The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Mr. Thompson Sunday, has called for stronger collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria to address emerging risks in the banking sector.

According to a statement from the Corporation on Thursday, Mr. Sunday made the call during a courtesy visit by the President and Chairman of the Council of the CIBN, Prof. Pius Olanrewaju, and his executive team to the NDIC Head Office in Abuja.

Both institutions agreed to strengthen cooperation in areas such as digital banking, cybersecurity, fraud prevention, and risk management.

The NDIC Chief Executive stressed that regulators and operators must work together to build a more resilient financial ecosystem capable of adapting to technological innovation.

He also commended the CIBN for its contribution to professional development in the banking sector and urged the Institute to collaborate more closely with regulators to develop innovative failure-resolution strategies.

Prof. Olanrewaju congratulated Mr. Sunday on his appointment and praised the NDIC’s recent milestones, including the upward review of deposit insurance coverage, faster depositor reimbursement using technology, and the commencement of liquidation dividend payments within one year of Heritage Bank’s closure.

He added that these initiatives had strengthened depositor and investor confidence in the banking system.

Olanrewaju also lauded the NDIC’s active role on the CIBN Governing Council, saying its participation had enhanced oversight, policy direction, and ethical leadership.

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Moniepoint Microfinance Bank has revealed that 42 per cent of Nigeria’s small businesses cannot survive for a month without income, according to findings from the second edition of its Informal Economy Report.

In a statement on Thursday, the bank said the report highlighted the fragile financial position of small businesses that employ a large share of Nigerians.

The report, scheduled for release on Friday, received support from the Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria.

“The Informal Economy Report is a robust and important study that examines the informal market and provides fresh insights into its realities.”

“We believe its key outputs will serve ecosystem players and government well in policy direction and execution,” said Managing Director of Moniepoint Microfinance Bank, Mr. Babatunde Olofin.

Nigeria’s informal economy accounts for over 80 per cent of employment and drives most economic activity. For millions excluded from formal job structures, it remains vital for survival and poverty alleviation.

Moniepoint said the report aims to provide evidence-based insights to guide policymakers, regulators, and financial institutions in designing interventions that strengthen and formalise informal enterprises.

The Informal Economy Report 2025 follows the success of the inaugural edition, which earned commendation from the Federal Ministry of Industry, Trade and Investment, the Corporate Affairs Commission, SMEDAN, and leading business associations for providing credible data and actionable recommendations.

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Non-interest bank, TAJBank Limited, has recorded a 185.15 per cent oversubscription in its latest N20bn Mudarabah Sukuk bond offer.

In a statement on Thursday, the bank said the figure was based on data released by investment market authorities on the bond’s performance.

The data showed that the debt instrument, with an annual profit rate of 20.5 per cent, recorded an allotment of N57.03bn, representing 185.15 per cent oversubscription, a reflection of growing investor confidence in the bank.

Commenting on the performance of the offer, TAJBank’s Founder and Managing Director, Mr. Hamid Joda, described the N20bn Mudarabah Sukuk bond, which represents the second tranche of the bank’s N100bn Sukuk programme, as impressive given prevailing micro and macroeconomic conditions affecting the real incomes of Nigerians.

“Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence. This can only be attributed to the quality of innovative products and services, as well as the value addition TAJBank continues to deliver in the non-interest banking subsector, especially when analysed within the context of current realities in the debt instrument market,” Joda said.

He added, “I want to thank the board, management and staff of the bank, the regulatory authorities, and the investors for their contributions to the success of the bond issuance. I also assure them that TAJBank will continue to protect their interests to ensure a win-win experience for all stakeholders as we sustain our drive to remain the leading player in the nation’s non-interest banking subsector.”

Also speaking, the bank’s Co-Founder and Executive Director, Mr. Sherif Idi, said, “This investment feat clearly demonstrates investors’ trust in TAJBank, and we will continue to do our best to exceed their expectations through world-class products and services. As always, our focus remains on our customers and investors.”

Analysts in the investment market believe that, following the outstanding success of TAJBank’s latest N20bn Mudarabah Sukuk bond, more investors, businesses, and customers will be encouraged to engage with the bank to explore opportunities in its innovative products and attractive returns.

Since debuting in Nigeria’s non-interest banking space about five years ago, TAJBank has gained recognition for its adherence to global best practices in Islamic finance. The bank has received several awards, including the Global Islamic Finance Award 2023 for ‘Best Sukuk Deal of the Year’. It also won BusinessDay’s ‘Islamic Bank of the Year’ award in 2021, 2022, and 2023, and earlier clinched Leadership Newspaper’s ‘Bank of the Year’ award in 2020, among other accolades.

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