TAJBank, a non-interest bank, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.
Hamid Joda, managing director of the bank, spoke 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,” Joda said.
“The bank is now fully prepared for a more customer friendly, innovative banking services delivery to our growing customers nationwide.”
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The managing director also commended Olayemi Cardoso, the CBN governor, and the management of the apex bank for the recapitalisation initiative.
Joda said 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,” he said.
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“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.”
In March 2024, the CBN asked banks to increase their minimum capital requirements.
The financial regulator had pegged the new capital base for national and regional non-interest banks at N20 billion and N10 billion, respectively.
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On September 23, the apex bank said 14 banks have met the recapitalisation requirement.
