TAJBank Surpasses CBN’s Recapitalisation Requirement Ahead of Deadline

TAJBank Limited, one of Nigeria’s fastest-growing non-interest banks, has announced that it has successfully met the Central Bank of Nigeria’s new capital requirement for national non-interest banks, well ahead of the March 2026 deadline. The bank’s Managing Director and CEO, Hamid Joda, made this known during an investment summit in Abuja. He credited the achievement to the leadership of the board, chaired by Alhaji Tanko Isiaku Gwamna, and the support of shareholders and investors.

Joda emphasized that the recapitalisation milestone positions TAJBank to deliver more innovative and customer-focused banking services across Nigeria. He also commended the CBN Governor, Olayemi Cardoso, for implementing a forward-looking policy that will enhance the competitiveness of Nigerian banks in the global financial space.

Following its recapitalisation, TAJBank plans to expand its digital infrastructure and offer real-time Shari’ah-compliant financial products through technology-driven platforms. The bank’s strategy is aimed at meeting the evolving needs of its growing customer base nationwide.

In its 2024 financial report, TAJBank recorded an 84% increase in total assets, rising from ₦518.33 billion in 2023 to ₦953.10 billion. Customer deposits grew by 89%, reaching ₦696.34 billion, while gross earnings rose by 80% year-on-year to ₦75.5 billion. The bank also paid a dividend of 20 kobo per share, marking its third payout since inception.

Fitch Ratings has projected strong growth for Nigeria’s Islamic finance sector from late 2025 into 2026, driven by increased sukuk issuances and rising Islamic banking assets. Non-interest banks’ assets grew by 110% year-on-year as of the end of 2024, fueled by significant increases in deposits and loans.