The Central Bank of Nigeria (CBN) has granted operational licence to Lucidum Finance Company Limited.
The CBN communicated the approval via a letter dated December 10, signed by the director of financial policy and regulation department, the firm confirmed
In a statement on Sunday, Lucidum said CBN communicated the final approval via a letter dated December 10, signed by the director of financial policy and regulation department.
According to the company, the licence marks the final step in the rigorous application and approval process of the CBN, following the approval-in-principle (AIP) granted to Lucidum Finance by the apex bank in May 2024.
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“This final approval is a confirmation of the satisfactory fulfilment of the requirements and documentation as laid out in the CBN Revised Guidelines for Licensing of Finance Companies in Nigeria and the conditions outlined in the Approval In Principle,” Lucidum said.
“By this final approval, Lucidum Finance is now required to communicate its date of commencement of operations to the CBN.
“The desire to apply for a licence by the promoters of Lucidum Finance was conceptualised in mid-2023, after which application documentation and information, as stipulated in the CBN Revised Guidelines for Finance Companies, were submitted to the CBN in October 2023.
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“After the review of the submissions found them satisfactory, this resulted in the issuance of an Approval In Principle and now the issuance of this final approval.”
Three shareholders, Samson Agbato, Olalekan Sanusi, and Qudus Sanusi, own
Lucidum Finance is owned by Samson Agbato, Olalekan Sanusi, and Qudus Sanusi,
The firm added that the CBN has also approved the company’s board of directors, with Agbato as chairman, comprising five members.
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The other board members are Olalekan Sanusi as chief executive officer (CEO), and Taiwo Sowole, Ademola Fajobi, and Qudus Sanusi as non-executive directors.
