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BOVAS/ Jaiz Bank : The Two Companies Nigerians Need

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1 year ago

February 9, 2023

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Bovas/Jaiz Bank : The Two Companies Nigerians Need

Every developed country in the world has those behind its growth and development, likewise every under developed ones. There are no any evil or good happenings in a country that does not have a source.

Gigantic buildings, beautiful infrastructures are not what makes up a country, what makes up a country is having citizens contributing meaningfully and patriotically towards it’s development and growth.

Over the time, Nigerians have been languishing in fuel and Money scarcity, yet, the efforts of the Governments are not seen in cushioning the situation.

Even though, Governments have the major work to do in cushioning challenging situation such as, natural disaster, national crisis welfarism of the citizens however, citizens also have their roles to play. Banking sector and filling stations have their critical roles to play for the betterment of all.

Despite the inhuman acts of many Banks and Filling stations at this present situation, two companies have distingue themselves among their contemporaries in making their service and product available to the general masses.

BOVAS and Company Limited and Jaiz bank plc exposed the fact that Nigerians are the problem of themselves and if they really want things to change it can.

BOVAS and Company Limited was established in 1980 by Arc. Bamidele O.Samson, and Mrs. V. A. Samson. It has tank farm where Premium Motor Spirit is stored. Its tank farm has the capacity of storing 22million litres of petroleum products.

While other filling stations in Nigeria sell between N300 to NN400 which is above the official pump price of N175, BOVAS sells a litre of Premium Motor Spirit (PMS) for N180.

One of the founders and Managing Director of BOVAS Mrs. V. A. Samson native of Ire, Osun state has been in petroleum downstream for decades, she knows in-and-out of petroleum products in Nigeria.

She fluently speaks petroleum language and understands the sector perfectly well.

In 1980, she started as a dealer under Texaco Nigeria Ltd. (now MRS Plc.) and went ahead to win the most priced Texaco Plc Best Dealer Award in sales, marketing innovativeness for the Latin American/West African Region.

Though, we’ve seen other marketers and dealer with such a huge experience too, yet they combine it with sharp practices.

Since BOVAS started operation close to four decades ago, it has been able to build trust among its customers and consumers.

One litre of BOVAS PMS is one litre, two is two, etc unlike other privately owned gas stations in Nigeria where 2 litres=1; 3=2; 4=3;10=8. The trust earned the company integrity, which it’s enjoying uninterrupted.

The company has a philosophy which is based on Solid Foundation, Confidence, Truth and Vigor, that’s why heads of its more than 70 filling stations across the country help to maintain the philosophy.

Jaiz Bank Plc is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country.

The JAIZ movement in Nigeria dates far back to 2001, when Justice Imam Muhammad Taqi Usmani and Sanusi Lamido Sanusi, both guest speakers at a seminar hosted in Sheraton Hotel Abuja, advised the different groups clamoring for a non-interest bank in Nigeria to come together under one group, if their aim was to be achieved.

In response to this advice, the Halal group and the JAIZ group united, combining influence and resources to drive for the establishment of a Nigerian non-interest bank.

Jaiz International was set up in 2003, and after almost 8 years of trying to meet the guidelines, and capital requirements of the Apex bank (amid the Soludo-led recapitalization exercise which shook the industry) and other factors, the bank received a region.

December 2012, the bank was a medium-sized, financial services provider in Nigeria. At that time, the bank’s total assets were valued at US$88.8 million (NGN:14.1 billion), with shareholders’ equity of about US$63.6 million (NGN:10.1 billion). The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.

Jaiz Bank has consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in Nigeria.

Moreso, Jaiz bank was among the first commercial banks to dispense new naira notes to their customers and their non_customers when the Central Bank of Nigeria gave directives to all commercial banks to dispense the redisigned new naira notes through their Automated Teller Machine ( ATM).

The situation of Nigeria is getting worse day-by-day to the extent that Government alone cannot improve it, the joining hands of individuals and organizations is what can arrest the situation.