CBN News Today – Central Bank Of Nigeria (CBN) has given finance houses as well as leasing companies in the country up until September 30, 2014 to shore up their capital base to N100 million.
The CBN had recently raised the capital base of Bureau de Change (BDC) operators in the country from N10 million to N35 million, giving an ultimatum from 15 – 31 July, 2014.
Finance and leasing companies as well as BDCs fall under the same department – Other Finance Institutions Supervisory
Department (OFISD) – of the CBN.
Speaking at the official presentation of the Revised Guidelines for Finance Companies in Nigeria, the director OFISD of the
CBN, Ahmed Abdullahi, said the shoring up of the capital base from N20 million to N100 million was to have strong and viable finance companies in the country.
CBN News – CBN increases finance houses’ capital base to N100m