The Lagos State Government has taken measures against 21 unlicensed money lenders operating within the state, intensifying efforts to regulate the lending sector and enforce compliance with relevant laws.
The announcement was made on Tuesday at Alausa, Ikeja, by the Commissioner for Home Affairs, Olanrewaju Layode, during a press briefing commemorating the second anniversary of Governor Babajide Sanwo-Olu’s second term.
Layode acknowledged the challenges in managing the money lending industry and reported that approximately 623 licensed money lenders are currently active across Lagos.
He noted that some operators have failed to meet licensing requirements, resulting in sanctions and closure of 21 unlicensed money lending offices.
The commissioner also expressed concern about some lenders attempting to evade regulatory supervision by relocating their offices without informing the ministry.
In a related matter, Layode drew attention to the Lagos State Christian Pilgrims Welfare Board’s ongoing efforts to boost participation and awareness for upcoming Christian pilgrimages.
The board has been engaging various stakeholders including ministries, agencies, local governments, media organizations, corporate bodies, and churches through courtesy visits.
He praised the board, under the leadership of Secretary Dr. Gbolabo Okudero, for their commitment and strategic planning aimed at ensuring a smooth pilgrimage for Lagos pilgrims in 2025.
“The board is focused on enhancing the pilgrimage experience and supporting the spiritual growth of Lagos residents through strengthened partnerships across the state. We are hopeful for a successful pilgrimage this year,” Layode remarked.