Wisdom Engraced
Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us
The Central Bank of Nigeria has granted a finance company licence to Preferred Finance Company Limited, empowering the company to provide structured financing solutions to micro, small, and medium-scale enterprises across the country. The milestone was celebrated during the company’s grand opening ceremony in Abuja, where the management and board outlined their vision to expand financial access, especially for underserved businesses.
For further information, read more details here
Managing Director and Chief Executive Officer, Dr Olasehinde Sunday, noted that the company’s establishment was “a continuation of our journey rooted in clear vision, dedication, and determination.” He stated, “Preferred Finance Company Limited was founded by the visionary leadership of Guarantee Multipurpose Cooperative Society Limited, with our cooperators subscribing to the 70 per cent ownership of the company.”
Dr Sunday explained that the licence empowers the firm to offer a broad range of services, including funds management, financial advisory, structured finance, and various loan products. He added, “Our journey began with a simple yet ambitious goal — to expand our innovative financial services beyond the cooperatives to a regulated financial institution that will cater for the diverse needs of members and businesses
The company’s goal is to support inclusive development, with Dr Sunday stating, “We look forward to serving you with integrity, offering solutions that empower, and contributing meaningfully to the economic and social development of our great nation.” He also emphasised the company’s commitment to impact, highlighting social initiatives such as providing CCTV and surveillance systems for Lomina Orphanage and paying school fees for 25 indigent students.
Dr. Olakunle further explained that the company’s name, “Preferred”, symbolises its values: “Preferred is more than just a name — it guides everything we do. It’s a promise to always put our customers first, make a positive impact in the communities where we operate, and be the trusted global leader in providing exceptional financial services.”
Chairman of the Board of Directors, Mr. Kolawole Okunato, described the journey toward securing a CBN license as “a product of grit, vision, and collective belief.” He stated, “This journey began over a decade ago, not with the establishment of a finance company, but with the humble founding of Guarantee Multipurpose Cooperative Society Limited on November 5, 2012.”
Okunato expressed gratitude to the apex bank, stating, “To our regulators at the Central Bank of Nigeria, thank you for your support, oversight, and guidance. Your role in stabilising and deepening Nigeria’s financial space is invaluable.” The company is excited to build on its strengths and make a positive impact in the lives of its customers and stakeholders
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post
Jonathan Nwokpor
