TAJBank, a non-interest bank, said it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.
Its Managing Director, Hamid Joda, confirmed this in a statement on Friday, September 26.
“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.
“The bank is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide,” Joda said.
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Pinnacle Daily reports that CBN had, in March 2024, mandated all banks to increase their minimum capital base within 24 months and gave a deadline of March 30, 2026.
The apex regulator pegged the new minimum capital requirements for non-interest banks with national and regional licences at ₦20 billion and ₦10 billion, respectively.
At the end of its two-day Monetary Policy Committee (MPC) meeting on Tuesday, September 23, the CBN Governor, Olayemi Cardoso, revealed that 14 banks have met the recapitalisation requirement, Pinnacle Daily reported.
Hinting at having met the CBN recapitalisation requirement, the TAJBank managing director commended the CBN governor and the management of the apex bank for the policy.
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According to Joda, the exercise, “by all standards”, will reposition Nigerian banks for competitiveness in the rapidly changing global banking space.
“I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests in our operations.
“As our mantra says, 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.
“We will do this through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs,” he added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
