One group, the Coalition of Civil Society Groups for Peace, Security, Good Governance, Equity and Justice, congratulated the board and management of TAJ Bank on the launch of its first offerings of N100 Billion Private Sector Sukuk.
In a statement in Abuja yesterday, the group’s National Coordinator, Comrade James Okoronkwo, praised the bank for pioneering the historic shift from a government-dominated Sukuk offering to a comprehensive private sector-focused offering on Nigerian debt markets.
The group noted that the launch of the instrument, under the Mudaraba structure, would provide the interest-free lender with the opportunity to increase its capital base and, in doing so, position it on a solid footing to finance large long-term projects in Nigeria. , while opening investment opportunities in the country.
The coalition hailed the bank’s innovative spirit, patriotism and foresight for introducing the first private sector-led N100 billion Sukuk offering, noting that it would solve the pernicious problem of inability well-meaning Nigerians and businesses to finance their economically viable projects in Nigeria.
He maintained that the Sukuk offering is a great way to help investors with the interest-free Sukuk facility, which helps the Nigerian economy grow by creating and growing wealth.
He noted that in a two-year period, TAJ Bank broke even and impressively increased its shareholders’ funds and return on their investments over the 12-month period.
The group co-ordinator also reaffirmed that the first private sector offering of N100 billion would raise much needed capital to be invested in targeted high contribution sectors of the Nigerian economy, adding that it would also spur business creation. jobs and improve people’s standard of living.