Business
TEN YEARS OF PIONEER ISLAMIC BANKING IN NIGERIA, THE JAIZ BANK SUCCESS STORY
August24news.com
SPONSORED BY: H&H
Despite paying the huge costs associated with pioneering, the Bank was able to break even within the first three years of operation, which was unprecedented at the time.
From left: Dr. Sirajo Salisu, Jaiz Bank Plc’s Executive Director, Business Development (North); Alhaji (Dr.) Umaru Abdul Mutallab, Chairman; Mr. Hassan Usman, Managing Director/CEO; and Ahmed A. Hassan, Executive Director, Services/CFO, unveiling the 10th Year Anniversary Logo of the Bank in Abuja.
Through its’ unique value proposition, Jaiz Bank has, within a decade, made remarkable impact in empowering women, driving financial inclusion and supporting various strata of businesses in the real sector of the economy, Agriculture, Real Estate, Construction, Oil & Gas, General Commerce, etc.
Within this period, the Bank was rated by the Islamic International Rating Agency (IIRA), assigning it an investment grade rating of BBB. Most recently, the Bank also got an upgrade from both Agusto and GCR to BBB and BBB- respectively with stable outlook. Besides, Fitch also did its’ first rating of this promising institution, and it came out at the same impressive level.
It was therefore not surprising that the Bank gained international recognition as it won the Most Improved Islamic Bank award for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.
The Managing Director/CEO, Hassan Usman while thanking Allaah (The Creator of all), then the regulators, customers, Board, Management, staff and other stakeholders for their tremendous support, expressed great delight on the giant strides being taken by the Bank.
He said: “Today, our Bank officially clocks ten years since it first opened its doors to customers on the 6th of January 2012.
The journey was much like a roller coaster – you experience some degree of fear at the onset, but subsequently excitement takes over when the carriage takes off and you feel that euphoria of defying the odds of gravity. After the take-off, momentum is gradually gathered and stopping the coaster becomes not an option, the wisest thing to do is making every jerk and movement worthwhile and impactful.
That is what we did, we lived every moment, learning from each mistake, supporting our customers through thick and thin while pressing on – despite the absence of essential non-interest banking enablers – to pioneer a nascent sub-sector that is now bourgeoning with players and accolades.
“We are happy to pioneer an industry that was not there; creating confidence for other people to come in; and we believe that we’ve done that very well. The year 2022 is special to us as it marks a decade of progress in our Islamic banking journey and I am extremely fulfilled for the opportunity of leading the team for a larger part of the journey.
From a very humble beginning in 2012, the Bank has successfully developed a remarkable brand that is iconic both locally and internationally.
“You may recall in 2021, analysts at Nairametrics adjudged the Bank as the fastest growing among the listed banks in Nigeria (39.3% growth in Total Assets, based on December 2020 results) as well as the 4th most efficient based on Return on Equity (17.4%).
According to the international annual ranking by “The Asian Banker” (A Singapore-based leading provider of strategic intelligence on the financial services industry), Jaiz Bank ranks 36th on the World’s strongest Islamic Banks as at 2021. We remain true to our Vision by building the second largest non-interest bank in Sub-Saharan Africa in just 10 years.
The Bank is poised to leverage on its’ market acceptance and continue to innovate in order to consistently deliver superior customer experience in the dynamic business environment, hence maintaining its clear leadership in the non-interest banking space.
Business
BUA Industries secures US$200 million Facility from Afrexim Bank to support Expansion Plans
BUA Industries secures US$200 million Facility from Afrexim Bank to support Expansion Plans
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility in favour of BUA Industries Limited to support its expansion plans.
BUA is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping. The first tranche of $150 million was disbursed on October 16, 2024.
Speaking on the transaction, Abdul Samad Rabiu, CFR, CON, Chairman of BUA, said that the $200 million corporate finance facility from Afrexim Bank, marks a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export. “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he said
Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility would provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.
“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”
Over the past decade, BUA has solidified its reputation as one of Africa’s fastest-growing and reputable companies with business interests spanning critical sectors of the African economy. With its headquarters in Lagos, Nigeria, BUA has expanded its business operations in the past few years to take advantage of the African Continental Free Trade Area through exports.
.About BUA Group
Established in 1988, BUA Group is one of Africa’s largest diversified groups operating out of Nigeria with its key interests in foods, mining, manufacturing and infrastructure. Its vision is to unlock opportunities that will drive sustainable development whilst providing value to all stakeholders and the African continent. The Group’s investments span the following sectors: Cement, Sugar, Flour, Pasta, Steel, Rice, Real Estate, Energy, Logistics, Ports and Terminals with a core focus on building local manufacturing capacity to generate employment, and provide high quality products and develop the African continent. www.buagroup.com
Business
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.
This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
Business
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.
The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.
“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.
Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.
Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
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