Lagos revokes licences of 15 money lenders over guideline violations

The Lagos State Government has withdrawn the operational licences of at least 15 money lending firms for violating approved operational guidelines in the state.

Commissioner for Home Affairs, Ibrahim Layode, disclosed this on Friday during the 2026 Ministerial Press Briefing marking the seventh anniversary of the administration of Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat at Alausa.

Layode said the affected firms lost their licences for breaching operational regulations guiding money lending activities in Lagos State.

According to him, the action was taken to enforce compliance with existing rules, protect residents from exploitative financial practices, and serve as a warning to other operators in the sector.

He added that the move forms part of the state government’s efforts to sanitise the money lending industry and ensure that firms operate within approved standards.

He further disclosed that the ministry received 112 new applications from money lenders, while 214 existing operators renewed their licences within the same period.

Meanwhile, the government disclosed that 112 operators submitted applications for approval in 2025, as against the 214 existing money lending firms whose applications were renewed within the year under review.

Also, the State Government has announced plans to introduce an automated pilgrimage registration system aimed at improving service delivery, efficiency and eliminating challenges associated with manual processing.

Layode said the initiative would simplify registration procedures for intending pilgrims and improve operational efficiency within the ministry.

He added that the ministry would also strengthen media engagement across various platforms and sustain tourism officers at the local government level as grassroots ambassadors for pilgrimage services.

The commissioner noted that Lagos has continued to enjoy religious harmony and peaceful co-existence through collaboration with faith-based groups and organisations across the state.

According to him, the ministry received 68 applications for processing during the period under review, while 20 applicants were cross-examined for Naturalisation and Special Immigrant Status.

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