TAJBank Limited, one of Nigeria’s fastest-growing non-interest banks, says it has exceeded the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks, before the March 2026 enforcement deadline.
According to a press statement sent to Nairametrics on Friday, the Managing Director/CEO, Mr. Hamid Joda, confirmed this in Abuja on the sidelines of an investment summit, stressing that the move positions TAJBank among the few players already compliant with the apex bank’s tougher capital rules.
“I am happy to report that through the leadership of our bank’s board, which is led by an industry doyen, Alhaji Tanko Isiaku Gwamna, and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalization requirement and is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide,” Joda said.
Joda lauded the CBN Governor, Olayemi Cardoso, and his team for what he described as a forward-looking policy.
He noted that the recapitalisation initiative “by all assessment standards, will reposition Nigerian banks for competitiveness in the rapidly changing global banking space”
TAJBank to bet big on technology
As part of its post-recapitalisation strategy, the bank plans to scale its digital infrastructure and expand technology-driven services.
The CEO explained that the bank will focus on real-time delivery of Shari’ah-compliant financial products, with emphasis on digital platforms capable of supporting nationwide customer growth.
Joda said, “As our mantra says that 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 through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs.”
What you should know
The CBN had in March 2024 announced fresh capital thresholds for all categories of banks as part of efforts to build resilience in the financial sector. National non-interest banks like TAJBank were directed to increase their capital base to N20 billion, with a March 2026 deadline for full compliance.
Nairametrics earlier reported that TAJBank Limited reported an 84% increase in total assets in its full-year 2024 financial performance, rising from N518.33 billion in 2023 to N953.10 billion.
The Abuja-based non-interest bank, which began operations five years ago, also paid a dividend of 20 kobo per share to shareholders, marking its third dividend payout since inception.
TAJBank said its customer deposit base grew by 89%, increasing 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 in the previous year.
Fitch Ratings earlier noted that Nigeria’s Islamic finance industry is likely to expand from the second half of 2025 through 2026 on the back of increasing sovereign sukuk issuances and Islamic banking assets, driven by new paid-in capital requirements and regulatory moves to develop the industry.
According to Fitch, non-interest banks’ assets recorded a growth of 110% year-o-year as of end-2024, driven by a significant increase from deposits and loans, each more than doubling in value.
