• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

TAJBank Becomes First Corporate To List Sukuk Bond On NGX

by Olushola Bello
2 years ago
in Business
L-R: Executive director, TAJBank, Sherif Idi; chief digital officer, Nigerian Exchange Limited (NGX), Dr Olufemi Oyenuga; divisional head, Capital Markets, NGX, Jude Chiemeka; chairman, TAJBank, Alhaji Tanko Isiaku Gwamna; managing director, TAJBank, Hamid Joda, and managing director, Greenwich Merchant Bank, Bayo Rotimi,  during the closing gong ceremony in commemoration of the listing of N10 billion Mudarabah Sukuk issuance sponsored by TAJBank Limited at NGX in Lagos yesterday.

L-R: Executive director, TAJBank, Sherif Idi; chief digital officer, Nigerian Exchange Limited (NGX), Dr Olufemi Oyenuga; divisional head, Capital Markets, NGX, Jude Chiemeka; chairman, TAJBank, Alhaji Tanko Isiaku Gwamna; managing director, TAJBank, Hamid Joda, and managing director, Greenwich Merchant Bank, Bayo Rotimi, during the closing gong ceremony in commemoration of the listing of N10 billion Mudarabah Sukuk issuance sponsored by TAJBank Limited at NGX in Lagos yesterday.

Share on WhatsAppShare on FacebookShare on XTelegram

TAJBank Limited, Nigeria’s fast-growing non-interest banking services provider, yesterday on the trading floor of the Nigerian Exchange Limited (NGX) became the first corporate to list Sukuk Bond on the bourse.

Advertisement

The bank listed N10 billion Mudarabah Sukuk issuance after it successfully raised over N11.4 billion under its N100 Billion Sukuk Issuance Programme.

The first of its kind in Nigeria is an Additional Tier 1 Capital Mudarabah Sukuk with loss-absorbency features designed to help TAJ Bank strengthen its capital adequacy ratio and general corporate business activities.

The Issuance received interest from both Retail and Institutional Investors, resulting in a subscription of 113.6. The oversubscription of this Issuance demonstrates that the investment culture in the Country is still vibrant and there is sustained confidence in Nigeria’s path to economic recovery and stability.

TAJBank Revs Up Nationwide Operations Drive, Opens Apapa Branch

RELATED

Mixed Performance On Equities Expected This Week

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

6 hours ago
Cadbury Nigeria Records N55bn Revenue In 2022

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

6 hours ago

Speaking at the closing gong ceremony in commemoration of the listing of the Sukuk issuance on the floor of the Exchange, Chairman, TAJBank, Alhaji Tanko Gwamna who was with top executives of the bank, reiterated that the listing is the first of its kind on the trading floor and it comes with non-interest bearing.

He noted that the listing of the Corporate Sukuk is what the capital market needs to enhance liquidity and further grow Nigeria’s economy.

TAJBank Boss disclosed that the financial institution is considering investing in the manufacturing and Agriculture sectors with raised funds from the Sukuk.

“Manufacturing sector is the only sector that can take most of the youth out of the street and keep them engaged. Also, we are funding agriculture production and its value chain from start to finish. These two sectors are where we wanted to fund the Sukuk issuance,” he said.

“The listing on the Exchange is for investors to trade in the Sukuk and diversify their investment,” he added.

According to him, “We are setting the trend and I’m sure a lot of corporates will come along. We are making more offerings because the market is in need of corporate Sukuk. It was a transparent exercise and people can trade with our Sukuk and it will offer more liquidity for economic growth.

He added that the financial institution very soon will be back in the capital market and raise more funds.

Speaking also, the Managing Director/CEO, TAJBank, Mr. Hamid Joda said the aim of the Sukuk listing is to give Nigeria’s investors alternative means of investment.

He noted that, “Millions of investors have been yearning for non-interest or Islamic instrument. We believe this is an opportunity for them to invest in such an instrument.

“The funds raised will be deployed into high-impact sectors that create jobs in Nigeria’s economy and in that way, it will have high-impact opportunities for millions of Nigerians.

“I believe with this move; we have inspired many other corporates in the financial space to come on board and issue Sukuk for greater development of our dear country.”

Speaking at the ceremony, the Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka commended the efforts of TajBank’s leadership and the parties to the issue: Greenwich Merchant Bank, Lead Issuing House; 117 Capital & Buraq Capital, Joint Sharia Advisers; and United Capital, Brokers, on the transaction. “NGX will continue to support issuers by providing a platform of choice for capital raising and linking them with a diverse pool of investors.

“The Exchange is also committed to the development of Islamic financing in the Nigerian capital market and continues to implement initiatives to deepen its offerings.”

Commonly referred to as Islamic Bonds, Sukuk – a non-interest-bearing bond- has helped government diversify its sources of funding while offering ethical investors an opportunity to invest in government-issued securities. The instrument has not only helped the government achieve a higher level of financial inclusion but has served as a reference for pricing Sukuk issued by other bodies, especially the private sector.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: TajBank
SendShareTweetShare
Previous Post

Much Ado about Online Opinion Polls

Next Post

NNPCL, Nasarawa Govt To Sign MoU On Oil Drilling Saturday

Olushola Bello

Olushola Bello

You May Like

Mixed Performance On Equities Expected This Week
Business

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

2025/08/04
Cadbury Nigeria Records N55bn Revenue In 2022
Business

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

2025/08/04
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTNN Posts N414.9bn Profit After Tax In H1

2025/08/04
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Despite Optimism, Forex Inflow Declines By 20.9% In July

2025/08/04
JUST-IN: Inflation In Nigeria Rises Further To 21.91%
Business

Easing Inflation, Currency Stability Prompted IMF’s Nigeria Growth Upgrade – Analysts

2025/08/04
TAJBank
Business

Consumers To Access N100m Mortgage Loans In FCMB

2025/08/04
Leadership Conference advertisement

LATEST

Benue Begins Digital Training For 40,000 Civil Servants

Troops Neutralise 17 Terrorists, Recover Weapons In Borno

Keystone Bank Partners Lagos Gov’t On Renewed Hope Agric Support Programme

‘We Rejected David Mark As PDP National Chairman,’ Wike Reveals

2 Policemen Attached To Ebonyi Lawmaker Killed In Imo

Police Arrest 7 Suspected Cultists Over Killing Of Lawyer In Rivers

Speaker Abbas, Deputy Kalu Hail D’Tigress Over 2025 FIBA Afrobasket Victory

Gov Buni Tasks New Emir Of Gudi On Peace, Unity, Progress In Domain

‘You Must Appreciate When Gov’t Has Done Well’, Wike Slams Critics Of FCT Projects

Wike Vows Relentless Projects Ahead Of Abuja’s 50th Anniversary

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.