{"id":1788,"date":"2022-05-31T09:34:35","date_gmt":"2022-05-31T09:34:35","guid":{"rendered":"https:\/\/trustedadvisorslaw.com\/?p=1788"},"modified":"2022-05-31T09:34:35","modified_gmt":"2022-05-31T09:34:35","slug":"procedure-for-money-lenders-license-in-nigeria","status":"publish","type":"post","link":"https:\/\/trustedadvisorslaw.com\/procedure-for-money-lenders-license-in-nigeria\/","title":{"rendered":"Procedures for Money Lenders License in Nigeria\u00a0"},"content":{"rendered":"\n
Pursuant to section 2 of the Lagos State Money Lender Law<\/strong>, any person who lends money in consideration of a larger sum being repaid will be regarded as a lender except for;<\/p>\n\n\n\n Money lenders license <\/a><\/strong>are granted by a state government agency authorized to do so within the state where the money lending company seeks to operate. In Lagos state, the certificate is granted by the Magistrate Court while the license is granted by the Lagos State Ministry of Home Affairs. However, in Abuja, the Magistrate Court grants both the certificate and the license.<\/p>\n\n\n\n It is important to note that the Money Lenders License only permits operation in the state where the license is granted. Should you desire to operate or render money lending services in a different state, one will need to obtain a money lenders license in that state.<\/p>\n\n\n\n Money Lenders License is usually granted in Lagos State <\/a><\/strong>to corporate applicants and not to individuals.<\/p>\n\n\n\n A company seeking to apply for a Money Lenders License in Lagos State must have:<\/p>\n\n\n\n Subsequently, the applicant shall be issued a Money Lenders License upon satisfaction by the officials of the Ministry that all statutory requirements have been complied with. The license shall be valid for a period of one (1) year and subject to renewal every year.<\/p>\n\n\n\n In Abuja, in order to obtain a Money Lenders License<\/strong> and Certificate, an application shall be made to the Chief Magistrate Court in a prescribed manner and the applicant must provide the following documents:<\/p>\n\n\n\n 1. An application letter for Money Lenders License addressed to the Chief Magistrate on a letterhead paper with the company seal affixed to the letter.<\/p>\n\n\n\n 2. All CAC<\/a><\/strong> incorporation documents of the company.<\/p>\n\n\n\n 3. General Form Affidavit (stating that the company is not indebted and the account number provided is that of the company, the company account number)<\/p>\n\n\n\n 4. Tax clearance of the Company.<\/p>\n\n\n\n 5. Tax clearance of the Directors<\/p>\n\n\n\n 5. Police Character Clearance.<\/p>\n\n\n\n 6. Bank Clearance.<\/p>\n\n\n\n Upon Successful submission of these documents and payment of the prescribed fees, the application will be assigned to any Magistrate within the jurisdiction. If the application succeeds, the Money Lenders Certificate<\/strong> and License is issued to the applicant by the assigned Magistrate for a period of one (1) year and shall be renewable at the expiration of the license<\/p>\n\n\n\n It is important for any company who intends to render money lending services either digitally or other wise to obtain a Money Lenders License in all the states it intends to operate in. Failure to do this can deprive the company of the rights to seek redress where there\u2019s default in loan repayment<\/strong>.<\/p>\n\n\n\n Written by Olawunmi Olamide Ojo <\/a> <\/strong>for The Trusted Advisors<\/strong><\/a><\/p>\n\n\n\n Email us: info@trustedadvisorslaw.com<\/strong><\/p>\n\n\n\n Telephone Number: +234 810 159 9159<\/p>\n","protected":false},"excerpt":{"rendered":" Money lenders license are granted by a state government agency authorized to do so within the state where the money lending company seeks to operate. In Lagos state, the certificate is granted by the Magistrate Court while the license is granted by the Lagos State Ministry of Home Affairs. However, in Abuja, the Magistrate Court grants both the certificate and the license.<\/p>\n","protected":false},"author":1,"featured_media":1789,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","wds_primary_category":0,"_joinchat":[],"footnotes":""},"categories":[86,75],"tags":[155,128,156,157,158,126,159,160,31],"_links":{"self":[{"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/posts\/1788"}],"collection":[{"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/comments?post=1788"}],"version-history":[{"count":0,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/posts\/1788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/media\/1789"}],"wp:attachment":[{"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/media?parent=1788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/categories?post=1788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trustedadvisorslaw.com\/wp-json\/wp\/v2\/tags?post=1788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Requirements for the registration of a money lenders license in Lagos state<\/strong><\/h2>\n\n\n\n
Procedures for Obtaining a Money Lenders License in Lagos State<\/strong><\/strong><\/h2>\n\n\n\n
Requirements and procedure for obtaining a money lenders license in Abuja<\/strong><\/strong><\/h2>\n\n\n\n
Conclusion<\/strong><\/strong><\/h2>\n\n\n\n