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Economy

TAJBank Ready To Issue N20bn Mudarabah Sukuk, Eyes N100bn Programme

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TAJBank

TAJBank Ready To Issue N20bn Mudarabah Sukuk, Eyes N100bn Programme

TAJBank ready to issue N20bn Mudarabah Sukuk, eyes N100bn programme. TAJBank, Nigeria’s leading non-interest bank, is set to issue a ₦20 billion Mudarabah Sukuk bond as part of its strategy to strengthen its Additional Tier 1 capital and support its business expansion.

The bond issuance is part of the bank’s ₦100 billion Sukuk programme and follows the successful launch of Nigeria’s first-ever ₦10 billion Sukuk bond on the Nigerian Exchange (NGX) in 2023.

The latest offering provides individuals and institutions with a unique opportunity to invest in an ethical financial instrument with an attractive 20.5% annual return.

The Mudarabah Sukuk is structured to provide a stable and ethical investment avenue, allowing investors to participate in profit-sharing ventures while reinforcing TAJBank’s commitment to financial inclusion and innovative financial solutions.

According to the bank’s management, the terms and conditions of the Sukuk are undergoing final regulatory approvals and will be accessible to both individual and corporate investors. The initiative aims to offer a convenient and reliable income source, easily accessible online.

Speaking on the upcoming ₦20 billion Sukuk listing on the NGX, TAJBank’s Founder/CEO, Mr. Hamid Joda, expressed excitement about the investment opportunity, stating:

“We are thrilled to bring this Mudarabah Sukuk to the market, providing investors with a compelling ethical investment option.

TAJBank

TAJBank

Listing on the NGX will broaden investor participation and enable them to benefit from our profit-sharing model.”

Interested investors are encouraged to consult their financial advisors or visit www.tajbank.com for more details on the Sukuk issuance and listing process.

Economy

Benue Government Partners FACAN On pricing Of Agric Commodities: Food Security

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Government Partners FACAN

Benue Government Partners FACAN On pricing Of Agric Commodities: Food Security

Benue government partners FACAN on pricing of agric commodities to tackle food security . FACAN state coordinator Vitalis Tarnongu said Benue farmers were ready to partner with the government in the regulation of prices.

The Benue State government is partnering with the Federation of Agricultural Commodity Associations of Nigeria (FACAN) on the pricing of agricultural commodities in the state.

Donald Akule, managing director and chief executive officer of Agricultural Development Company (ADC), disclosed this on Monday in Makurdi, saying the partnership would enhance food security.

Mr Akule restated the state government’s willingness to work with FACAN to mediate between the farmers and the government on the prices of commodities.

The MD said the aim was to ensure that all farmers get value for their produce and food availability.

“We have declared a state of emergency on food insecurity. We want to make sure that every farmer gets value for what they produce.

“In the coming days, we are going to roll out a template of how this produce can be bought or mopped by the ADC and to make sure that we fill up our silos and food banks,” he said.

Mr Akule advised farmers to form cooperatives or groups for easy transactions, adding that the government would not work with individual farmers.

“Agriculture business is a collective business; it is a collaborative business. We are going to liaise with FACAN to make sure that we regulate the prices of grains.
“We will not recognise any person that is working in isolation. Any farmer that is not part of an organised working group would not be accepted,” he said.

FACAN state coordinator Vitalis Tarnongu said Benue farmers were ready to partner with the government in the regulation of prices to enable them to get value for their produce.

Government Partners FACAN

Government Partners FACAN

Mr Tarnongu said their mandate was to ensure the prices of commodities are set in such a way that both farmers and the government make gains.

The new state coordinator assured the government of FACAN’s commitment with ADC to boost agricultural production.
“We are ready to work closely with ADC to ensure food sufficiency.

“We solicit your support and cooperation for the association to succeed in its assignment,” he added.

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Economy

WaterAid, Bwari Council Allocate N521m For WASH In 6 Primary Healthcare Centres

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WaterAid

WaterAid, Bwari Council Allocate N521m For WASH In 6 Primary Healthcare Centres

WaterAid, Bwari council allocate N521m for WASH in 6 primary healthcare centres. The total proposed budget for the Local Investment Plan (LIP) is N521,655,000.

WaterAid Nigeria, in collaboration with the Bwari Area Council, has earmarked more than N500 million for water, sanitation, and hygiene (WASH) services in six primary healthcare centres (PHCs).

The proposal was presented at a one-day “Validation Workshop on Local Investment Plans (LIP) for Six Primary Healthcare Institutions” on Monday in Abuja.

The selected PHCs for this pilot project are Dutse-Alhaji, Owner Occupier, Sabon-Gari, Byazhin, Dei-dei, and Ushafa.
The total proposed budget for the Local Investment Plan (LIP) is N521,655,000.

This funding aims to enhance WASH services, environmental cleaning, health waste management, and monitoring and evaluation across the selected centres. The investment plan is set to cover the period from 2025 to 2030.

Nampet Chuktu, WaterAid head of programmes, highlighted the importance of collaborating with stakeholders to ensure accurate documentation and validation of the investment plans, which would also help in advocating for future budget releases.

“This is so that we are not guessing what is needed or what should be in place each year.

“Instead, we will be able to determine what should be at the centres because it has been validated and documented. With this document, we can advocate for budget release,” he said.

Mr Chuktu urged the representatives of each PHC at the workshop to help facilitate the process and ensure that the overseeing authority at the FCT Primary Health Secretariat properly situates the document.

He also noted that WaterAid, with funding support from the Church of Jesus Christ of Latter-day Saint Charities, would finance 30 per cent of the project, while the council would finance 70 per cent.

Kabiru Abbas, a consultant, stressed the need for critical infrastructural development to improve WASH services in the PHCs.

He explained that the development of a WASH investment plan would help secure funding for the improvement of healthcare services and contribute to achieving social development goals in the area.

“The LIP is a comprehensive plan for achieving the social development goals within the area council.

“The state of WASH services in health institutions in Bwari Area Council has been precarious and requires significant investment in infrastructure,” he said.

WaterAid

WaterAid

He explained that the LIP was the result of a participatory process involving the assessment of gaps, setting priorities and timelines, and identifying the resources needed to achieve the set objectives.

“It is also evidence-based, life-cycle costed, and developed through a participatory approach involving a mix of stakeholders,” he added.

The head of administration of the Bwari Area Council, Isa Musa, assured swift action in adopting the document on behalf of the council chairman.

“WaterAid Nigeria has already supported a 12-month project focused on enhancing WASH facilities in Bwari’s PHCs, including constructing and rehabilitating water and sanitation facilities.

“This project is part of WaterAid’s broader sustainability strategy to maintain the WASH improvements in the council over the next six years,” he said.

The event was attended by officials from various council departments, PHC managers, traditional leaders, and other WASH collaborators.

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Crime

Cross River Lawmakers Invites Commissioner Over Alleged Illegal Levies

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Cross River Lawmakers

Cross River Lawmakers Invites Commissioner Over Alleged Illegal Levies

Cross River lawmakers invites commissioner over alleged illegal levies. The House described the imposition of illegal levies by the ministry as double taxation.

The Cross River House of Assembly has invited the state commissioner for environment over alleged illegal levies imposed on truck drivers.

The House took the decision following a complaint made during the house session on Monday by Okon Owuna, the member representing Akamkpa I in the assembly.

Mr Owuna said that the levy tagged “Cross River Evacuation Permit” was imposed by the Ministry of Environment on trucks hauling granite from quarries in Akamkpa.

The lawmaker said that the levy was illegal, and not approved by the Cross River Internal Revenue Service.
“This levy is not also backed by the state Revenue Administration Law passed by the State Assembly,” he said.

He further said that the collection of the illegal levies had caused serious hardship on truck drivers as well as business owners in the area.

“This has led to the withdrawal of their trucks to quarries in neighbouring states; this trend should be stopped to preserve the good image of the state.

“If this trend is not checked, it is capable of destroying the hard-earned reputation and good image that Governor Bassey Otu has built for the state,” he said.

Other lawmakers who spoke on the matter described the imposition of illegal levies by the ministry as double taxation.

Cross River Lawmakers

Cross River Lawmakers

 

The speaker, Elvert Ayambem, condemned the act and said that the commissioner of environmental and chairman of the Internal Revenue Service should appear before the house.

Mr Ayambem said the invitation of the two government officials would enable the House to adequately understand the issue and proffer lasting solutions.

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