Barely two years after its strategic vision and markets focus was conceptualised by its founders, financial services provider - Lucidum Finance Company Limited has received the Central Bank of Nigeria’s (CBN) final approval to begin operations.
Lucidum Finance logo
Reacting to the Approval Letter signed by the apex bank’s Director, Financial Policy & Regulation Department; Lucidum Finance’s Managing Director and Chief Executive Officer - Lekan Sanusi stated that: “The issuance of this final approval to Lucidum Finance sequel to our receipt of an Approval-In-Principle (AIP) from the Central Bank in 2024 is a pivotal moment for us.”
“It reflects the banking regulator’s confidence in our vision and business plan and a confirmation of the satisfactory fulfilment of the necessary requirements and documentations as laid out in the Revised Guidelines for licensing of finance companies in Nigeria,” Sanusi added.
This is the final step in the rigorous application and approval process of the CBN.
Nigeria, Africa’s most populous economy, continues to witness significant expansion of its financial landscape, driven largely by ongoing monetary policy and capital market reforms, pent up demand for bespoke financial services and products, and the proliferation of technology platforms that enable innovation and service delivery through digital channels, commercial and social networks.
Lucidum’s CBN license permits provision of a broad range of financial services to individual consumers, industrial, commercial, and agricultural enterprises across Nigeria.
Lucidum Finance Company Limited is owned by three shareholders: Dr Samson Agbato - Principal Partner of Samson Agbato Consulting (SAC), a real estate and valuers firm; Mr Olalekan Sanusi - a renowned Economist and former Managing Director of several subsidiaries of Guaranty Trust Holding Company in Uganda, Ghana and The Gambia; and Mr Qudus Sanusi - Chief Operating Officer of a property management and consulting firm in Lagos.
Lucidum Finance's Chairman - Samson Agbato and Managing Director - Lekan Sanusi
Lucidum Finance's Chairman - Dr Samson Agbato (left) and its MD/CEO - Mr Olalekan Sanusi
The company’s CBN-approved pioneer Board of Directors is comprised of Dr. Samson Agbato, Mr Olalekan Sanusi, Mr Taiwo Sowole - Managing Partner of Taiwo Sowole & Co, a Lagos based Accounting and Tax Advisory firm; Mr Ademola Fajobi - an Economist and Banker of repute; and Mr Qudus Sanusi.
The promoters and the pioneer board of Lucidum Finance have the strong determination to run a professionally managed and customer-centric finance company in Nigeria.
According to Lekan Sanusi, Lucidum Finance has taken a strategic review and identified the gaps in service delivery in the finance companies sub-segment of the Nigerian financial services industry and are positioned to make a difference. “The focus now is on smooth commencement of business operations,” he said.
Following the CBN approval, Lucidum Finance can flag off operations after communicating the date and details of commencement to the apex bank.