The Central Bank of Nigeria, CBN, has granted licence to three new banks.
They are two new deposit banks – Titan Trust Bank Limited and Globus Bank Limited and TAJ Bank.
TAJ Bank joins Jaiz Bank as a non-interest bank.
The information was made available on the website of the CBN.
It would be recalled that the CBN governor, Godwin Emefiele, had last month declared that the bank was planning a recapitalisation exercise for deposit money banks in the country.
His words: “In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world.”
Through recapitalisation, the capital structure of a bank would be changed to provide more equity funds to meet the bank’s long-term financing needs in order to ensure the security of shareholders fund.
