The Lagos State Government has sanctioned 21 individuals and entities operating as unlicensed money lenders within the state, as part of efforts to regulate the money lending industry and enforce compliance with existing laws.
This was announced on Tuesday at Alausa, Ikeja, by the Commissioner for Home Affairs, Olanrewaju Layode, during a ministerial press briefing marking the second year of Governor Babajide Sanwo-Olu’s second term in office.
Layode said, “The complexities of the money lending sector and how the ministry has been able to manage them remain a significant challenge. We currently have about 623 registered money lenders operating across the city.”
He added that some operators have failed to comply with licensing regulations. “So far, we have sanctioned and sealed the offices of 21 unlicensed money lenders,” he confirmed.
The commissioner also decried attempts by some lenders to evade oversight by changing their office addresses without notifying the ministry.
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In a related development, Layode highlighted efforts by the Lagos State Christian Pilgrims Welfare Board to boost awareness and participation in Christian pilgrimages.
The board has embarked on courtesy visits to key stakeholders, including ministries, agencies, local government areas, media houses, corporate organisations, and churches.
He praised the board, led by its Secretary, Dr. Gbolabo Okudero, for its dedication and proactive planning aimed at ensuring a smooth pilgrimage experience for Lagos pilgrims in 2025.
“The board is committed to enhancing the pilgrimage experience and promoting spiritual growth among Lagosians through its continuous efforts to strengthen partnerships across the state. We hope to record a hitch-free pilgrimage this year,” Layode stated.