TAJBank to List N100bn Sukuk Bond on NGX

Kayode Tokede

TAJBank Limited said it has formalized the kick-off the bank’s N100 billion Sukuk bond issuance with the signing of all the parties for issuance of the first-ever non-interest private Sukuk bond offer in the nation’s capital market.

The Bank has secured all regulatory approvals required for opening the Sukuk to the general public and the bond will be listed on the Nigerian Exchange Limited (NGX).

Speaking during the epoch-making event at the bank’s headquarters in Abuja, the bank’s Managing Director/Chief Executive Officer, Mr. Hamid Joda, described the bank’s latest investment initiative as a very important milestone in the annals of Nigeria’s capital market development and assured investors of good returns on their investment in the TAJBank Sukuk bond. 

He explained: “The Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market. I believe that after this issuance, we will see a number of companies in the Nigerian market coming out to issue Sukuk bonds and that will lead to the deepening of the non-interest market and eventually economic development of Nigeria.

“My message to the investing public is to take advantage of the opportunity in view of its potential for good returns. The instrument is coming out at an expected rate of 15 percent. It is also an ethical instrument and there are very few ethical instruments out there and I believe a lot of investors are looking for instruments that have ethical leaning”, Joda assured.

In his remarks, the bank’s Executive Director, Mr. Sheriff Idi, also stressed the importance of the Sukuk bond to the TAJ Bank’s operations, capacity to provide financial support to needy enterprises with the attendant positive implications for the nation’s economic growth.