Lagos govt sanctions 15 money lending firms over operational violations

Lagos State Government has sanctioned astatine slightest 15 wealth lending companies for breaching operational regulations and engaging successful activities considered harmful to residents.

The Commissioner for Home Affairs, Ibrahim Layode, disclosed this on Friday during the 2026 Ministerial Press Briefing held successful Ikeja, stating that the determination was portion of ongoing efforts to modulate the wealth lending assemblage and shield Lagosians from exploitative and fraudulent fiscal practices.

According to Layode, the authorities authorities remains committed to enforcing strict compliance among operators wrong the industry.

“The firms were sanctioned to guarantee strict adherence to guidelines and to support Lagosians from crisp practices by fiscal firms,” the commissioner stated.

He noted that wealth lending plays an important relation successful supporting the system by providing accessible loans to petty traders and tiny concern owners who often look difficulties obtaining recognition from accepted banks owed to rigid requirements.

“Moneylending concern is 1 of the captious parts of the system which allows radical successful the small-scale manufacture and petty traders to person stress-free entree to speedy loans to concern their businesses,” helium said.

Layode explained that the Ministry of Home Affairs ...