The Lagos State Government has taken action against 21 individuals and groups operating as unlicensed money lenders within the state, reinforcing its commitment to regulate the sector and ensure adherence to existing laws.
This announcement was made on Tuesday in Alausa, Ikeja, by the Commissioner for Home Affairs, Olanrewaju Layode, during a press briefing marking the second anniversary of Governor Babajide Sanwo-Olu’s second term.
Layode noted the complexities involved in overseeing the money lending industry and shared that about 623 licensed money lenders currently operate in Lagos.
However, he pointed out that some operators have disregarded licensing rules.
“To date, we have penalized and shut down 21 offices of unlicensed money lenders,” he revealed.
The commissioner also criticized some lenders for attempting to avoid regulatory scrutiny by relocating their offices without informing the ministry.
In another related update, Layode highlighted the efforts of the Lagos State Christian Pilgrims Welfare Board to increase awareness and encourage greater participation in Christian pilgrimages.
The board has been conducting visits to various stakeholders, including government ministries, agencies, local governments, media outlets, corporate bodies, and churches.
He commended the board, led by Secretary Dr. Gbolabo Okudero, for their proactive approach and planning to ensure a seamless pilgrimage for Lagos pilgrims in 2025.
“The board remains dedicated to improving the pilgrimage experience and fostering spiritual development among Lagos residents through ongoing collaborations across the state. We anticipate a successful pilgrimage this year,” Layode added.
