TAJBank, one of Nigeria’s non-interest banks, has announced that it has met the Central Bank of Nigeria’s (CBN) revised minimum capital requirement for national non-interest banks.
The bank’s Managing Director, Mr. Hamid Joda, confirmed the milestone in a statement on Friday in Abuja.
“I am pleased to report that, through the leadership of our board and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement,” he said.
Joda added that the bank is now well-positioned to deliver more customer-friendly and innovative banking services nationwide.
He commended CBN Governor Mr. Olayemi Cardoso and the apex bank’s management for initiating the recapitalisation exercise, noting that it will strengthen Nigerian banks and enhance their competitiveness in the rapidly evolving global banking sector.
“I want to assure our shareholders, investors, and customers that TAJBank will continue to prioritise their interests. True to our mantra, ‘our only interest is our customers,’ we will invest further in technology, solutions, and human capital to exceed expectations. We will achieve this by delivering world-class, Shari’ah-compliant financial solutions in real time,” Joda said.
Recalled that in March 2024, the CBN announced an increase in minimum capital requirements for licensed banks, a move aimed at strengthening the banking sector and enhancing its contribution to Nigeria’s economic growth amid global economic uncertainties.
