TAJBank has confirmed that it has successfully complied with the Central Bank of Nigeria’s (CBN) revised minimum capital requirement for national non-interest banks.
The disclosure was made by the bank’s Managing Director/CEO, Mr Hamid Joda, during an investment summit in Abuja.
“I am happy to report that through the leadership of our bank’s board, which is led by an industry doyen, Alhaji Tanko Isiaku Gwamna, and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement and is now fully prepared for more customer-friendly, innovative banking services delivery to our growing customers nationwide,” Joda said.
He also applauded the apex bank’s management for introducing the recapitalisation framework, adding: “Let me also use this opportunity to commend the CBN Governor, Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative, which by all standards will reposition Nigerian banks for competitiveness in the rapidly changing global banking space.”
Joda assured stakeholders of the bank’s continued focus on value creation and customer-centric operations. “I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests in our operations in the management’s sustained drive to add value to every kobo invested in the bank.”
Reaffirming the bank’s commitment to innovation, he added: “Finally, as our mantra says that our only interest is our customers, we shall be investing more in technological assets, solutions and our human resources to surpass the customers, shareholders and other investors’ expectations through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs.”
The recapitalisation directive was first issued by the CBN in March 2024. Under the new framework, commercial banks with international licenses are required to increase their minimum capital to ₦500 billion, those with national licenses to ₦200 billion, while regional banks are expected to raise their capital to at least ₦50 billion.
