Lagos govt sanctions 15 money lending firms over unethical practices
By Adeola Ogunrinde
The Lagos State Government has sanctioned 15 money lending firms over violations of operational guidelines and practices considered harmful to residents, as part of efforts to regulate the sector and protect consumers from exploitation.
The Commissioner for Home Affairs, Ibrahim Layode, disclosed this on Friday during the 2026 Ministerial Press Briefing held in Ikeja, saying the government remained committed to sanitising the money lending business in the state.
Layode said money lending plays an important role in the economy by providing quick access to credit for petty traders and small-scale business operators who often find it difficult to secure loans from commercial banks.
According to him, the sector supports economic activities by offering flexible financing opportunities to individuals and small businesses that may not meet conventional banking requirements.
The commissioner stated that the ministry works closely with federal regulatory agencies, including the Federal Competition and Consumer Protection Commission and the Special Control Unit Against Money Laundering, to ensure operators comply with financial regulations.
He disclosed that between 2025 and 2026, the ministry received 112 fresh applications from money lending operators, while 214 existing licences were renewed during the period under review.
Layode also said the ministry, in collaboration with the Federal Ministry of Interior, continued to process applications for naturalisation and special immigrant status from foreign nationals seeking Nigerian citizenship or permanent residency.
He explained that 68 applications were received during the review period, while 20 applicants underwent screening and verification by agencies including the Nigerian Immigration Service, Department of State Services, the Nigeria Police, the Lagos State Ministry of Justice and the Lagos State Internal Revenue Service before being forwarded for final clearance.
