TAJBank has announced that it has successfully surpassed the Central Bank of Nigeria’s, CBN, new minimum capital requirement for national non-interest banks, making it one of the first in its category to achieve the regulatory milestone.
The bank’s Managing Director, Mr. Hamid Joda, confirmed the development in a statement issued on Friday in Abuja.
He described the achievement as a product of strong leadership from the board of directors, coupled with the commitment of shareholders and investors who supported the bank during the recapitalisation process.
“I am happy to report that through the leadership of our bank’s board and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement,” Joda said.
“The bank is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide.”
The CBN had in March 2024 announced new capital thresholds for banks, in a move designed to strengthen the financial sector and ensure that Nigerian banks remain resilient in the face of domestic and global economic challenges.
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The policy required all categories of banks—commercial, merchant, and non-interest banks—to raise their capital bases within a stipulated period.
For national non-interest banks, such as TAJBank, meeting this requirement was particularly critical, as it reassures customers and regulators of their capacity to provide secure, Shari’ah-compliant financial services across the country.
Joda praised the CBN Governor, Mr. Olayemi Cardoso, and his team for spearheading the recapitalisation drive, which he said would reposition Nigerian banks to be more competitive in a rapidly evolving global financial landscape.
According to him, the policy would not only stabilise the domestic banking sector but also strengthen investor confidence and attract more foreign participation.
“As our mantra says, our only interest is our customers. We shall be investing more in technological assets, solutions, and our human resource to surpass the expectations of customers, shareholders, and other investors,” Joda assured. “We will do this through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs.”
Industry observers note that the successful recapitalisation by TAJBank reflects the growing maturity of Nigeria’s non-interest banking sector.
Non-interest banks, which operate in line with Islamic finance principles, have been steadily gaining market share in recent years as more Nigerians embrace alternative banking models that emphasise ethical finance and risk-sharing.
The development is also expected to spark greater competition within the sector as other non-interest banks race to meet the regulatory deadline set by the CBN.
For customers, this could translate into improved service delivery, product innovation, and stronger protection of deposits.
Joda emphasised that TAJBank would continue to build on its reputation as a customer-first institution.
He pledged that the bank would channel its expanded capital base into investments in technology, infrastructure, and human resources to drive inclusive growth and deliver greater value.
“The recapitalisation is not just about compliance with regulation; it is about building the future of banking in Nigeria,” he said.
With its recapitalisation secured, TAJBank now appears well-positioned to expand its footprint across the country, offering Shari’ah-compliant products and services to individuals, businesses, and institutions seeking ethical banking solutions.
NAN
