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TAJBank Sustains Industry Feat, Pays 3rd Dividend

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TAJBank Limited, Nigeria’s fastest growing non-interest bank, sustained its record-breaking feat in the nation’s banking history with the payment of 20 kobo per share dividend to its shareholders at the end of financial year (FY) 2024, being the third investment reward for the investors in its five years of operations.

Available industry data on dividends paid to shareholders by most banks during the year under review showed that TAJBank’s dividend, based on earnings per share, represented one of the best in terms of dividend ratio to share value of banks nationwide.

The major highlights of the TAJBank’s financial results in FY 2024 showed that the bank’s Total Assets grew from N518.33 billion in 2023 to N953.10 billion in 2024, representing 84% growth year-on-year; while its Gross earnings also increased to N75.5bn in the year under review from N43.2 billion in 2023, indicating 80% growth.

Similarly, the multiple award-winning non-interest bank also recorded impressive performance in its deposit base, which surged by 89%, from N369.33 billion in FY2023 to N696.34 billion in FY 2024.

In the year under review, the bank’s gross earnings rose to N467.38 billion from N271.92 billion recorded in 2023 financial year, representing 72% year-on-year on growth just as the profit before tax (PBT) grew by 61% to N18.2 billion from N11.3 billion in the preceding year, among other impressive financial indices.

Commenting on the bank’s FY2024 financial results, particularly on dividend payment to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority in their drive to sustain the bank at the forefront of non-interest banking space in Nigeria.

“The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery and I want to assure our investors that their interests will always be prioritized in our operations at all times”, Joda added.


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General News

NIS Deploys Advanced Surveillance Masts, other Critical Infrastructure to Boost Border Security

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Nigeria Immigration Service (NIS) has said that under the first phase of its e-border solution, surveillance masts equipped with 24-hour thermal and optical monitoring capabilities have been deployed across several border locations, providing surveillance coverage of 10 to 15 kilometres during the day and up to 5 kilometres at night.

NIS Deploys Advanced Surveillance Masts, other Critical Infrastructure to Boost Border Security

The service also assured that it will continue to modernise border security management through the deployment of advanced technology and critical infrastructure.

DCI Akinsola Akinlabi, spokesman for the NIS, who made this known during a news briefing by Spokespersons for security, defence and law enforcement agencies in Abuja, said that the phase two of the e-border solution is expected to expand coverage to additional land border points.

Akinlabi said the Service has also established an Integrated Operating Centre (IOC) to serve as a central hub for real-time intelligence gathering, surveillance, and data harmonisation relating to foreign nationals.

He said the NIS recorded significant operational successes in strengthening border security, combating transnational crime, and enhancing migration management between January and May 2026.

“During the reporting period, the Service intensified enforcement operations against irregular migration and related transnational crimes, resulting in the repatriation of 567 foreign nationals for violations of Nigeria’s immigration laws and regulations.

“In addition, six foreign natio nals were deported, comprising four individuals arrested for their involvement in a visa racketeering syndicate and two others who were deported after completing prison sentences for criminal offences.

“The Service also strengthened efforts to curb identity fraud and abuse of national documentation. Enforcement operations led to the recovery of 47 National Identification Number (NIN) cards from irregular migrants, while 21 stowaways were apprehended at various seaports as they attempted to illegally enter or exit the country through unauthorised means.”

Akinlabi said aside enforcement activities, the Service continued to invest in preventive and community-based initiatives aimed at addressing the root causes of irregular migration and cross-border crime.

“In March 2026, the Seme Border Command conducted sensitisation programmes for drivers’ associations, commercial motorcyclists, and community stakeholders to promote safe, orderly, and regular migration practices.

“Similarly, the Idi-Iroko Border Command carried out public awareness campaigns across markets, motor parks, and schools to educate border communities on the dangers and security implications of trans-border crimes.”


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PufferPay CEO to Keynote Business Journal Fintech & Financial Inclusion Roundtable 2026

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Mr. Emmanuel Ovaga, the Chief Executive Officer (CEO) of PufferPay Limited will deliver the keynote paper at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 scheduled for Friday, July 31, 2026 at Oriental Hotel, Lekki Road, Victoria Island, Lagos.

The theme of the Roundtable is: Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria. Mr. Emmanuel Ovaga is a graduate of Computer Engineering from the Enugu State University of Science and Technology, Enugu State.

He is a technology entrepreneur and business leader with a strong track record in building and scaling innovative digital and enterprise solutions across Africa.

As the CEO of PufferPay, he drives the company’s vision to deliver seamless, secure and inclusive payment solutions tailored for emerging markets.

He is also the Chief Executive Officer of Pufferfish Technology Limited, a Pan-African IT and consulting firm specialising in software development, data analytics and systems integration for both public and private sector clients.

Under his leadership, the company has established strategic partnerships with globally recognised technology providers, including industry leaders in enterprise computing and analytics.

Pufferfish Technologies Limited has in a few years of its existence, birthed PufferPay, a fintech payment business created to enhance financial inclusion and payments facilitation in Africa.

PufferPay is created with best-in-class technology for transaction speed and security that guarantees top-range service delivery to its growing customers.

Reacting to the development, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“Mr. Emmanuel Ovaga represents the next generation of tech leaders in the fintech space in Nigeria and Africa. His laudable accomplishments as the CEO of PufferPay Limited deserve accolades. He has positioned PufferPay as a leading player in the digital financial ecosystem in Nigeria and emerging corporate tentacles across the continent. Accordingly, stakeholders attending the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 would be looking forward to a robust conversation on the State of the Fintech market today and tomorrow.”

The Special Guests of Honour include Dr. Aminu Maida, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) and Mr. Olusegun Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the event.

The Guest of Honour is Mrs. Ekeoma Ezeibe, President/Chairman of Council, NCRIB.

Distinguished members of the Panel include:

  • Dr. Muda Yusuf, CEO, Centre for the Promotion of Private Enterprise (CPPE)
  • Mrs. Idu Okeahialam, Group Managing Director/CEO, Royal Exchange Plc
  • Mr. Jide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited
  • Dr. Obioha Oti, President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN)
  • Mr. Sarafadeen Fasasi, President, Association of Financial Inclusion Agents of Nigeria (AFIAN)
  • Chidubem Emelumadu, Ecosystem Lead (Africa), Lisk

The revolutionary success story of Moniepoint, Opay, PalmPay, Flutterwave and others in the digital payment system in Nigeria represents a positive expansion of the financial services sector in the country.

With millions of Nigerians and businesses lacking access to basic financial services, the importance of Fintechs remain sacrosanct in achieving substantial level of Financial Inclusion and expanding the frontiers of the industry.

According to AI Overview, Fintechs in Nigeria have revolutionised the financial landscape by dramatically increasing access to banking services, driving, for example, a 20% increase in financial inclusion and helping to bring the banked population to roughly 63%. These firms have introduced faster, affordable digital payments, lending, and investment services, forcing traditional banks to adopt digital transformation.

On investment, AI Overview stated: “Fintechs in Nigeria dominate the tech landscape, securing 35% of total tech funding ($2 billion total) in 2024, with over 430 companies attracting roughly 36% of all African fintech investment. Despite global challenges, the sector remains highly resilient, driven by high demand, with significant deals including Moniepoint’s $110 million series C.”

In January 2026, the Central Bank of Nigeria (CBN) granted national licences to Moniepoint, Opay etc, giving them the regulatory authority to operate across the 36 States of the Federation. The decision firmly underscores the great strides by Fintechs in driving Financial Inclusion and supporting sustainable economic growth in the country.

The 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 aims to underscore the positive contribution of Fintechs in deepening Financial Inclusion, expanding access to financial services and contributing to economic growth in the country.

Expected participants at the Roundtable include regulators, operators from key sectors of the economy, media and members of the public.


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SERAP urges NASS to probe ₦1.3bn allocation to ‘non-existent’ presidential council

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Socio-Economic Rights and Accountability Project (SERAP) has called on the leadership of the National Assembly to investigate the alleged allocation of more than ₦1.3 billion to the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council in the 2026 Appropriation Act.

SERAP urges NASS to probe ₦1.3bn allocation to 'non-existent' presidential council

In a statement, SERAP urged the President of the Senate, Sen. Godswill Akpabio, and the Speaker of the House of Representatives, Rep. Tajudeen Abbas, to immediately disclose certified copies of all documents relating to the consideration and approval of the ₦1,302,978,784 allocation to the council.

The organisation also asked the National Assembly leadership to invoke its investigative powers under Sections 88 and 89 of the 1999 Constitution (as amended) to examine the circumstances surrounding the inclusion of the allocation in the 2026 budget.

According to SERAP, the investigation should identify anyone responsible for any irregularities associated with the budgetary provision.

The group further requested certified copies of records identifying the National Assembly committees that considered the allocation, as well as the names and official designations of public officers or representatives who appeared before the committees to defend the proposed budget.

SERAP said its request followed reports that the Presidential Foreign Intervention Promotion Council (PFIPC), also referred to as the Presidential Economic Advisory Council, was allocated more than ₦1.3 billion in the 2026 Appropriation Act.

The organisation, however, noted that the Presidency had publicly stated that the council was fictitious and had never been established by the Federal Government.

According to SERAP, the conflicting claims raise serious concerns about the credibility of the country’s appropriation process, legislative oversight, public financial management and accountability.

It maintained that the National Assembly has a constitutional responsibility to thoroughly scrutinise budget proposals submitted by the Executive before approving public expenditure.

SERAP added that lawmakers also have a duty to ensure the Presidency and all Ministries, Departments and Agencies remain accountable throughout the budget process and in the management of public funds.

The organisation urged the National Assembly to act promptly in the interest of transparency, accountability and public confidence in the country’s budgeting process.


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