Bank

TAJBank Limited has achieved a major milestone in Nigeria’s financial sector, emerging as the country’s largest non-interest bank by total assets and gross earnings for the first half of 2025. The bank’s total assets climbed to an impressive ₦1.017 trillion, consolidating its leadership position in the fast-growing non-interest banking space.

This achievement was disclosed by investment analyst and chartered stockbroker, Mr. Olabode Akeredolu-Ale, during a seminar in Abuja themed “Roles of Non-Interest Banks in SMEs’ Financing,” organized by Leaders Corporate Services.

Strong Financial Performance

According to Akeredolu-Ale, TAJBank’s total assets increased from ₦953.098 billion in December 2024 to ₦1.017 trillion by mid-2025 — about ₦53 billion higher than its nearest rival in the non-interest banking subsector. The bank also posted ₦53.752 billion in gross earnings for the first half of 2025, representing a 64% jump from ₦32.86 billion recorded at the end of 2024.

The bank’s earnings per share (EPS) also reflected strong profitability, rising to 61.36 kobo, which is 92% higher than the EPS of its closest competitor. This consistent growth underscores TAJBank’s expanding influence in Nigeria’s non-interest banking industry, which continues to attract both individual and institutional investors seeking ethical and sustainable financial options.

Industry Validation and Transparency

Speaking at the seminar, Akeredolu-Ale emphasized that all figures cited in his presentation were obtained from official financial statements and verified through regulatory platforms such as the Central Bank of Nigeria (CBN) and the Nigerian Exchange (NGX). He noted that TAJBank’s performance is a clear reflection of how well-managed non-interest banks can thrive even under challenging economic conditions.

“I am impressed by how TAJBank and other non-interest banks are leveraging innovation and ethical practices to expand access to finance,” he said. “These institutions are creating real impact by supporting Micro, Small, and Medium Enterprises (MSMEs) through non-interest funding mechanisms.”

Supporting SMEs Through Ethical Financing

The expert also highlighted that many MSMEs in Nigeria find it difficult to access credit from conventional deposit money banks due to high lending rates and tough collateral requirements. Non-interest banks like TAJBank have become critical alternatives, offering cost-friendly and ethically structured financing that aligns with Islamic banking principles.

“MSMEs should take advantage of the opportunities provided by non-interest banks,” Akeredolu-Ale advised. “They can open accounts with these banks and access affordable financing options that will help them grow sustainably.”

Recognition from Industry Experts

Another panelist at the seminar, Mr. Benjamin Chukwudi, praised non-interest banks for their growing role in Nigeria’s economic ecosystem. He credited them for not only providing access to interest-free financing but also offering valuable financial advisory services that help small businesses manage operations efficiently, especially amid rising business costs.

Chukwudi added that institutions like TAJBank are helping bridge the funding gap for entrepreneurs who might otherwise struggle in traditional banking environments.

The Road Ahead for TAJBank

Since its establishment five years ago, TAJBank has positioned itself as a leading force in ethical banking, championing financial inclusion through innovation and transparency. With total assets surpassing ₦1 trillion and consistent growth in profitability, the bank continues to set benchmarks in Nigeria’s non-interest financial sector.

Its remarkable 185% oversubscription of its recent ₦57 billion Sukuk bond also underscores strong investor confidence in its business model and long-term sustainability.

As TAJBank continues to expand its footprint, analysts believe it will play an even greater role in supporting Nigeria’s economic diversification efforts by channeling funds into productive sectors — especially MSMEs — through ethical, interest-free financial solutions.

Zenith Bank Plc has once again reinforced its commitment to transparency, growth, and shareholder value during a prestigious closing gong ceremony held at the Nigerian Exchange (NGX) on October 14, 2025.

The event was led by Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank, alongside the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON. The ceremony marked the official close of the trading day and celebrated the bank’s enduring partnership with the Nigerian capital market.

Strong Market Performance and Investor Confidence

Speaking at the event, Dr. Adaora Umeoji highlighted the NGX’s innovative leadership and its contribution to Zenith Bank’s success, particularly through its electronic trading platform, X-Stream, which played a key role in the bank’s recent recapitalization exercise.

“Our recapitalization achieved a 160% subscription rate,” she said. “Zenith Bank’s share price has more than doubled—from ₦36.50 to ₦68—while we reported record-breaking financial results for the first half of 2025, emerging as Nigeria’s most profitable bank and the highest dividend payer in the industry.”

Dr. Umeoji reaffirmed the bank’s dedication to delivering consistent value to shareholders.

“We remain focused on rewarding investor confidence with enhanced dividends by year-end. Our strategy is centered on expansion into markets where we can scale and drive stronger returns,” she said.

Market Growth and Industry Recognition

In his remarks, Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), commended Zenith Bank and other market players for their contributions to Nigeria’s economic growth.

“Market capitalization has risen from ₦55 trillion to between ₦89 and ₦93 trillion in just over a year,” he noted. “This progress reflects the vision, courage, and transparency of institutions like Zenith Bank. Our goal is to push market capitalization beyond ₦200 trillion by next year.”

Also speaking at the event, Alhaji Rasheed Yusuf, the Doyen of the NGX, praised Dr. Ovia’s leadership, describing him as the “Doyen of the commercial banking sector” for his visionary impact on Nigeria’s financial industry.

Commitment to Excellence and Global Expansion

Zenith Bank continues to pursue a growth strategy centered on innovation, transparency, and expansion into new markets. The bank intends to leverage capital raised from recent offerings to enhance scalability and improve service delivery across its operations.

The institution’s track record of excellence has earned it multiple accolades, including:

• Number One Bank in Nigeria by Tier-1 Capital for 16 consecutive years (The Banker, 2025).

• Nigeria’s Best Bank at the Euromoney Awards for Excellence 2025.

• Best Commercial Bank, Nigeria (2021–2025) – World Finance Banking Awards.

• Best Corporate Governance Bank, Nigeria (2022–2025) – World Finance Corporate Governance Awards.

• Most Responsible Organisation in Africa (2024) – SERAS CSR Awards Africa.

These achievements underscore Zenith Bank’s unwavering commitment to corporate governance, sustainability, and shareholder value.

Zenith Bank Plc has once again demonstrated its financial strength and leadership in Nigeria’s banking industry by paying an impressive ₦51.3 billion interim dividend for the first half (H1) of 2025 — a 60% increase from the ₦31.4 billion distributed in the same period of 2024. The payout, equivalent to ₦1.25 per share, signals a strong full-year performance outlook and reinforces the bank’s reputation for consistent shareholder returns.

Strong Financial Growth in H1 2025

The interim dividend follows the release of Zenith Bank’s audited financial results for the half year ended June 30, 2025. The report highlights a solid growth trajectory, with gross earnings rising by 20% year-on-year, from ₦2.1 trillion in H1 2024 to ₦2.5 trillion in H1 2025.

A major contributor to this performance was interest income, which surged by 60% — from ₦1.1 trillion to ₦1.8 trillion — driven by the bank’s strategic repricing of risk assets and effective treasury management.

Total assets grew steadily to ₦31 trillion in June 2025, compared to ₦30 trillion in December 2024, supported by a solid balance sheet and prudent risk management. Customer deposits also rose by 7%, reaching ₦23 trillion, reflecting continued confidence in the Zenith brand.

Commitment to Shareholder Value

Speaking on the dividend payout, Group Managing Director/CEO Dame Dr. Adaora Umeoji, OON, expressed optimism about the bank’s prospects for the rest of the year.

“Our half-year results underscore our resilience and commitment to our stakeholders. Based on the momentum achieved in H1, we are confident in our full-year outlook and expect to exceed shareholders’ expectations by year end,” she said.

The 2025 interim dividend not only highlights Zenith Bank’s profitability but also its consistent ability to generate value for investors despite Nigeria’s challenging macroeconomic environment.

Sustained Industry Leadership

Zenith Bank’s exceptional financial results continue to position it as one of the most dominant and trusted institutions in Nigeria’s banking sector. Its commitment to governance, sustainability, and innovation has earned the bank numerous local and international recognitions over the years.

In 2025 alone, Zenith Bank was named Nigeria’s Number One Bank by Tier-1 Capital for the 16th consecutive year in The Banker’s Top 1000 World Banks Ranking. The bank also received “Nigeria’s Best Bank” award at the Euromoney Awards for Excellence 2025.

Its list of accolades extends further, including:

• Bank of the Year (Nigeria) – The Banker’s Bank of the Year Awards (2020, 2022, 2024)

• Best Bank in Nigeria – Global Finance World’s Best Banks Awards (2020–2022, 2024, 2025)

• Best Bank for Digital Solutions – Euromoney Awards (2023)

• Most Sustainable Bank, Nigeria – International Banker Awards (2023, 2024)

• Best Corporate Governance Bank, Nigeria – World Finance Awards (2022–2025)

• Most Valuable Banking Brand in Nigeria – The Banker’s Top 500 Banking Brands (2020, 2021)

Additionally, the bank has received numerous honors at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, including Bank of the Year (2023–2025) and Retail Bank of the Year (2020–2022, 2024–2025).

A Forward-Looking Outlook

Zenith Bank’s performance in the first half of 2025 reflects not just strong financial results but also strategic resilience and operational excellence. With expanding assets, increasing deposits, and robust interest income growth, the bank appears poised for another record-breaking year.

Backed by sound governance, customer trust, and a proven track record of innovation, Zenith Bank is well-positioned to sustain its leadership in Nigeria’s financial sector — delivering consistent value to shareholders and contributing to the stability of the broader economy.

Polaris Bank once again cemented its place as a leader in Nigeria’s financial innovation space, winning the ‘Digital Bank of the Year’ and ‘Best Bank for MSMEs’ at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards. This marks the fifth consecutive year the Bank has won the digital banking category and the fourth time for MSME excellence — a remarkable feat that underscores its dominance in both innovation and enterprise empowerment.

Redefining Digital Banking with VULTe 3.0

At the heart of Polaris Bank’s success is its cutting-edge digital platform, VULTe 3.0, which has transformed how Nigerians experience financial services. The platform integrates AI-powered tools that personalize user experiences, automate engagement, and improve efficiency for both individuals and businesses.

Since its debut in 2021, VULTe has evolved through continuous upgrades based on real customer feedback, reflecting Polaris Bank’s commitment to customer-led innovation. In just the first eight months of 2025, the app handled record transaction volumes — a clear sign of widespread trust and adoption.

Beyond everyday banking, VULTe for Business has become a vital tool for entrepreneurs, enabling SMEs to manage payments, access loans, and streamline operations seamlessly. The Bank’s focus on digital empowerment has redefined convenience and inclusion in Nigeria’s banking landscape.

Empowering MSMEs and Driving Inclusive Growth

Polaris Bank’s consistent recognition as Best Bank for MSMEs is no coincidence. The institution has developed tailored funding programmes and strategic partnerships that support Nigeria’s small and medium enterprises — the backbone of the economy.

In 2025, the Bank launched a major financing initiative to empower professionals in the creative industry, collaborating with Woodhall Capital (UK), the Lagos State Government, and the British Government. This effort was later expanded to reach hundreds of small businesses across education, fashion, and other vital sectors — with a special focus on women-led enterprises.

By simplifying digital loan applications and deploying credit-scoring tools within the VULTe ecosystem, Polaris Bank ensures that small business owners access capital faster and without traditional banking bottlenecks.

Leadership Speaks

Speaking on the recognition, Dele Adeyinka, Polaris Bank’s Chief Digital Officer, described the awards as validation of the Bank’s customer-centric innovation journey.

“This award celebrates our customers, whose trust and engagement drive every innovation we build. VULTe is not just an app; it’s a thriving community where people bank, save, borrow, and grow with confidence,” he said.

Managing Director and CEO Kayode Lawal dedicated the awards to the Bank’s customers and employees, emphasizing that true innovation starts with understanding user needs.

“Winning the Digital Bank of the Year for the fifth time and Best Bank for MSMEs for the fourth time reinforces our belief that technology is a tool for empowerment. We remain committed to expanding digital inclusion and building opportunities for all Nigerians,” Lawal stated.

Sustaining Innovation and Financial Inclusion

Polaris Bank continues to invest heavily in digital infrastructure, recently completing a core banking system upgrade to improve integration and reliability across all channels. The Bank’s AI-driven innovations, data analytics, and seamless user experience continue to set the benchmark for the industry.

With VULTe 3.0, Polaris Bank is not just keeping up with the digital revolution — it is defining it. By focusing on customer feedback, data-driven decision-making, and inclusive financial solutions, the Bank continues to empower individuals and businesses, proving that in Nigeria’s fast-evolving digital economy, innovation and inclusion remain the keys to lasting success.

In a captivating episode of The Coffee Table, Nairametrics founder Ugodre sat down with Austin Okere, the trailblazing founder of Computer Warehouse Group (CWG), to discuss his extraordinary journey — from humble beginnings to transforming Nigeria’s banking technology landscape.

From Accidental Technologist to Industry Pioneer

Okere shared how his path into computer science was entirely unplanned. After facing multiple career rejections, he found himself drawn to computing out of necessity rather than design. What began as a survival move soon became a passion that laid the foundation for one of Nigeria’s most successful tech enterprises.

Determined to build something enduring, Okere founded Computer Warehouse Group (CWG), at a time when the tech ecosystem in Nigeria was still in its infancy. Instead of competing on price, he focused on trust, reliability, and long-term service excellence, setting CWG apart from rivals offering quick, low-cost solutions.

Introducing Finacle to Nigeria

One of Okere’s most defining contributions came when CWG introduced Finacle, the core banking software from Infosys, to Nigeria’s financial system. This move revolutionized how banks operated, enabling digital transformation, improved efficiency, and seamless customer experiences across multiple institutions.

Finacle soon became the standard across Nigeria’s top banks — a legacy that continues to shape the country’s financial technology backbone decades later.

Leadership, Growth, and Succession

The conversation delved into Okere’s views on leadership longevity and the importance of succession planning. Using a vivid analogy, he compared a founder’s tenure to a ripening mango:

“If you don’t pick it at the right time, it rots.”

He stressed that entrepreneurs must know when to transition, allowing their organizations to evolve beyond their personal influence.

This philosophy guided CWG’s decision to go public, ensuring sustainability, transparency, and accountability beyond its founding leadership.

Building a Legacy Beyond Business

After stepping back from day-to-day operations, Okere founded the OSO Leadership Academy, a platform dedicated to nurturing the next generation of leaders. The academy emphasizes an “in spite of” mindset — the determination to thrive despite Nigeria’s challenging business environment — and promotes intrapreneurship, encouraging innovation from within established organizations.

Okere explained that Nigeria’s greatest potential lies not only in entrepreneurship but in fostering a culture where employees think like entrepreneurs — driving creativity, ownership, and long-term value creation.

A Life of Purpose and Impact

Throughout the interview, Okere’s story reflected a blend of resilience, foresight, and service-driven ambition. His journey from rejected job seeker to the man who helped digitize Nigeria’s banking system is a testament to how vision and integrity can reshape entire industries.

For anyone interested in leadership, innovation, and the evolution of technology in Nigeria, this episode of The Coffee Table offers an inspiring look into Austin Okere’s enduring impact on Africa’s tech and business landscape.

Unity Bank Plc marked Customer Service Week 2025 with the theme “Mission: Possible,” celebrating the dedication of its frontline staff and reaffirming its commitment to customer-centric innovation and excellence.

Managing Director and Chief Executive Officer, Mr. Ebenezer Kolawole, emphasized that responsiveness and innovation are at the heart of Unity Bank’s service culture — vital qualities that enhance customer experience and set the Bank apart in Nigeria’s competitive financial sector.

Speaking during the official flag-off of the celebration, Kolawole said the Bank’s approach to service delivery continues to evolve alongside the needs of its growing customer base.

“As customers become more sophisticated, we’ve had to innovate not just in technology but in the entire customer journey,” he noted. “We’re investing in systems, people, and platforms that allow us to redefine how we engage and support our customers.”

Kolawole praised Unity Bank’s frontline teams for their resilience, professionalism, and passion, describing them as the foundation of the Bank’s success. He noted that the 2025 Customer Service Week theme, “Mission: Possible,” reflects the institution’s belief that customer needs can always be met through teamwork, creativity, and service excellence.

“At Unity Bank, our mission is simple — to make banking easy, accessible, and rewarding for everyone. ‘Mission Possible’ captures the spirit with which we approach every challenge, whether through digital innovation, branch operations, or customer support,” Kolawole added.

Recognizing Exceptional Staff and Innovation

Chief Customer Service Officer, Elfrida Igebu, highlighted the importance of celebrating staff who consistently go above and beyond in delivering value to customers.

“This year’s theme reminds us that no challenge is insurmountable with the right mindset and teamwork,” she said. “Our frontline staff demonstrate daily that at Unity Bank, service excellence isn’t just a goal — it’s our mission.”

A Week of Appreciation and Engagement

The 2025 Customer Service Week featured various activities across Unity Bank’s branches nationwide, including customer appreciation events, staff recognition awards, themed decorations, cultural attire displays, and digital media activations — all aimed at reinforcing the Bank’s culture of appreciation and connection.

Driving Customer Experience Through Technology

Unity Bank continues to invest heavily in digital innovation, including its *multilingual USSD platform (7799#) and the Unifi mobile banking app, both designed to make banking simpler, faster, and more inclusive.

Through these initiatives and its commitment to continuous improvement, Unity Bank maintains its focus on building a customer-first culture — proving that with dedication and innovation, “Mission: Possible” is more than a theme; it’s a promise.

The World Bank has revealed that Nigeria’s revenue-sharing arrangement, which allocates 4% of non-oil and oil revenues (excluding royalties) to the Federal Inland Revenue Service (FIRS), is significantly higher than what is obtainable in comparable economies such as Kenya, Ghana, South Africa, and Uganda.

This disclosure was made in the October 2025 edition of the Nigeria Development Update (NDU), titled “From Policy to People: Bringing the Reform Gains Home.” The report highlighted that Nigeria’s cost of revenue collection framework has contributed to a rise in statutory deductions, reducing the total funds available for distribution among the federal, state, and local governments through the Federation Account Allocation Committee (FAAC).

Nigeria’s Collection Cost Far Above Peers

According to the World Bank, Nigeria’s 4% cost of collection allocated to FIRS stands out as one of the highest globally.

“Nigeria’s current arrangement—allocating a fixed four percent of non-oil and oil revenues (excluding royalties) to FIRS—is significantly higher than the cost of collection in peer countries,” the report stated.

In contrast, Kenya caps its collection cost between 1% and 2% of budgeted revenues, granting bonuses only when performance targets are exceeded. Meanwhile, Uganda, South Africa, and Ghana fund their revenue agencies primarily through annual parliamentary appropriations, allowing for stronger budgetary oversight and transparency.

The World Bank cautioned that Nigeria’s current model has led to fiscal inefficiencies, reducing the resources available for essential public spending and weakening the equitable sharing of national revenue across government tiers.

Deductions Nearly Double in One Year

The report revealed that statutory deductions surged to N1.785 trillion in 2024, up from N870 billion in 2023 — a near 100% increase.

Major beneficiaries of these deductions include:

• Federal Inland Revenue Service (FIRS)

• Nigeria Customs Service (NCS)

• Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

• Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)

• North-East Development Commission (NEDC)

Agencies Received More Than Some States and Ministries

The World Bank noted that the size of these allocations was so substantial that several parastatals received more funding than some states and even key federal ministries.

“In 2024, several of these parastatals received more from FAAC than individual states collected in total revenues. Moreover, the combined allocations to these agencies exceeded the 2024 budgetary resources for pro-poor ministries such as Education (N1.589 trillion), Health (N1.336 trillion), and Poverty Alleviation (N263 billion),” the report stated.

Nigeria’s Economic Outlook Improving

Despite the fiscal inefficiencies highlighted, the World Bank’s latest NDU report acknowledged Nigeria’s economic resilience and gradual recovery.

It projected that Nigeria’s public debt could fall below 40% of GDP for the first time in over a decade. The economy reportedly expanded by 3.9% year-on-year in the first half of 2025, compared to 3.5% in the same period of 2024, driven by growth in services, agriculture, and non-oil industries.

According to the Bank, improvements in oil production, coupled with ongoing reforms in monetary and fiscal policy, have supported a more stable outlook for the Nigerian economy heading into 2026.