NEWS
TAJBank Sukuk Bond Records 185.5 Per Cent Oversubscription
By Tony Obiechina, Abuja
TAJBank Limited, the fastest growing non-interest bank in Nigeria, has again demonstrated its frontline visibility in Nigeria’s non-interest banking investment market with its latest N20 billion Mudarabah Sukuk bond offer recording 185.
15% oversubscription rate.The data just released by the investment market authorities on the performance of the bond indicated that the debt instrument, with annual profit rate at 20.
5% per annum, recorded N57,029,771 billion allotment, representing 185.15% oversubscription and highlighting the growing investor confidence in the bank.On the performance of the bond, TAJBank’s Founder/Managing Director, Hamid Joda, described the N20 billion Mudarabah Sukuk bond subscription rate, which is the second tranche of the bank’s N100 billion Sukuk bond programme, as impressive given the current micro and macroeconomic factors in the economy, which continue to rob off on the real income of Nigerians and other residents in the country.
He said: “Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence and this can only be attributed to the quality of innovative products and services, value addition TAJBank is delivering in the non-interest banking subsector of the banking system, especially when analyzed within the context of the current realities in the debt instrument market today.
“I want to thank the board, management and staff of the bank, the regulatory authorities and the investors for their contributions to the success of the bond issuance. I also assure them that TAJBank shall continue to protect their interest to ensure a win-win experience for all stakeholders as we sustain our drive to sustain the bank as the leading player in the nation’s non-interest subsector of the banking system”, he added.
In his remarks, the bank’s Co-Founder/Executive Director, Sherif Idi, noted: “This investment feat is a clear demonstration of investors’ trust in TAJBank and we will continue to do our best to surpass their expectations through world-class products and services. As always, our interest in the customers and investors.”
Analysts in the investment market believe that with the outstanding success of the latest TAJBank’s N20 billion Mudarabah Sukuk bond, more investors, businesses and bank customers will be encouraged to do business with the bank for the purposes of exploring the opportunities in its innovative products and services and good returns on their investments.
Since the TAJBank debuted in the non-interest banking space in Nigeria about five years ago, it has, through investor-customer centric products and services delivery, been promoting world-class ethical non-interest banking in line with the management’s vision to transform the bank into one of Nigeria’s first top 20 banks by year 2029.
In recognition of its commitment to best practices in non-interest banking globally, TAJBank has won several awards, including the Global Islamic Finance Award (GIFA) 2023 for its ‘Best Sukuk Deal of the Year 2023’. Before then, it had won BusinessDay newspaper’s ‘Islamic Bank of The Year’ awards for 2021, 2022 and 2023 and before then clinched the Leadership newspapers’ ‘Bank Of The Year Award’ in 2020, amongst other laurels.
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NEWS
2027: FOOG Women Coordinator Urges Nigerians to Support Tinubu’s Re-election Bid
By Francis Sadhere, Warri
Chief (Mrs) Esther Orighomisan Okotie-Eboh, Coordinator of Felix Omagbemi Ogbe Group (FOOG) Women Support Group for President Tinubu, has called on Nigerians to support President Bola Tinubu’s re-election bid in 2027, urging critics of the administration to present credible alternatives to its policies.
Okotie-Eboh said those opposing the Tinubu administration should go beyond criticism and explain how their proposed policies would improve the lives of Nigerians.
She argued that political opponents had a responsibility to provide concrete reasons for rejecting the government’s programmes and demonstrate what they would do differently if elected.
According to her, critics should be able to present at least five to 10 clear reasons for their positions, rather than engage in endless consultations and political discussions without offering practical solutions.
She maintained that Nigerians deserved constructive political engagement backed by workable policies and measurable commitments.
The FOOG Women Support for Tinubu director-general also cautioned against comparing the Tinubu administration directly with previous governments, arguing that each administration faced peculiar challenges that required different approaches.
According to her, differences in prevailing circumstances, economic realities and governance challenges should be taken into consideration when assessing the performance of successive administrations.
She maintained that the Tinubu administration should be assessed within the context of the challenges confronting it and the policies being implemented to address them.
Okotie-Eboh likened governance to building a house, stressing that a solid foundation and a clear plan were necessary to achieve lasting results.
“Governance is like building a house. You must first lay a solid foundation and have a clear plan before you can complete the building,” she said.
She added that abandoning a project halfway through could undermine the desired outcome, arguing that the Tinubu administration should be given the opportunity to implement its policies and deliver on its promises.
Okotie-Eboh further maintained that governments needed sufficient time and space to execute their programmes and address the challenges confronting their countries.
Citing developments in other parts of the world, including the United States and efforts to resolve the Russia-Ukraine war, she argued that governance required continuity and sustained efforts to achieve meaningful progress.
She warned against what she described as a tendency to move backwards by constantly disrupting the process of governance, insisting that elected administrations should be assessed based on their performance and tangible results.
According to her, Nigerians should critically examine the alternatives being proposed by opposition politicians before deciding whether to support a change of government.
“The question Nigerians should ask is simple: what are the alternatives being offered by those criticising the government? Let them tell us what they intend to do, how they plan to do it and how their proposals will improve the lives of ordinary citizens,” she said.
She stressed that anyone seeking the mandate of Nigerians must be prepared to articulate clear policies and demonstrate how such policies would translate into better governance.
Okotie-Eboh maintained that the country needed issue-based political engagement rather than rhetoric, adding that Nigerians deserved concrete policies, clear explanations and measurable results from those seeking public office.
She therefore called on Nigerians to support Tinubu’s re-election bid in 2027, saying continuity would give the administration the opportunity to pursue its programmes and work towards achieving its objectives.
End
PHOTO: Chief (Mrs) Esther Orighomisan Okotie-Eboh, Coordinator of Felix Omagbemi Ogbe Group (FOOG) Women Support Group for President Tinubu.
NEWS
Henry Okeke Commends Mbah for Clearing Pension Arrears in Enugu
By Raphael Atuu, Abuja
Barrister Henry Nnanna Okeke, a member of the Governing Council of Enugu State Polytechnic, Iwollo, has commended. Enugu State Governor ,His Excellency ,Dr Peter Ndubuisi Mbah for clearing verified pension backlogs and approved a ₦32 billion package to settle legacy gratuity arrears dating back to the year 2000 outstanding pension arrears owed to pensioners in Enugu State.
Okeke described the reported development as a significant step towards improving the welfare of retired civil servants who devoted their productive years to the service of the state.
He praised Governor Mbah for fulfilling his promise to pensioners, noting that the payment would bring relief to retirees who depend on their pensions and other entitlements to meet their daily needs.
According to him, pensioners deserve to enjoy the benefits of their years of service without unnecessary hardship, particularly after contributing to the growth and development of Enugu State.
The polytechnic governing council member noted that addressing pension arrears was an important demonstration of responsible leadership and a commitment to the welfare of citizens.
He said the reported clearance of the arrears would help ease the financial burden on affected pensioners and their families, while restoring confidence among retirees who had been awaiting their entitlements.
Okeke further urged the state government to sustain the progress by ensuring regular pension payments and preventing the accumulation of fresh arrears.
He stressed that the welfare of pensioners should remain a priority, adding that retirees deserve dignity, financial security and timely access to their entitlements after years of dedicated public service.
The commendation reflects the importance of policies that place the welfare of citizens at the centre of governance and ensure that government commitments translate into tangible benefits for the people.
Okeke reaffirmed his support for initiatives aimed at promoting good governance, accountability and sustainable development in Enugu State.
He expressed optimism that the Mbah administration would continue to implement policies and programmes that improve the living conditions of residents and strengthen the state’s development agenda.
NEWS
2027: ADC Urges ECOWAS to Insist on Credible Elections in Nigeria
The National Chairman of the African Democratic Congress (ADC), Sen. David Mark, has urged the Economic Community of West African States (ECOWAS) to insist on transparent and credible elections in Nigeria.
Mark made the call on Thursday in Abuja while receiving an ECOWAS delegation on a pre-election fact-finding mission ahead of the 2027 general elections.
The ADC leadership expressed concerns over the Independent National Electoral Commission’s (INEC) preparedness and commitment to conducting free, fair and credible elections during the meeting with the delegation.
Mark said Nigeria’s elections were critical to West Africa’s stability and would attract global attention, emphasising the need for stakeholders to work together to ensure credible electoral outcomes.
“This is why we must all work together to ensure we get it right. You have made us understand that your mission is pursuant to the ECOWAS Conflict Prevention Framework.
“We are quite happy with this. But the best way to prevent conflict, especially in relation to elections, is to ensure that it is free, fair and transparent,” he said.
Mark said the ADC was committed to peaceful conduct before, during and after the elections, urging ECOWAS to support efforts to ensure credible electoral processes.
“We in the ADC have committed ourselves to the highest standards of peaceful conduct before, during and after the elections. But we need ECOWAS to join us in insisting on a credible election now.
“We want the same thing: a peaceful and stable Nigeria and West Africa. This is why you must tell INEC that they must not do anything that could plunge Nigeria into a needless crisis.
“This must form part of your early warning signals,” he added.
The Head of Mission and former Vice-President of Sierra Leone, Victor Bockarie Foe, said the mission aimed to assess Nigeria’s preparedness for credible elections and the political atmosphere ahead of the polls.
Foe promised to convey the party’s concerns, alongside those of other stakeholders, to the regional body, emphasising Nigeria’s importance to peace and stability across West Africa.
Other members of the ECOWAS mission included Francess Piage Alghali, Commissioner for Political Affairs, Peace and Security; Julius Fofanah Sandy, representing the ECOWAS Permanent Representatives’ Committee; and Segrine Mamadou, Head of Electoral Assistance Division.


