TAJBank Joins Veritasi Homes ₦50bn Non-Interest CP Deal

In Short

TAJBank was represented at the signing of Veritasi Homes and Properties Plc’s ₦50 billion non-interest commercial paper programme in Lagos.

The Details

TAJBank was among the institutions present at a Lagos signing ceremony for Veritasi Homes and Properties Plc’s ₦50 billion non-interest commercial paper programme, according to reports published on August 14, 2026.

A commercial paper programme is a framework that lets a company raise short-term debt in multiple issuances over time, instead of doing one single borrowing. It is typically used for working capital and to fund near-term expansion.

In this case, the programme is described as non-interest, meaning it is structured to comply with Islamic finance rules that avoid conventional interest. In simple terms, it is debt funding arranged using Shariah-compliant structures, rather than a standard interest-bearing note.

BusinessDay reports the transaction was concluded at a ceremony held on August 6 in Lagos. TAJBank’s Regional Manager, Michael Iteye, attended.

The deal is not a TAJBank fundraising announcement. It is a transaction update showing TAJBank’s participation and presence in a corporate financing event linked to real estate and construction.

Why It Matters

Non-interest debt products like commercial paper can widen the pool of capital available to Nigerian corporates, especially those targeting investors that prefer Shariah-compliant instruments.

For banks, these deals also signal deal flow in advisory, distribution, and balance-sheet participation, depending on the final structure. For founders and operators, it is another sign that structured debt, not just equity, is becoming more visible in Nigeria’s financing market.

As more issuers test non-interest notes, execution, pricing, and investor appetite will determine whether these programmes become a repeatable path for expansion funding.