Lagos Sanctions 15 Money Lenders to Curb Exploitative Practices
The Lagos State Government has sanctioned 15 money lending firms for breaching operational guidelines. The announcement was made by Commissioner for Home Affairs Ibrahim Layode during a ministerial press briefing in Ikeja. Layode explained the measures aim to enforce compliance and protect Lagos residents from fraudulent and predatory lending practices. He noted that regulated money lenders are vital for small traders who struggle to secure bank loans under strict conditions. The Ministry of Home Affairs handles licence issuance, renewals and ongoing supervision of these firms. It also collaborates with federal bodies like the FCCPC and SCUML and hosts stakeholders’ forums to promote global best practices in the sector. In the 2025–2026 review period, the ministry received 112 new lending applications and renewed 214 licences. It also processed 68 naturalisation and special immigrant status requests, referring 20 candidates for final federal approval.
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