The
Central Bank of Nigeria (CBN) has increased the minimum capital base of Finance
Companies by 400 percent to N100 million, with September 2015 as deadline for
compliance.
This
was announced in Lagos by Mr. Mudashiru Adegbite, Deputy Director, Other
Financial Institutions Supervision (OFIS) department, CBN at a stakeholders
meeting on the new guidelines for finance companies.
He
said that under the new guidelines, the minimum capital requirement of finance
companies (FCs) has been increased
from N20 million to N100 million, while the ratio of non-performing loans to
total loans is now pegged at maximum of 10 percent.
“The
deadline for compliance with the provisions of the Revised Guidelines shall be
