Group Lauds TAJ Bank For N100bn Private Sector Sukuk Offering

A group, Coalition of Civil Society Groups for Peace, Security, Good Governance, Equity and Justice has commended the board and management of TAJ Bank for the commencement of it’s N100bn maiden private sector Sukuk offers.

In a statement in Abuja yesterday, the national coordinator of the group, Comrade James Okoronkwo, commended the bank for pioneering  the historic shift from government- dominated Sukuk offering to  a complete private sector-oriented offering in the Nigerian debt markets.

The group noted that the launching of the instrument, under the Mudaraba Structure,  would afford the non-interest lender the opportunity to grow its capital base, and by so doing position it on a sound footing to finance large and long-term projects in Nigeria, while opening up investment opportunities in the country.

The coalition lauded the bank’s  innovativeness, patriotism and foresight for introducing  the maiden N100bn private sector driven Sukuk offering, noting that it would address the pernicious problem of inability of well- meaning Nigerians and companies to fund their economic viable projects in Nigeria.

It maintained that the Sukuk offering is an excellent way of aiding investors  with the Sukuk non-interest facility, which helps the Nigerian economy develop by creating and developing wealth.

It noted that within a period of two years, TAJ Bank has broken even and impressively grown its shareholders funds and returns on their investments within the period of 12 months.

The coordinator of the group also reaffirmed that the N100bn maiden private sector offering would raise the much-needed capital that would be invested in targeted high-impart sectors of the Nigerian economy, adding that it would equally spur job creation and boost the living standard of the people.