LASG: 623 Licenced Money Lenders Operating in State

•21 who defaulted last year sanctioned  

Segun James

Lagos State Government disclosed that 623 money lending operators had been licensed by the government, saying 21 of them who defaulted were sanctioned last one year. Commissioner for Home Affairs, Hon. Ibrahim Layode, who disclosed this yesterday, stated that in order to protect the interest of Lagosians, the state government carried out up-to-date oversight on the activities of the money lenders and those found to engage in sharp practices were sanction or delisted.

Layode said it was in the course of such oversight functions that the activities of the 21 erring lenders were discovered.

He stated, “The complexities of the money lenders and also how the ministry has been able to cope with the issue. As we have said, we have a total number of 623 money lenders in the city.

“Out of that 623, a total number of 474 have reapplied while 147 have sent new applications. And if you add everything together, we have 623.

“If they don’t come to the ministry to come and renew their licences, we are trying to sanction them also.

“So far, we have been able to sanction them and seal their offices, with a total number of 21.

He added, “Like some of them also changed the address of their offices they gave to us in the ministry. Because as a ministry, we also go there and do our routine supervisory role.

“Getting there, we know this one belongs to so-and-so and we found out Mr. Y money lender is no more here. So, as a government, we need to be able to get them sanction and let them come and do the right thing.

“The sanction by the ministry will show that they are not supposed to give their money. In this case also, we are not going to charge or sanction all this money. Also, we are also trying to protect their own business as well.

“You know, some other citizens want to take their money and they are being taken for granted. We won’t allow such, and we are trying to ensure we give them also a calculation on what their own business also is.

“We are not leaving any one of them without tracing and knowing what they are doing, we are ensuring to give them proper monitoring.”