The Central Bank of Nigeria (CBN) approved the application of Ascensia Finance Company Limited to operate as a finance company in the country.
The final approval was conveyed in a letter dated April 10, 2025, and signed by Dr. Abubakar Shebe, on behalf of CBN Director, Financial Policy and Regulation Department.
The apex bank stressed that the approval was granted subject to strict adherence to the provisions of the CBN Act 2007, the Banks and Other Financial Institutions Act 2020, and rules and regulations issued by CBN from time to time.
CBN warned that “failure to abide by these laws and regulations may be grounds for revocation of your licence”.
The central bank further stated that any adverse report on any of the board members or management staff will invalidate his/her appointment and might negatively affect the finance company.
The letter also stated that any false claim on the basis of which the approval was granted will render the authorisation invalid.
CBN mandated the finance company to inform the bank of the date of commencement of operations to enable the former to update its records accordingly.
CBN added that the licence (certificate) for the finance company will be issued in due course.
Commenting on the license approval, Managing Director/Chief Executive, Ascensia Finance Company Limited, Mr. Jude Ezeamii, said the company will bring succour to SMEs, local corporates and self-employed professionals, and salaried employees in both the private and public sector.
Ezeamii said that would be achieved through creating workable access to sustainable financing, which businesses required to meet their business needs.
A seasoned banker with extensive retail and commercial banking experience, Ezeamii, assured that the company will redefine SME financing in the country by leveraging technology to deploy financial services across the area councils in Abuja, and major cities across Nigeria within the first two years of operation.
The chairman of the company, Nelson Omanibe, said on commencement of business the firm will roll out products and services that will support the various initiatives of the current administration to boost the operations of SMEs.
The company was also expected to leverage the expertise of its promoters to boost small businesses, described as the engine room of the country’s economy.
James Emejo
Follow us on:
