The Central Bank of Nigeria has issued an operational licence to Lucidum Finance Company Limited.

Lucidum confirmed that the approval was conveyed in a letter dated December 10, signed by the Director of the Financial Policy and Regulation Department.

The company said the licence represents the final stage of the CBN’s rigorous application and approval process, following the approval-in-principle granted to Lucidum Finance in May 2024.

“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.

“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.

“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,” Lucidum said.

Lucidum Finance is owned by Samson Agbato, Olalekan Sanusi, and Qudus Sanusi.

The firm added that the CBN has also approved its board of directors, which consists of five members, with Agbato serving as chairman.

The other board members include Olalekan Sanusi as Chief Executive Officer, with Taiwo Sowole, Ademola Fajobi, and Qudus Sanusi serving as non-executive directors.