The bank reported increases across several key financial metrics in its approved FY2025 statement of financial position for Nigeria’s non-interest banking subsector.

The latest data from the FY2025 statement of financial position of TAJBank showed that the non-interest lender recorded improvements in Gross Assets and Profit values, as well as in other Key Performance Indicators (KPIs), during the year.

In the year under review, TAJBank’s total assets grew to ₦1.34 trillion from ₦953 billion in the preceding year, representing 41 per cent growth; Gross earning assets surged to ₦847.706 billion, from ₦467.377 billion in FY 2024, indicating 81 per cent surge; while Total Equity surged to ₦149.230 billion, reflecting 144 per cent growth over the ₦61.250 billion in FY 2024.

A further analysis of the TAJBank’s FY2025 approved financial statement indicated that it posted ₦132.563 billion in Gross earnings, representing 71 per cent growth over the ₦77.550 billion in the previous year; Earnings value of ₦1.037 trillion; while its Profit Before Tax (PBT) rose by 74 per cent to ₦31.562 billion in FY 2025, from ₦18.166 billion in FY2024; and the Capital adequacy ratio stood at 30 per cent.

Commenting on TAJBank’s during the year under review, a chartered banker and former director-general of the Chartered Institute of Bankers in Nigeria (CIBN), Dr Uju Ogubunka, who cited the bank’s KPIs in the financial statement to justify his views, said the bank has made some progress and that its financial performance indicators between 2024 and 2025 suggested that.

Ogubunka, who is the president of the Bank Customers Association of Nigeria (BCAN), expatriated: “The bank’s performance is excellent evidence that the bank is aggressively penetrating its targets, especially in rural areas, and thus contributing to the level of financial inclusion of the people nationwide. It is also a testament to the profitability and viability of the non-interest banking sector in Nigeria.”

In his remarks, Mr Hamid Joda, the managing director/CEO of TAJBank, enthused:

“The improving performance of our bank is a clear demonstration of the board and management’s strong commitment to making TAJBank the best ethical bank in Nigeria by all assessment parameters.

“We owe our shareholders, customers, regulatory authorities and workers a lot of gratitude for supporting our efforts targeted at transforming TAJBank into a global brand in the ethical banking space in the years ahead”, Joda added.

Similarly, the bank’s executive director, Sherif Idi, said:

“The FY2025 performance of TAJBank is in furtherance of its corporation vision and mission and I want to assure all our stakeholders, particularly the shareholders and customers, that our bank shall continually promote their interest in line with our corporate shared value always.”

Left in the race with the option of either meeting up, merging or closing shop are Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank and Citibank Nigeria.

Others are FBN Quest Merchant Bank, Coronation Merchant Bank and Rand Merchant Bank.

Meanwhile, First Bank Nigeria, Fidelity Bank and FSDH Merchant Bank have joined the league of recapitalised banks.

This is as analysts say they expect more banks to conclude their recapitalisation plans between next week and the end of this month.

Earlier report shows that 17 banks met the new capital requirements  for their respective licence categories last year.

These included Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank and PremiumTrust Bank, alongside Globus Bank, Citibank Nigeria, United Bank for Africa, Nova Bank, Sterling Bank and Standard Chartered Bank Nigeria.

More recently, First Bank, Fidelity Bank and FSDH Merchant Bank also joined the list.

Fidelity Bank Plc has raised approximately N250 billion through a private placement. This offer opened and closed on December 31, 2025, driven by substantial investor demand fuelled by the bank’s impressive financial performance and solid track record.

A source close to the lender stated that this swift completion is a notable achievement for Nigeria’s stock market.

NGX regulations typically allow up to 10 days for such private placements.

Fidelity Bank aims to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation by the March 31, 2026 deadline.

Reportedly, participation was limited to a small circle of pre-qualified institutional investors, many with global investment footprints.

Market intelligence estimates the proceeds at roughly N250 billion, comfortably exceeding the bank’s estimated capital gap of N194.5 billion.

This fully subscribed offer places Fidelity Bank among the more strongly capitalised Nigerian banks with international operations.

While the CBN is yet to ratify the new capital base of some of these banks, they seem to have scaled the hurdle, with some others set to scale it soon.

A player in the industry who craved anonymity noted that many of the banks yet to clear the hurdle are expected to do so before the end of the month, with announcements expected from next week.

CBN Governor Olayemi Cardoso had late last year confirmed the progress of banks in their race to meet the deadline.

Cardoso had stated that “several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline.”

He disclosed that 27 banks had accessed the capital market through public offers and rights issues, with 16 already meeting or exceeding the new benchmarks, adding that beyond headline figures, stress tests conducted in 2025 showed that the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.

Despite the progress, several lenders are still fine-tuning their capital plans.

The First City Monument Bank (FCMB) Group is among those in advanced stages of capital raising and regulatory verification.

Shareholders of FCMB Group Plc at an Extraordinary General Meeting (EGM) recently approved an increase in capital raise of up to N400 billion to enable it to retain its international banking licence ahead of the March 2026 deadline.

Group chief executive officer of the bank, Ladi Balogun, noted that “the additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth.”

Analysts say mergers and acquisitions remain limited for now, but ownership changes are becoming increasingly likely as banks court new investors.

Head of Financial Institutions Ratings at Agusto and Co, Ayokunle Olubunmi, said only a few institutions remain under real pressure.

“Nothing dramatic has happened yet on the mergers front, but by January or February, we could see clearer outcomes. Capital raising through private placements and rights issues will inevitably lead to dilution for shareholders who do not participate,” he said.

The race for capital has also triggered a wave of strategic realignments.

Nova Bank opted to downgrade its licence to a regional banking status, significantly lowering its requirement to N50 billion to beat the deadline.

Meanwhile, consolidation is picking up steam; Union Bank has merged with Titan Trust Bank, and Providus Bank is set to merge with Unity Bank, a move that would create Nigeria’s ninth-largest lender by assets.

This makes the bank the best rated in Nigeria’s Non-Interest Banking (NIB) space.

According to the bank, the latest rating, which is a notch up from the Bank’s previous rating, comes in recognition of the bank’s high quality balance sheet and robust earnings capacity.

Commenting on the rating, Hamid Joda, CEO of the non-interest lender, described the improved rating by Agusto & Co as a clear demonstration that TAJBank has continued to prioritize necessary risk management and operational controls, with clear focus on quality processes related to first class standards, management, and administration lifecycle.

He said,

“The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardization of the bank’s operations, especially in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers and by so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.

“Our message to both current and potential customers out there is that with TAJBank, they can be rest assured of safety of their transactions and the bank’s readiness to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer”, Joda assured.

In his remarks, Sherif Idi, the bank’s executive director, , said that the latest TAJBank ratings had again reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender that today remains at the leading edge of the NIB sub-sectoral market.

He explained that the bank was determined to retain this position in the years ahead by prioritizing investment in human capital, innovative technologies and solutions in order to continue to serve its customers better and add value to the businesses or socioeconomic well-being.

“Agusto & Co assigns credit risk ratings to various entities, including financial institutions, companies in the industrial and commercial sectors, state governments, mutual funds, asset management companies, leasing companies and pension funds.

“The firm’s rating is monitored and can be revised upwards or downwards depending on changes that occur in the organization during the validity period of the rating.”

This accomplishment sets a new record in the banking industry, as no other bank had achieved this feat in over 100 years.

Earlier this year, TAJBank made history by becoming the first corporate entity in Nigeria to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after a successful issuance.

During the shareholders’ meeting, Alhaji Tanko Isiaku Gwamna, the board chairman, acknowledged the challenging economic conditions, including surging inflation rates, which negatively impacted businesses.

However, he highlighted that through innovation and proactive strategies, the bank’s board and management were able to ensure sustainable growth and financial stability for the benefit of the shareholders and Nigeria’s economy.

Regarding dividends, Gwamna stated that the board recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. He emphasized the bank’s commitment to promoting business expansion and success while allocating a significant portion of profits to shareholders.

Mr. Hamid Joda, the Managing Director/CEO of TAJBank, reported that the financial year 2022 marked a significant milestone for the non-interest lender. Despite the challenging operating environment, the bank achieved key strategic goals through relentless execution, a positive culture, and high-impact projects.

TAJBank’s balance sheet grew by over 93%, from N110 billion in FY 2021 to N212 billion, and its Profit Before Tax (PBT) surged from N1.6 billion to N5.081 billion in the 2022 financial year. Earnings per share also grew by 138% to N31.27 kobo compared to N13.11 kobo in the previous year.

Looking ahead, Joda outlined the bank’s plans for further growth. TAJBank aims to open 110 branches/business offices across state capitals and major commercial centers before 2024.

The bank also plans to offer non-interest banking products and services to underserved markets, expand its agency network to 100,000 active agents by 2025 to reduce the financial exclusion rate, grow its customer base to at least four million by 2027, and achieve a minimum customer satisfaction score of 85%.

Alhaji Tata Shekaru Omar, an Independent Non-Executive Director of TAJBank and a leading financial expert, praised the board and management for positioning the bank at the forefront of competition in Nigeria’s dynamic financial services market.

He commended the bank for achieving profitability in its first year of operation and expressed appreciation for the distribution of dividends to shareholders.

Overall, TAJBank’s swift payment of dividends and its strong financial performance demonstrate its commitment to sustainable growth and value creation for its shareholders in the Nigerian banking industry

TAJBank, Nigeria’s second Non-interest bank, on Tuesday launched a new digital banking app – TAJWAY –to enhance its customer experience and facilitate easier, faster and more convenient financial transactions.

This initiative is birthed in furtherance of the bank’s sustained drive to surpass customer expectations in real time and provide cost-free banking services nationwide.

Already rated as one of the most reliable banking apps, TAJWAY is packaged with special features and benefits to customers, including increased transaction limits, card management, budget planning, saving on spending, multiple transfers and real time receipt generation for all transactions.

Hamid Joda, Managing Director, TAJ bank, described the launch as an important milestone because the bank will be motivated to build the necessary capabilities needed to develop and deploy an array of digitised products that are simple and easy to use.

According to him, they would do this by taking advantage of emerging technologies and data analytics that would increase engagement with their existing and prospective customers. This would in-turn,  scale up its customer acquisition and transactions at a lower cost to serve.

“TAJWAY is a new self-service, stress-free and secured app built to offer exceptional user experience with a vast bouquet of functionalities for all classes of customers.” Sherif Idi, the Executive Director of TAJWAY said.

Customers are therefore invited to visit the respective stores (Google play store or Apple app store) for download, using the keyword “TAJWAY”.

After successfully raising over N11.4 billion through its N100 billion Sukuk Issue Programme, the bank listed a N10 billion Mudarabah Sukuk issuance.

An Additional Tier 1 Capital Mudarabah Sukuk with loss-absorbency features is the first of its kind in Nigeria and is intended to help TAJ Bank improve its capital adequacy ratio and overall corporate business operations.

Both retail and institutional investors were interested in the issuance, which led to a subscription of 113.6. The oversubscription of this Issuance shows that Nigeria’s investment culture is still strong and that there is ongoing optimism about the country’s ability to achieve economic stability and recovery.

Alhaji Tanko Gwamna, Chairman of TAJBank, who was present at the closing gong ceremony honoring the listing of the Sukuk issuance on the Exchange floor together with other top bank officials, reaffirmed that the listing is the first of its kind on the trading floor and that it is non-interest bearing.

He pointed out that the capital market requires the listing of the Corporate Sukuk to provide liquidity and propel Nigeria’s economy forward.

TAJBank Boss disclosed that the financial institution is considering investing in the manufacturing and Agriculture sectors with raised funds from the Sukuk.

“Manufacturing sector is the only sector that can take most of the youth out of the street and keep them engaged. Also, we are funding agriculture production and its value chain from start to finish. These two sectors are where we wanted to fund the Sukuk issuance,” he said.

“The listing on the Exchange is for investors to trade in the Sukuk and diversify their investment,” he added.

According to him, “We are setting the trend and I’m sure a lot of corporates will come along. We are making more offerings because the market needs corporate Sukuk. It was a transparent exercise and people can trade with our Sukuk and it will offer more liquidity for economic growth.

He added that the financial institution very soon will be back in the capital market and raise more funds.

Speaking also, the Managing Director/CEO, TAJBank, Mr. Hamid Joda said the Sukuk listing aims to give Nigeria’s investors alternative means of investment.

He noted that “Millions of investors have been yearning for non-interest or Islamic instruments. We believe this is an opportunity for them to invest in such an instrument.

“The funds raised will be deployed into high-impact sectors that create jobs in Nigeria’s economy and in that way, it will have high-impact opportunities for millions of Nigerians.

“I believe with this move; we have inspired many other corporates in the financial space to come on board and issue Sukuk for greater development of our dear country.”

TAJBank Limited, founded in 2019, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank.

TechEconomy, reported the Central Bank of Nigeria (CBN) gave a national license to TAJBank Limited, to operate and carry out nationwide banking in the country.

The Managing Director, Hamid Joda, said Tuesday in Abuja, “We’re launching our digital bank; it’s the first of its kind in Nigeria and it was developed locally by some young Nigerians. The features it has can compete with any other digital bank in the world.

We’re taking it to the public hopefully in September or October, as we’re waiting for some regulatory approvals. The digital bank is mainly for young people to come on board, and we need the media to tell the story.”

The bank recorded some significant strides in the banking sector amid disruptions by the COVID-19 pandemic.

“2019 was a tough year as we faced the COVID-19 challenge. For a startup, it was an extremely difficult year, but thanks to God, we were able to surmount the challenges and we broke even in our 8 months of existence.

Apart from that, we were able to wipe up operating expenses in our first year of business and we recorded profit in the first year as well, which is quite unusual in the banking sector.