Lagos Government sanctions 21 money lenders over regulatory breaches

By Adeola Ogunrinde

The Lagos State Government has sanctioned 21 money lenders for various regulatory breaches over the past year, the Commissioner for Home Affairs, Hon. Ibrahim Layode, revealed on Monday.

Speaking during the ministerial press briefing marking the second anniversary of Governor Babajide Sanwo-Olu’s second term in office, Layode said the affected lenders were found guilty following oversight activities conducted by the ministry.

He noted that 623 money lenders currently operate across Lagos State, with 474 reapplying for licence renewals and 147 submitting fresh applications.

“To protect the interest of Lagosians, we carry out up-to-date oversight on the activities of these lenders. So far, 21 of them have been sanctioned and their offices sealed for failing to comply with regulatory standards,” Layode said at the briefing held at Alausa, Ikeja.

He added that some of the sanctioned lenders were penalised for operating from undisclosed or altered addresses, which is a violation of the licensing agreement.

“As a ministry, we regularly visit these businesses. If we find that a money lender has relocated without informing us, we take appropriate action to ensure compliance,” he stated.

The commissioner emphasized that the sanctions aim not only to enforce the law but also to protect consumers and legitimate businesses from exploitation.

“We are not out to destroy businesses. Our goal is to ensure a safe, fair environment where money lenders operate transparently and citizens are not taken for granted,” Layode concluded.