Business and Economy
Non-interest TAJBank Reports 433% PBT in 2021 Financial Year
…as balance sheet grows to N110bn
The second non-interest Bank, TAJBank Limited, has recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1. adsbygoogle || []).push({}); js">
This is even as the multiple award-winning lenders, which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 117% growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.
In the period under review, the bank recorded positive indicators which showed the remarkable growth that the nascent bank continues to achieve. The bank’s financial results showed a rise in its balance sheet figure from N50 billion in FY2020 to N110 billion in the FY2021 recording a 122% growth.
The bank also achieved a leap in shareholders’ funds during the year which also marked some great improvements in the Bank’s financial results coming from the previous year.
The non-interest bank’s audited financial statements also reflected outstanding positive indices which demonstrated its management’s professionalism in handling investors’ funds despite serious economic headwinds.
TAJBank’s drive for deposit base growth showed in the financial results as customer deposits also remarkably grew in the year under review, increasing by 99% over the previous year’s value and representing the highest in the industry.
Also, the bank also rapidly expanded its branch network by 22 new branches and business offices within the period under review.
Speaking on the financial results, the Managing Director/CEO, Mr. Hamid Joda, noted that “since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry.
“It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence”, he added.
The Executive Director, Mr. Sherif Idi, while reacting to the results said: “TAJBank has a healthy appetite for growth and for excellence and these results are a testament to what we portray and what we are about.”
He also stressed that the bank “is not looking at slowing down in its sustained commitment to continue to add value to our shareholders, surpassing our customers’ expectations in innovative products and services delivery and in ensuring that we continue to break frontiers in the Nigerian financial system.”
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- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Business and Economy
Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
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Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
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Business and Economy
Naira appreciates N28.85 against dollar at official market
The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
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Business and Economy
Governor Ododo Endorses GOBO Initiative, Empowering Small-Scale Entrepreneurs and Vulnerable Populations
By Abah Benjamin Eneojoh
The Executive Governor of Kogi State, His Excellency Alh Ahmed Usman Ododo has thrown his weight behind the Governor Ododo Business Outreach (GOBO) initiative, a program aimed at uplifting marginalized groups and providing economic opportunities at the community level.
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During a strategic meeting with the Kogi State Forum of Senior Special Assistants in his office on 06-11-2024, the Governor expressed his support for GOBO, which aligns with his vision of inclusive governance.
Launched on October 31, 2024, GOBO has already shown positive impact, with increased visibility and support among petty traders and small businesses. The initiative provides sustainable business avenues for those previously lacking access to financial resources and market opportunities.
Hon. Yahaya Shehu Ahmed, Chairman of the Kogi State Forum of Senior Special Assistants, thanked the Governor for his encouragement and support.
The Governor commended the forum’s dedication to GOBO and its commitment to improving citizens’ quality of life, assuring continued support and encouraging ways to deepen GOBO’s impact across the state.
The forum also presented an award of excellence to former Governor Alhaji Yahaya Adoza Bello, recognizing his contributions to the state’s growth and effective governance , particularly the choice of Gov Ododo and his Deputy.
This development is consistent with research highlighting the importance of government support for entrepreneurship development in Kogi State.
Shehu noted that Small and medium-scale enterprises have significantly contributed to the state’s economic growth, stressing that the GOBO initiative demonstrates the power of grassroots-driven solutions and inclusive growth, marking a step towards sustainable development in Kogi State.
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