Lagos Government Sanctions 15 Loan Firms Over Violations, Sharp Practices
Last update: May 16, 2026
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The Lagos State Government has cracked down on 15 money lending firms accused of violating operational guidelines and exploiting residents through questionable financial practices.
According to cbinews.tv, the Lagos State Government has sanctioned at least 15 money lending firms over alleged operational violations and practices considered harmful to residents across the state.
The State Commissioner for Home Affairs, Ibrahim Layode, disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja.
Layode said the sanctions were part of ongoing efforts by the state government to sanitise the money lending sector, enforce regulatory compliance, and protect Lagosians from exploitation and fraudulent financial activities.
“The firms were sanctioned to ensure strict adherence to guidelines and to protect Lagosians from sharp practices by financial firms,” the commissioner stated.
He noted that the government remains committed to enforcing strict regulations among all licensed money lenders operating within Lagos State.
According to Layode, the money lending business plays a significant role in supporting the economy by providing quick and accessible loans to petty traders, small business owners, and individuals who often face difficulties obtaining credit from commercial banks due to strict requirements.
“Moneylending business is one of the vital parts of the economy which allows people in the small-scale industry and petty traders to have stress-free access to quick loans to finance their businesses,” he explained.
The commissioner further stated that the Ministry of Home Affairs is responsible for processing applications, issuing and renewing operational licences for money lenders, as well as monitoring and supervising their activities across the state.
The Lagos government has repeatedly warned financial operators against unethical debt recovery practices, harassment of borrowers, and violations of consumer rights.
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