By Lukman Olabiyi
The Lagos State government has sanctioned 21 money lending operators for unethical practices over the past year to protect residents from exploitative financial services.
The announcement came during a ministerial press briefing in Alausa, Ikeja, on Tuesday, May 20, marking the second anniversary of Governor Babajide Sanwo-Olu’s second term.
Commissioner for Home Affairs Ibrahim Layode revealed that 623 moneylenders operate in Lagos. Of these, 474 have reapplied for licences, while 147 submitted new applications. Layode stressed the government’s commitment to regulating the sector to ensure compliance and safeguard citizens.
The 21 sanctioned lenders, found violating guidelines, had their offices sealed. Violations included failure to renew licences and misrepresenting office locations.
“As a government, we conduct routine supervisory visits. If we discover that a moneylender has changed location without notifying us or is no longer operating from their registered address, we take action,” Layode said. He added that the sanctions aim to promote transparency and protect residents from fraud, not to shut down businesses entirely.
Layode assured continued oversight to enforce compliance and ensure the financial well-being of Lagosians.