News
TAJBank reports 11.3bn profit, as earnings surge by 149%
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)
BY ANKELI EMMANUEL, Sokoto
The Assistant Inspector General of Police (AIG) in charge of zone 10 comprising Sokoto, Kebbi and Zamfara States Gyogon Augustine Grimah has directed commissioners of police under his zone to ensure adequate security measures in their respective domains before and after the Easter celebration.
Grimah, in a release by the zone 10 Public Relations Officer DSP Uthman Muhammad Yaqub appealed to all and sundry to cooperate with security agencies to enable them serve them well.
The release read in parr, “”Zone 10 headquarters under the leadership of AIG Gyogon Augustine Grimah psc,FCAI, wish to inform the members of the public particularly those residing in Sokoto, Kebbi and Zamfara states, that it has made adequate security arrangements that will ensure the protection of lives and properties before, during and after the Easter celebrations.
“”AIG zone 10 headquarters, directed the three commissioners of police Commanding Sokoto, Kebbi and Zamfara Police states Commands to emplace adequate security measures that will ensure smooth and hitch free celebrations. Intelligence gathering apparatus of the zone has also been directed to actively generate actionable intelligence that could assist in mitigating any form of threats””.
While wishing Christian faithfuls a happy Easter celebration, the AIG, Grimah enjoined all of them to seize the moment and pray for continues peaceful coexistence in the zone and beyond.
By Israel Bulus, Kaduna
The Kaduna State chapter of the Peoples Democratic Party (PDP) has called on Christians and all residents of the state to use the Easter season to reflect on the virtues of peace, unity, and sacrifice, as demonstrated by the resurrection of Jesus Christ.
In a statement issued on Sunday by its Chairman, Sir Edward Percy Masha, the PDP extended warm greetings to Christians across the state and Nigeria, describing Easter as a season of hope, renewal, and triumph over adversity.
“Easter reminds us of the triumph of light over darkness, life over death, and most importantly, of love, peace, and unity among all people,” Masha said.
He noted that the message of Easter was especially significant at a time when Kaduna State is grappling with economic hardship, political tension, and persistent security threats, particularly in vulnerable communities.
“These are trying times for our dear state. We urge all citizens to remain steadfast in faith, committed to peace, and united in the pursuit of a better future. No matter our religious or ethnic backgrounds, we must come together to pray for Kaduna and Nigeria,” he added.
The PDP also called on residents to pray for divine intervention in addressing the state’s worsening socio-economic and security challenges.
“We believe in the power of collective prayers and unity,” the statement continued.
“Kaduna must rise above the tide of division, insecurity, and underdevelopment. Only with sincerity of purpose and inclusive leadership can we achieve that.”
“This Easter should inspire our leaders to embrace sacrificial service. Jesus gave His life to save others — that’s the true test of leadership,” he said.
“We must put aside politics and speak as one voice against the suffering of our people.”
The PDP reaffirmed its commitment to the people of Kaduna, assuring that it would continue to advocate for good governance, equity, and development. he concluded.
A new terrorist group known as Mahmuda has emerged in Nigeria’s North Central region, launching deadly attacks on communities surrounding the Kainji Lake National Park (KLNP), according to local sources and a report by Sahara Reporters.
The group, which operates with impunity in the national park spanning Kwara and Niger states, has besieged villages in Kaiama and Barutein Local Government Areas (LGAs) in Kwara, as well as Babana and Wawa districts in Borgu LGA, Niger State. On Wednesday, Mahmuda militants attacked a vigilante group in Kemanji, Kwara, killing over 15 vigilantes and villagers, a source confirmed.
“They call themselves the Mahmuda group. Their leader, in a voice note, is threatening all the communities. They kill, kidnap victims, and demand ransom,” a local source told Sahara Reporters.
The KLNP, covering 3,970.29 square kilometres, has become a haven for the militants, who reportedly displaced park rangers over five years ago.
Sources trace the group’s origins to Mokwa LGA in Niger State, from where they were expelled by former Governor Muazu Babangida Aliyu, who accused them of being Boko Haram affiliates.
The group then relocated through various regions, including Kaduna State, before entrenching themselves in the KLNP.
A recent audiotape from the group’s leader suggests they are a moderate Islamist sect that splintered from the extremist Boko Haram faction led by Abubakar Shekau.
The militants, who primarily speak Hausa, identify as the Mahmuda or Mallam Group and claim to be jihadists promoting Sunni Islam.
The Mahmuda group has imposed a reign of terror on local communities.
Herders pay dues to graze cattle, farmers pay levies to access farmland allocated by the militants, and residents are forced to work on the group’s farms as “sadaka” (charity).
The militants also kidnap locals for ransom, mount illegal roadblocks, and regulate social activities, banning alcohol sales and smoking while settling community disputes.
“They preach Islamic ethics, urge disloyalty to the Nigerian state, and insist disputes be reported to them,” a source said, adding that the group is recruiting locals as informants.
Unconfirmed reports suggest the militants are engaged in illegal mining within the park and threaten herbalists suspected of aiding vigilantes.
In a bid to consolidate control, the group has expelled bandits from the park, kidnapping or executing their collaborators after collecting ransoms.
The rise of Mahmuda highlights Nigeria’s growing insecurity, with ungoverned spaces like the KLNP enabling militant groups to thrive.
Loggers, fishermen, and hunters exploit the park’s resources, with some loggers reportedly negotiating with the militants to harvest trees, providing the group with revenue.
“The surge of insecurity in Nigeria is a source of concern due to its destructive impact on livelihoods,” a source noted.
“New militant groups continue to emerge and occupy ungoverned spaces.”
Locals suspect the authorities are aware of the group’s activities but have failed to act, possibly due to the militants’ sophisticated weaponry. Vigilante groups, frustrated by the lack of security intervention, have resorted to collaborating with Mahmuda to rescue kidnapped victims, further complicating the situation.
The Mahmuda group’s control over a vast swathe of Nigerian territory underscores the challenges facing the country’s security forces. With communities living at the mercy of the militants, the group’s blend of coercion, religious rhetoric, and economic exploitation poses a significant threat to stability in the region.
As Nigeria grapples with this emerging menace, questions remain about the group’s true origins and affiliations. Some locals speculate the militants may have ties to groups from Benin or Niger Republic, while others see parallels with Boko Haram’s tactics. Further investigation is needed to unmask this faceless group and address the crisis in the KLNP.