The Lagos State Government has sanctioned no fewer than 15 money lending firms for violating operational guidelines and engaging in practices considered detrimental to residents of the state.

The State Commissioner for Home Affairs, Ibrahim Layode, disclosed this at the 2026 Ministerial Press in Alausa, Ikeja, saying the action formed part of the government’s efforts to sanitise the money lending sector and protect Lagosians from exploitation and fraudulent financial practices. Layode said the state government would continue to enforce strict compliance among money lenders operating within Lagos.

“The firms were sanctioned to ensure strict adherence to guidelines and to protect Lagosians from sharp practices by financial firms”. According to the commissioner, money lending remains a critical component of the economy because it provides quick access to credit for petty traders and small-scale business operators who often struggle to secure loans from commercial banks due to stringent conditions and 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 that the Ministry of Home Affairs is responsible for processing applications, issuing and renewing licences for money lenders operating in the state, while also monitoring and supervising their activities.

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