Nigeria: TAJBank Achieves CBN’s New Recapitalisation Benchmark Ahead of Deadline – CEO

TAJBank Limited has successfully met the new capital thresholds mandated by the Central Bank of Nigeria (CBN) under its ongoing recapitalisation programme, positioning the non-interest lender among the early compliant institutions.

The confirmation was made by the bank’s Managing Director/Chief Executive Officer, Mr. Hamid Joda, in a statement on Thursday.

In March 2024, the CBN revised minimum capital requirements for banks, directing those with international licences to raise their capital base to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion. For non-interest banks, the regulator set thresholds of ₦20 billion for national authorisation and ₦10 billion for regional authorisation, with a compliance deadline of March 2026.

Speaking at the sidelines of an investment summit in Abuja, Joda noted that TAJBank had already surpassed the required minimum, joining a select group of institutions that are fully aligned with the new standards ahead of schedule.

“I am pleased to report that through the strategic guidance of our board, ably led by industry doyen Tanko Gwamna, and the strong support of our shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement. We are now better positioned to deliver more innovative, customer-focused, and Shari’ah-compliant banking services nationwide,” he said.

Joda commended CBN Governor Mr. Olayemi Cardoso and his team for championing the recapitalisation initiative, describing it as a forward-looking move that would enhance the competitiveness of Nigerian banks in an evolving global financial landscape. He assured stakeholders that the bank would continue to prioritise value creation for shareholders and investors, while deepening customer trust.

He also disclosed that TAJBank would increase investments in technology, digital solutions, and human capital to deliver real-time, world-class financial services tailored to customer needs.

Meanwhile, at the conclusion of its 302nd Monetary Policy Committee (MPC) meeting, the CBN governor revealed that 14 banks have already met the recapitalisation requirements, reflecting the sector’s resilience.

Cardoso stated:

“The MPC noted the continued resilience of the banking system, with most financial soundness indicators within projected benchmarks. Members also acknowledged the significant progress in the ongoing recapitalisation exercise, as 14 banks have fully met the new capital requirement.”