The President of Finance Houses Association of Nigeria (FHAN), Mr. Samuel Durojaye, yesterday said that the Central Bank of Nigerian (CBN) has released draft guidelines for the operations of the sub-sector.

Durojaye said the CBN in the draft, proposed N100 million as the new capital base for the sub-sector. The FHAN President, described the proposed capital base as ideal for the operations of the association’s members.

Durojaye also said the association had studied the proposals and made commendations to the CBN. “In the new draft the CBN sent to us, the apex bank is proposing N100 million. The N100 million is just ideal,” he said.

The association had in 2013 projected a new capital base of N250 million, as against the current N20 million. He said N20 million was not enough to operate as a finance house, in addition to the increasing overhead costs.

Durojaye said their support for the proposed new capital base stemmed from the fact that it would assist in leveraging further financial intermediation. “The draft guidelines have been sent to us for our comment and we have sent our comments back to CBN. That means that anytime from now, the guidelines would be out,” he said.

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