Lagos - The Central Bank of Nigeria (CBN) has released the names of 93 finance companies considered viable and fit to continue business. A breakdown indicates that 72 of them are licensed finance companies, while the remaining 21 companies have been granted Approval in Principle (AIP holders). A statement from the Banking Supervision Department of the Central Bank of Nigeria (CBN), dated July 20, 2000, said "anybody who transacts finance business with any company other than the underlisted, does so at his/her own risk."

The 73 licensed finance companies include Citizen Investment Company Limited, City Securities Limited, Indemnity Finance Limited, NIDB Trustees Limited, Peak Securities Limited, IMB Securities Limited, Inter-continental Securities Limited, Interstate Securities Limited and Credit Alliance Finance System Limited. Others are International Standard Securities Limited, C & I Leasing Plc, Wall Street Trust Company Limited, Acclaim Finance Company Limited, Arbitrage Finance and Investment Limited, Asset Management Group Plc, Cash-link Finance Investment Limited, Premium Securities Limited and Pilot Finance Limited.

Also included in the list are FIS Securities, Dynamic Portfolio, Dominion Trust Limited, Credit Swift Limited, Compact Finance and Securities, Capital Bancorp Limited, Capri-Martins Finance Limited, Bollapat Finance Limited, Boulevard Finance Limited and AVC Funds Limited.

CAL Finance and Investment Limited, Capital Bancorp Limited, Dalgo Investment and Trust Company Limited, Dolbic Finance Limited, Eston Funds Limited, Equity and Trust Limited, Fund Link Finace and Investment Limited, Equity Investment and Trust Company Limited, Floral Arbons Securities Limited were also listed among those cleared by the apex bank.

Other finance houses which got the CBN nod are First Marina Trust Limited, Floral Arbours Securities Limited, Gilt Bond Finance and Securities Limited, Great Africa Trust Limited, Investors Express Limited, Grand Treasurers Limited and Guara Securities and Finance Company Limited.

Contained in the list also are Institutional Investors, Integrated Capital Services, Dalgo Investment and Trust Company Limited, Integrated Capital Services Limited, Imperial Finance and Securities Limited, Irongate Finance and Trust Company Limited, Kwara Industrial Trust Fund Limited and Leo Investment Limited.

Other finance companies in this league are Leasing Company of Nigeria Limited, Lakeside Investment Company Limited, Moresab Finance Limited, Maskod Finance Nigeria Limited, New Resources Finance Investment Company Limited, Pilot Finance Limited, Lighthouse Investment Limited, Quality Finance Company and Regency Financings Limited. Included in this list are also Royal Crest Finance Company Limited, Summit Finance Company Limited, Supreme Finance and Investment Company Limited, Trust House Investment Limited, Topic Finance and Investment, Thomas Kingsley Securities Limited, VT Leasing Limited, Ventures and Trust Limited, Coscharis Investment Company Limited, Rasabon Investment Company Limited, Partnership Investment Company Limited and Opticom Leasing Company which was granted license in January 2000.

The 21 companies that have been granted Approval in Principle (AIP) by the apex bank are Centre-Point Securities Limited, Financial Perittaties Limited, UTB Trustees Limited, Wema Securities and Finance Limited, Alex Finance and Trust Nigeria Limited, Finance and Commercial Securities Limited, General Securities and Finance Company Limited, Gold House Finance Limited, IB Finance and Securities Limited and Intel Trust Limited (formerly Excel Trust Limited).

Other companies on the AIP list are Kano State Investment and Property Limited, Newmark Investment and Trust Limited, S and D Finance and Securities Limited, Standard Union Finance Limited, Zingpace Finance and Securities Limited, Landmark Finance and Investment Limited, Profund Securities Limited and Liquid Investment and Securities Limited.

The CBN, a couple of weeks ago, placed advertisement on the revocation/cancellation of the licences/approvals in principle of failed finance companies in some national dailies.

Given the fact that some of these companies failed to respond, the apex bank had to review the status of all the finance companies registered by it.