TAJBank revs up nationwide operations drive, opens Apapa branch

advisory services for its growing customer-base.

It would be recalled that the bank secured its national banking license from the Central Bank of Nigeria (CBN) about six months ago and the opening of the Apapa branch is part of the board and management’s initiatives to open new branches within the next few months across the geo-political zones in the country.

Speaking at the opening ceremony, TAJBank’s Founder/ Managing Director, Mr. Hamid Joda, said Apapa was targeted for the commencement of the bank’s branch network expansion in the South West region because of the strategic position in the nation’s business operations and the need to offer customers realtime, technology-powered world class services.

He said: “We are very excited to begin the deepening of our non-interest and customerfocused products and services in Apapa, Lagos as we commence the expansion of our services across the geo-political zones of the country.

“This is a mega branch based on the investments in technologies and solutions and the quality of human resource we are putting in place here and we intend to put in other branches we are opening very soon because we intend to offer what other banks are not offering in terms of value-addition to our customers.

“With this move, we want to assure Nigerians and other residents and businesses in our country that TAJBank’s only interest is our customers and in line with our business philosophy, we shall continue to offer them products and services that surpass their expectations in the years ahead.”

In his remarks, the bank’s Executive Director, Mr. Sherif Idi, recalled that the sterling performance of the non-interest lender was recognized both in Nigeria and internationally given “the awards from Business Day and Leadership newspapers and other global rating agencies to TAJBank in recognition of our world-class operational standards and service quality.”

In his remarks during the new branch opening event, the Managing Director/CEO of IAL Nigeria Limited who shares in the vision and business philosophy of TAJBank, Alhaji Ismail Adetola Lawal, commended the Board and management of the Non-interest Bank for opening the Apapa branch for the benefit of business owners and the Nigerian economy.

He said “My prayer for TAJBank limited is that the Almighty God will continue to build the Bank and make it the preferred choice for millions of Nigerians that are looking for interest free banking products and services. I want to assure them that TAJBank will not disappoint them but surpass their expectations.”

CBN: Naira redesign policy to reduce unbanked population, tackle insecurity

From Abubakar Yunusa Abuja

The Central Bank of Nigeria (CBN) says the naira redesign policy is to promote financial inclusion and aid security agencies’ efforts in tackling insecurity.

Speaking on Saturday at the 44th Kaduna international trade fair. Osita Nwasinobi, the spokesperson of the CBN, urged Nigerians to embrace alternative payment channels such as eNaira and internet banking.

Nwasinobi, represented by

Mohammed Abbah, director of capacity development, said Godwin Emefiele, the CBN governor, had always emphasised that the redesign of the naira notes was “not targeted at anyone or any group of persons”.

“The principal aim of the bank, with the currency redesign initiative, is to make our monetary policy decisions more efficacious,” he said.

“Nigerians will observe that there has been a downward trend in inflation and the exchange rates have been relatively stable.

“Furthermore, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.

“Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this programme.

“The CBN is not unmindful of the challenges some citizens have had to face in the past few weeks in efforts to get money from their banks or other alternative channels.

“Indeed, there have been reports of occasional transaction failures. However, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.”

He added that the benefits of the currency redesign are enormous and will benefit the economy in the long run.

Meanwhile, although the CBN deadline elapsed on February 10, the federal government said it would obey the supreme court order restraining the apex bank from banning the use of old naira notes till February 15.

By Abubakar Yunus Abuja

The Securities and Exchange Commission has stated its readiness to partner with the Nigerian Agricultural Insurance Corporation in a bid to further deepen the commodities trading ecosystem.

Director General of the SEC, Mr. Lamido Yuguda stated this during a meeting with the Management of NAIC in Abuja,weekend.

Yuguda stated that the commission is committed to developing the commodities ecosystem as a potent way forward in Nigeria’s quest for sustainable foreign exchange earnings and economic development.

According to him, “In the past few months, this has been exacerbated by low oil production

Court restrains AMCON from selling IBEDC

By Abubakar Yunus Abuja

The federal high court in Lagos has restrained the Asset Management Corporation of Nigeria (AMCON) from selling the Ibadan Electricity Distribution Company (IBEDC) Plc.

AMCON had taken over the management of the IBEDC in January 2022 over insolvency and loan default.

The takeover followed the judgement of a federal high court on September 8, 2021, which granted an order in favour of AMCON as receiver/manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over a default in the loan service agreement.

However, while ruling on an interlocutory injunction sought by IBEDC and 10 other defendants in the suit, Chukwujekwu Aneke, the presiding judge, stopped AMCON from “alienating, selling or disposing or transferring the IBEDC pending the final determination of the suit before it”.

The defendants in the matter are Integrated Energy Distribution and Marketing Company Limited, Tunde Ayeni, Olusola Ayandele, and personal legal representatives of the estate of Idahosa Okunbo. Others are Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Aliyu Ibrahim, Usman Mohammad, Abubakar Aminu and IBEDC.

The defendants had asked the court to determine whether the plaintiff was entitled to remain in possession of, manage and exercise all the powers of a receiver or manager on all the first defendant’s assets.

Dele Adesina, counsel to the applicants, had in November 2022 alleged that AMCON intends to dispose of IBEDC despite “the issue for determination or subject matter of settlement initiated by both parties”.