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Home » TajBank Becomes First Corporate Entity to List Sukuk Bond on NGX

TajBank Becomes First Corporate Entity to List Sukuk Bond on NGX

Justice Godfrey Okamgba by Justice Godfrey Okamgba
February 15, 2023
in Finance
0
TAJBank

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TAJBank Limited, a rapidly expanding non-interest banking services provider in Nigeria, became the first corporation to list Sukuk Bonds on the stock exchange yesterday on the trading floor of the Nigerian Exchange Limited (NGX).

After successfully raising over N11.4 billion through its N100 billion Sukuk Issue Programme, the bank listed a N10 billion Mudarabah Sukuk issuance.

An Additional Tier 1 Capital Mudarabah Sukuk with loss-absorbency features is the first of its kind in Nigeria and is intended to help TAJ Bank improve its capital adequacy ratio and overall corporate business operations.

Both retail and institutional investors were interested in the issuance, which led to a subscription of 113.6. The oversubscription of this Issuance shows that Nigeria’s investment culture is still strong and that there is ongoing optimism about the country’s ability to achieve economic stability and recovery.

Alhaji Tanko Gwamna, Chairman of TAJBank, who was present at the closing gong ceremony honoring the listing of the Sukuk issuance on the Exchange floor together with other top bank officials, reaffirmed that the listing is the first of its kind on the trading floor and that it is non-interest bearing.

He pointed out that the capital market requires the listing of the Corporate Sukuk to provide liquidity and propel Nigeria’s economy forward.

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 needs 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 Sukuk listing aims to give Nigeria’s investors alternative means of investment.

He noted that “Millions of investors have been yearning for non-interest or Islamic instruments. 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.”

 

 

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  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

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