TAJBank Restricted, considered one of Nigeria’s fastest-growing non-interest banks, says it has exceeded the Central Bank of Nigeria’s (CBN) new minimal capital requirement for nationwide non-interest banks, earlier than the March 2026 enforcement deadline.
In line with a press assertion despatched to Nairametrics on Friday, the Managing Director/CEO, Mr. Hamid Joda, confirmed this in Abuja on the sidelines of an funding summit, stressing that the transfer positions TAJBank among the many few gamers already compliant with the apex bank’s harder capital guidelines.
“I’m glad to report that by means of the management of our bank’s board, which is led by an trade doyen, Alhaji Tanko Isiaku Gwamna, and the help of our valued shareholders and buyers, TAJBank has fulfilled the obligatory recapitalization requirement and is now absolutely ready for a extra customer-friendly, revolutionary banking companies supply to our rising prospects nationwide,” Joda mentioned.
Joda lauded the CBN Governor, Olayemi Cardoso, and his staff for what he described as a forward-looking coverage.
He famous that the recapitalisation initiative “by all evaluation requirements, will reposition Nigerian banks for competitiveness within the quickly altering world banking house”
TAJBank to guess large on know-how
As a part of its post-recapitalisation technique, the bank plans to scale its digital infrastructure and increase technology-driven companies.
The CEO defined that the bank will deal with real-time supply of Shari’ah-compliant monetary merchandise, with emphasis on digital platforms able to supporting nationwide customer progress.
Joda mentioned, “As our mantra says that our solely curiosity is our prospects, we will be investing extra in technological property, options and our human sources to surpass the purchasers, shareholders and different buyers’ expectations by means of real-time supply of world-class and Shari’ah-compliant monetary options to satisfy their wants.”
What it’s best to know
The CBN had in March 2024 introduced recent capital thresholds for all classes of banks as a part of efforts to construct resilience within the monetary sector. Nationwide non-interest banks like TAJBank have been directed to extend their capital base to N20 billion, with a March 2026 deadline for full compliance.
Nairametrics earlier reported that TAJBank Restricted reported an 84% improve in whole property in its full-year 2024 monetary efficiency, rising from N518.33 billion in 2023 to N953.10 billion.
The Abuja-based non-interest bank, which started operations 5 years in the past, additionally paid a dividend of 20 kobo per share to shareholders, marking its third dividend payout since inception.
TAJBank mentioned its customer deposit base grew by 89%, rising from N369.33 billion in 2023 to N696.34 billion in 2024. Gross earnings rose by 80% year-on-year, reaching N75.5 billion, up from N43.2 billion within the earlier 12 months.
Fitch Scores earlier famous that Nigeria’s Islamic finance trade is prone to increase from the second half of 2025 by means of 2026 on the again of accelerating sovereign sukuk issuances and Islamic banking property, pushed by new paid-in capital necessities and regulatory strikes to develop the trade.
In line with Fitch, non-interest banks’ property recorded a progress of 110% year-o-year as of end-2024, pushed by a big improve from deposits and loans, every greater than doubling in worth.
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