees at nearby hills. The target is to plant 75,000 trees,” he said.

On impact, Malinga said the project would improve the quality of life of people around the region, increase rural productivity, and expand the markets.

He said it would foster a conducive and enabling business environment and attract foreign direct investments for the countries in the region, among others.

Mr Ephraim Macharia, the Vice-Chairman 2NK Sacco Transport and Board Member of the National Transport Safety Authority in Kenya commended the efforts of the AfDB in dualising the road.

He said that since the construction of the road, travel time for road users and fuel consumption while plying the road have been drastically reduced.

He said the construction had improved road safety and increased national income.

Meanwhile, some traders who trade along the route expressed mixed feelings even as they commended the bank.

They said that in spite of the increased business and income the construction work brought to them, it also displaced some of them from their homes.

NAN reports that since the inauguration of the project, several indigent students were trained in building, electric welding fabrication, carpentry, while many others got jobs. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

TAJBank reports 11.3bn profit, as earnings surge by 149%
Economy/Business , General News

TAJBank reports 11.3bn profit, as earnings surge by 149%

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By Kadiri Abdulrahman

TAJBank Limited, Nigeria’s foremost non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations.

According to the bank’s Founder/Chief Executive Officer (CEO), Mr. Hamid Joda, on Monday, this is the best in the non-interest lending sub-sector of the banking industry in the year.

Joda said that the PBT represented a 122.65 per cent increase over the N5.08 billion PBT it reported in 2022.

He said that the bank had earlier received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in all areas of its operations.

“It also recorded 149.13 per cent growth in gross earnings from N17.323 billion in 2022 to N43.157 billion in 2023.

“In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over 144 per cent from N212.021 billion in 2022 to N518.335 billion in 2023 financial year.

“Similarly, the bank, which a few weeks ago won the Islamic Finance News’ (IFN’s) “Best Islamic Bank in Nigeria 2023”

” It also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in 2022 to N41.825 billion in 2023, representing 114.10 per cent increase year-on-year.

“A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128 per cent in 2023 from N161.958 billion in 2022 to N369.337 billion despite the serious whirlwinds in the economy,” Joda said.

He said that TAJBank had also incentivised its shareholders by raising its earnings per share from N31.06 kobo in 2022 to N65.40k per share, indicating 114.56 per cent improvement in the return on investment for the shareholders.

Joda attributed the sterling performance to the management’s proactive strategies and service delivery innovation being adopted to surpass customers’ expectations.

“We thank all our shareholders for their growing confidence in TAJBank’s board and management as the years roll by.

“Our appreciation also goes to our customers, who are consistently appreciating that our only interest is to offer them excellent products and services at all times,” he said.

The bank’s Co-Founder/ Executive Director, Mr Sherif Idi, said that the key financial performance indicators of TAJBank clearly demonstrate that it had an irrepressible zeal for excellence in all areas of its operations.

“The 2023 financial results are clearly a testament to what we portray and what we are,” Idi said.(NAN)(www.nannews.ng)

 

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