TAJBank, a major player in Nigeria’s non-interest banking sector, has confirmed it successfully met the new minimum capital requirement set by the Central Bank of Nigeria (CBN). The achievement is a significant indicator of the bank’s financial resilience and market readiness.
Mr Hamid Joda, the bank’s managing director, confirmed the feat in a statement from Abuja on Friday. Joda credited the bank’s board and supportive shareholders for fulfilling the mandatory recapitalization requirement. He stated the bank is now prepared for a more innovative and customer-friendly service delivery nationwide.
This fulfillment of the CBN mandate prepares the institution for future growth and competitive service. Joda commended the CBN Governor, Mr Olayemi Cardoso, for driving the initiative, which aims to stabilize the entire financial system.
According to him, by all standards, the exercise 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 prioritize their interests in our operations.
“As our mantra says, our only interest is our customers; we shall be investing more in technological assets, solutions, and our human resources 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,” he assured.
The News Agency of Nigeria (NAN) recalls that the CBN had in March 2024, announced the increase in minimum capital requirements for licensed banks in the country.
This is part of the apex bank’s regulatory moves to strengthen the banking sector for improved contributions to Nigeria’s economic growth amid growing uncertainties in the global economic system
