In a bid to strengthen the financial system, the  Central Bank of Nigeria (CBN) has announced a new minimum capital base of N100 million for the operation of Finance Companies in the country, up from the N20 million previously stipulated by the central bank. 
This is coming closely on the heels of similYar efforts to raise the capital base of Bureau de Change houses in the country to $35 million. A move thai drew flakes from some politicians in the National Assembly.
However, the regulator has fixed a September 30th, 2015 deadline for compliance with the new capital base as well as other provisions in the revised guidelines for the finance houses sub-sector. According to the latest revised guidelines for finance companies in Nigeria obtained yesterday, any company seeking a licence for a Finance Company business in Nigeria shall among other requirements, submit a detailed business plan or feasibility study as well as a five-year financial projection for the operation of the company, indicating its expected growth and profitability.