By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) Monday revoked the Licenses of 47 Finance Companies and have warned the General Public.

This is contained in a Public Notice from the CBN and obtained by www.investadvocateng.com.

According to the Nigeria’s Central Bank, following the recent Routine Examination carried out by the CBN revealed that the under-listed forty seven (47) finance companies had closed shop, ceased to operate, or abandoned Finance Company business.

In the same vein, the CBN said a recent Routine Examination it carried out on the Finance Companies under its supervisory purview, fifty five (55) of the Companies were found to be actively engaged in the Finance Company business; while four (4) others were undergoing restructuring.

The Notice affirmed that the active 55 and 4 undergoing restructuring are the Finance Companies with CBN’s Licenses approved to carry on Finance Company business in Nigeria.

“Consequently, members of the public are hereby informed that the under-listed fifty nine (59) finance companies with CBN licenses are the institutions currently approved to carry on finance company business in Nigeria.

Members of the public are therefore, advised to transact business only with these 59 companies. Anyone who transacts finance company business with any company other than the under-listed, does so at his/her own risk” the CBN said.

The CBN further affirmed that the Promoters and Operators of the 47 inactive Finance Companies are required, within thirty (30) days from the date of the announcement to submit evidence of their existence and/or operations, failing which their licenses shall be revoked.

“All written representations, accompanied by documentary evidence, should be addressed to the Director, Other Financial Institutions Supervision Department, Central Bank of Nigeria, Central Business Area, Abuja” the CBN said.

Click to download the Public Notice