who we are

About Us


Pilot Finance Limited was incorporated on the 7th of July 1988 to carry on business as Financial Consultants. The company was granted Bureau De Change license by CBN on the 28th July 1989 and Finance Company License on the 22nd of April 1993.
The Company has an Authorized Share Capital of Five Hundred Million Naira and a Paid up Capital of Two Hundred and Seventy-Seven Million, Six Hundred and Fifty-Five Thousand, Three Hundred and Seventy-Five Naira as at 31st March, 2019.

The company has funds under management from members of the public as at 31st March, 2019 of N316m and total assets of N221 million.The company’s registered office is at Equity Union House, 11 CIPM Avenue, Alausa, Ikeja, Lagos.

The company currently has interests in the following companies:

  • Pilot Bureau De Change Limited, a wholly owned subsidiary licensed by the Central Bank of Nigeria to deal in retail foreign exchange transactions.
  • Pilot Securities Limited, a Stock Broking firm and member of the Nigerian Stock Exchange is an Associated Company in which the Company owns about 16% equity.

Over the years the company has been operating at the lower end of the Money, Finance and Foreign Exchange Markets due to low capitalization. The Company’s capital base was partially eroded during the 2008 to 2010 recession.

Going forward the company is focused on being the Pan-African Finance House of Choice by expanding its Capital and Assets base through recapitalization to enable it expand its activities and execute bigger ticket transactions in the mid-tier market between the Commercial and Microfinance Banks for small and medium scale enterprises.

Market Structure

The Nigerian Banking and Non-Bank Financial Services Sector is oligopolistic in nature with few dominant players at the top accounting for over 50% of the total assets employed as well as the volume of business executed. The sector is made up of the following:

Money Market

  • Commercial and Merchant Banks
  • Mortgage Banks
  • Micro Finance Banks
  • Insurance Companies
  • Finance Companies
  • Cards and Fintechs
  • Bureaux De Change

Over the last two years however significant changes have taken place within the financial services industry blunting the dichotomy of banks and non-banking service delivery. Technological innovation and digitalization of financial services through deployment of cloud internet applications has opened up opportunities for all players to grow business volume.

Pilot Finance Limited is determined to position itself as a dominant player in the evolving digital ecosystem of service delivery.

Products and Services

The existing product offering of Pilot Finance is as follows:

  1. Trade Finance
  2. Lease Finance
  3. Pay-Day Loan
  4. Fund Management

Trade Finance

We provide finance to Small and Medium Scale Enterprises for short term working capital and third party business execution like Local Purchase Order and Work Order. Our trade finance is supported by our network of bankers who provide local and overseas correspondent lines and Bonded warehousing where necessary.

Lease Finance

We provide medium term finance in structured finance lease of Machines, Motor Vehicles and equipment for our clients. Our business competencies include the following:

  • Consumer Lease Finance:

We have dynamic leasing products designed to bridge our clients’ cash flow by acquiring for them the needed fixed assets (vehicles, motorcycles, computers, furniture, haulage trucks, generators etc.) for different target market.

  • Corporate Lease Finance:

This product exist to bridge our corporate clients cash flow by assisting them acquire needed fixed assets (vehicles, Computers, Furniture, Haulage trucks, Power generators as well as machineries etc.) through the option of finance and/or operating lease. Our target markets in this area are: Structured, Semi- Structured companies, SME’s.

Pay Day Loan

Through our Mobile App – NABOB Mobile is a Loan and Investment mobile App in Nigeria that helps you invest and secure loans easily directly into your personal account in less than 24 hour without stress. NABOB Mobile provides short term loans to salary earners throughout the country using our digital platform in conjunction with partners like SystemSpec (REMITA), PayStack and the Nigeria Interbank Settlement System (NIBS). It provides a one-stop avenue that serves all your financial needs – both investment and credit. It is FAST, SAFE and SIMPLIFIES the entire process of loan application, management and repayment with a user friendly interface.

Fund Management

Our fund management services are both on-line through our NABOB Mobile App and through our business office. We offer our clients competitive rates positive of inflation. Our fund placement is structured to meet our client’s needs in terms of interest payment and partial withdrawals without any penalty. Our investment product range covers:

  • Pilot Investment Certificate
  • Pilot Target Investment
  • Pilot High Yield Certificate
  • Pilot Structured Investment Certificate

Bureau De Change Services

We buy Dollar from the CBN and all international currencies across the counter in our office and sell to our customers to cover their BTA, PTA, Medical, Insurance and health bills payable overseas through our wholly owned subsidiary

  • Pilot Bureau De Change

We also facilitate access to forex for some of our corporate clients for training and subscription payments.

Planned Product Expansion

To remain competitive in the emerging Nigerian Finance Industry the company is currently restructuring and expanding its Finance operations to include mid to long term financing of Lease, Infrastructural Projects in the Mining and Marine sub-sectors of our economy. The Company through its mobile Application – Nabob Mobile – provide retail on line credit to the Working Middle Class and offer investment opportunities on line.

We plan to enhance our Information Communication Technology, Accounting and Operating Systems through automation and analytics to improve efficiency and service delivery. The business model is anchored on generating cost effective deposits from members of the public supported by a healthy shareholder fund and deploying such funds to profitable credit and investment products.

Geographical Coverage

Upon completion of our on-going capital raising, we plan to open a branch office in Abuja before end of year 2020 while Port Harcourt would come thereafter.


The Board of Pilot FINANCE Limited currently has three committees through which it carries out its oversight functions with a view to ensuring Good Corporate Governance and efficient use of resources.

The Board discharges its responsibilities with the assistance of Board Committees. These Committees advise and make recommendations to the Board of Directors but do not have authority to approve matters on behalf of the Board except in exceptional cases when specific authority is delegated to a committee by the Board.
It is the responsibility of the Board of Directors to oversee the direction and management of the company in accordance with the Law, regulations and highest ethical standards.

Board Committees shall be constituted by the Board from current Directors and Shareholders where deemed necessary. The Board shall have power to remove any Committee member if satisfied that it is in the best interest of the company to do so. Each committee shall have power to appoint any of its members who is a Non- Executive Director or shareholder as Chairman.
The Company Secretary shall act as secretary to all Board Committees.
The following shall be the operating committees of the Board:

  1. Board Risk And Audit Committee.
  2. Credit and Investment Committee
  3. Board Nomination and Governance Committee.

1. Board Risk and Audit Committee:(BRAC)

The Board Risk and Audit Committee (the Committee) is a committee of the Board of Directors of Pilot Finance Ltd. The Committee assists the Directors of the Company to discharge the Board’s oversight function to ensure compliance with applicable Codes of Corporate Governance ,regulatory guidelines and Standard Accounting Practices.
The Committee has authority to seek and obtain information it may require from company employees, officers and external parties.

The main objective of the committee is to make recommendations to the Board on the adequacy of Internal Control, Internal and External Audit, Enterprise Wide Risk Management and compliance procedures.

The Committee’s duties and responsibilities shall cover the following:

  • Oversee the implementation of the company’s risk management profile as approved by the Board, including credit extension and Investment policies.
  • Review and recommend to the Board for approval the company’s Risk Philosophy and Tolerance including authority limits and compliance reports.
  • Ensure the establishment of appropriate systems, including management committees that support the identification, measurement and mitigation of credit and Investment risks and making adequate provisions against expected losses where necessary.
  • Monitor the company’s capital adequacy level in relation to its trading activities as defined by the CBN.
  • Approve the Information Technology governance framework and review regularly its execution by management including disaster recovery through off-site backup storage.
  • Review on an objective basis accounting and financial policies adopted by the company.
  • Review the financial statements of the company to be presented to Shareholders, Regulator and other stakeholders.
  • Review and recommend the appointment of Independent External Auditors to the Board for approval prior to the Board’s recommendation to Shareholders for ratification.
  • Agree with the External Auditors the scope of the annual audit, review their findings during the audit and management response thereto.
  • Discuss the annual audited financial statements with management and the External Auditors.
  • Ensure the development of a robust internal control system for the company and periodically evaluate its adequacy.
  • Ensure the development of a comprehensive risk policy and management framework.
  • Ensure that the company has in place a robust compliance framework for regulatory guidelines covering CBN, EFCC, and other such bodies.
  • Create a conducive atmosphere and open process for Whistle Blowing reports from employees and other stakeholders.

2. Board Credit and Investment Committee

The Board Credit and Investment Committee is responsible for exercising oversight on identifying and managing the company’s credit exposure and relevant risks associated with the business of the company on an enterprise-wide basis and the company’s responses to trends affecting those exposures.
In performing its functions the committee shall have authority to invite any officer or employee of the company or other professional advisers to attend a meeting of the committee to provide information and explanations the committee may deem necessary.

The main objective of the committee is to assist the Board in its oversight function of reviewing and managing the credit and Investment risk exposure of the company within its portfolio of trading activities.
The committee shall meet at least once every quarter.

The Committees’ duties and responsibilities include the following:

  • Review and oversee policies and guidelines adopted by the Board to manage the lending and credit activities of the company, its credit risk tolerance and ensure management’s compliance with these policies and guidelines.
  • The Committee shall periodically review the strategies and procedures for credit creation, documentation, approval and monitoring including credit quality and provisions for expected credit losses.
  • The Committee shall review the Collateral management policies of the company and Remedial action framework for bad debts and overdue accounts.
  • Review and recommend for Board approval on an annual basis the company’s Credit Risk Appetite and Tolerance as a component of the Enterprise wide Risk Governance Framework.
  • Monitor on a quarterly basis the aggregate credit risk exposure of the company, compliance with approval limits, credit concentration and other regulatory requirements.
  • The Committee shall review and assess the adequacy of the provisions made for credit losses and ensure compliance with CBN prudential guidelines for credit quality.
  • Review and approve all credit facilities above the approving limit of management.
  • Recommend credit writ-offs above management limits to the Board for approval.
  • Review annually and make appropriate recommendations to the Board thereon; the Investment philosophy, Policies and Objectives of the company as defined in the Risk Management profile. Determine approval limits for investment categories in the company’s trading profile.

3. Board Nomination and Governance Committee

The Board Nomination and Governance Committee shall consider and make recommendation to the Board on the strategic direction of the company, It’s budgeting and planning process, acquisition and disposal of its assets, strategic Financial, Accounting, ICT and Employee issues as well as on any other significant administrative matters affecting the company.
The committee shall also formulate good corporate governance policies for the company and ensure compliance with all Supervisory Authority guidelines.

The Committee shall also oversee the following:

  • Determine the appropriate size and composition of the Board.
  • Determine the criteria for selection and appointment of candidates for the Board.
  • Make recommendations to the Board on the appointment and removal of Directors.
  • Evaluate the performance of Board members and key Executive Officers of the company.
  • Determine the compensation policies and remuneration of Board members and key Executive officers of the company and carry out annual reviews to ensure adequate and competitive packages being paid.
  • Oversee the adoption and observance of good Corporate Governance Codes as compiled by the CBN, SEC and other such bodies.
  • Formulate strategic policies covering the acquisition, Installation and operation of the I.C.T. system of the company.
  • Review the conclusions of the management I. T. Steering Committee and make appropriate recommendations to the Board.


The Central Bank of Nigeria in 2015 released new operating guidelines for Finance Companies effective 1st January, 2016 with a view to expanding their functions as a bridge between the Commercial and Microfinance Banks. This promises a vista of opportunities and challenges. The Nigerian economy is expected to grow at between 2% and 4% annually 2017 – 2019 with expanding business opportunities in Oil and Gas, Manufacturing – Small and Medium scale, Telecommunication, Marine and Shipping, Agriculture and Commerce. We intend to expand our activities across these sub-sectors to the benefit of all our stakeholders.
The Economic, Monetary and Fiscal reforms of government will remain the key drivers of business going forward. The Nigerian Stock Exchange is expected to gradually rebound from the third quarter of the 2016. Banks will continue cautious extension of funds to only risk free sectors – Government, Blue Chip Companies, Bonds and CBN Treasury Instruments. This will open up more credit business for Finance Companies that are well capitalized. We have projected to raise N500m over the next five years in three tranches; starting with N200m in 2019 – 2020.

Mission & Vision Statement

Our Vision

To be the Pan African Finance House of Choice.

Our Mission

To provide innovative Financial Solutions driven by the highest level of professionalism that delivers superior returns to all stakeholders.

Our Culture

Our activities shall be based on Integrity.

Strategic Objective

Our strategic objective is a sustainable profitable growth of the company in terms of Balance Sheet size and Profitability ensuring appropriate growth in wealth to all stake holders. To successfully achieve this strategic objective the company is embarking on a re-capitalization program to ensure availability of owner equity to support growth plans.

Our Partners

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