‘Money lenders must register’

Money lenders must henceforth register with the Ministry of  Home Affairs, Lagos State, it was learnt on Monday.


The state government also said they must obtain valid  licence for the smooth and  legal operation of their business

Commissioner for Home Affairs Prince Anofiu Elegushi stated this at a one-day stakeholder’s forum on money lenders activities in Lagos which took place at NECA House, CBD, Alausa, Ikeja at the weekend.

The forum was to get money lenders and other stakeholders in the money lending business to come up with agreeable positions that will be mutually beneficial to government, money lenders and the teeming population in a proposed amendment to the money lenders law.


He said “if you don’t have a license and you borrow money to people and they refuse to pay there is no legal binding, you can’t take them to court because nobody knows about the transactions, it is very important that they register.

“They must obtain a valid license from the government before they can operate to avoid incidents of quacks and scammers taking advantage or duping unsuspecting members of the public.”