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…lauds CBN on regulatory policy initiatives
TAJBank, Nigeria’s fastest-growing non-interest bank, has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banking licenses, joining a small group of financial institutions that have already complied with the regulator’s revised capitalisation directive ahead of the 2026 deadline.
The milestone was confirmed by Hamid Joda, the bank’s Managing Director and CEO, during a media chat on the sidelines of an investment summit in Abuja.
The CBN, in March 2024, had announced new minimum capital thresholds for Nigerian banks as part of efforts to strengthen the banking sector and ensure it remains resilient amid global economic uncertainty and inflationary pressures.
Fourteen banks have so far met the CBN new recapitalisation requirements, Olayemi Cardoso, CBN governor announced last Tuesday.
The policy, which affects all categories of banks, requires national non-interest banks to raise their minimum capital base to ₦20 billion by March 2026.
While Joda did not disclose the specific amount raised by the bank, he said TAJBank had fulfilled the mandatory recapitalisation requirement as stipulated by the apex bank.
He credited the achievement to the bank’s Board leadership, investor confidence, and what he described as a deep-rooted commitment to innovation and customer-focused growth.
“I am happy to report that through the leadership of our bank’s Board, which is led by an industry doyen, Tanko Isiaku Gwamna, and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement and is now fully prepared for a more customer friendly, innovative banking services delivery to our growing customers nationwide,” Joda said.
The TAJBank CEO also applauded the CBN’s regulatory approach, saying it was necessary for positioning Nigerian banks for competitiveness on the global stage.
“Let me also use this opportunity to commend the CBN Governor, Mr Olayemi Cardoso, and the management of the apex bank for the recapitalization initiative, which by all assessment standards, will reposition Nigerian banks for competitiveness in the rapidly changing global banking space,” he said.
Joda assured the bank’s investors and stakeholders of its continued commitment to value creation, saying that beyond compliance, the recapitalisation puts TAJBank in a stronger position to deliver on its strategic objectives.
“I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritize their interests in our operations in the management’s sustained drive to add value to every kobo invested in the bank,” he said.
He also reaffirmed the bank’s focus on technology and human capital investment as tools for sustainable growth. “Finally, as our mantra says that 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 through real time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs,” Joda added.
TAJBank, which operates under Islamic banking principles, has grown rapidly since its launch in 2019. Its early compliance with the CBN’s new capitalisation policy signals strong investor backing and a strategic push to expand its footprint in Nigeria’s competitive banking sector, where only a handful of non-interest banks operate.
