TAJ Bank confirms compliance with CBN recapitalisation directive

TAJ Bank has announced that it has successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.

Speaking at an investment summit in Abuja, the bank’s Managing Director/CEO, Mr. Hamid Joda, said the milestone was achieved through the commitment of the board, led by industry veteran Alhaji Tanko Isiaku Gwamna, and the strong backing of shareholders and investors.

“I am happy to report that TAJ Bank has fulfilled the mandatory recapitalisation requirement and is now fully positioned to deliver more innovative and customer-friendly banking services nationwide,” Joda stated.

He praised the CBN Governor, Olayemi Cardoso, and the apex bank’s management for the recapitalisation initiative, describing it as a necessary step to strengthen the Nigerian banking industry and enhance its global competitiveness.

Reassuring stakeholders, Joda pledged that the bank would continue to prioritise value creation for customers and investors alike.

“As our mantra says, our only interest is our customers. We shall continue to invest in technology, innovative solutions, and human capital to deliver world-class, Shari’ah-compliant financial services in real time,” he added.

In March 2024, the CBN directed all commercial banks to significantly raise their capital base: N500 billion for banks with international licences, N200 billion for those with national authorisation, and N50 billion for regional banks.

With its compliance, TAJ Bank now joins the ranks of financial institutions adequately capitalised to meet the new regulatory threshold and compete effectively in Nigeria’s evolving financial landscape.