TAJBank surpassed CBN’s minimum capital requirement – CEO

TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.

The Managing Director of the bank, Mr Hamid Joda, confirmed the capitalisation feat in a statement on Friday in Abuja .

“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,” he said.

Joda commended the CBN Governor, Mr Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative.

According to him, by all standards, the exercise 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 resource 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 assured.

Our correspondent recalls that the CBN had in March 2024, announced the increase in minimum capital requirements for licensed banks in the country.

This is part of the apex bank’s regulatory moves to strengthen the banking sector for improved contributions to Nigeria’s economic growth amid growing uncertainties in the global economic system.