TAJBank, one of Nigeria’s leading non-interest banks, has announced that it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.
The bank’s Managing Director, Mr. Hamid Joda, confirmed the development in a statement on Friday in Abuja, describing it as a major milestone.
“I am happy to report that through the leadership of our bank’s board and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement,” Joda said.
He added that the bank is now fully positioned to deliver more customer-friendly and innovative banking services nationwide.
Joda commended the CBN Governor, Mr. Olayemi Cardoso, and the management of the apex bank for initiating the recapitalisation exercise, noting that it would strengthen Nigerian banks for competitiveness in the rapidly changing global financial system.
“I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests. As our mantra says, ‘our only interest is our customers.’ We shall be investing more in technological assets, solutions and human resources to surpass expectations,” he said.
He further pledged that the bank would continue to provide world-class, Shari’ah-compliant financial solutions tailored to the needs of its customers.
The CBN had, in March 2024, announced an upward review of minimum capital requirements for licensed banks as part of measures to strengthen the sector and boost its contribution to Nigeria’s economic growth amid global economic uncertainties.
