When do I need a Money Lender’s License?

When do I need a Money Lender’s License?

October 25, 2019

To operate a money lending business in Nigeria one must have a Money Lenders License. However it is not everyone who lends money in Nigeria that is a Moneylender or that requires the Money Lenders License. In Lagos State, Section 4 of the MONEY LENDERS LAW CHAPTER M7 LAWS OF LAGOS STATE defines who a money Lender is and who requires this license. The provision of the Law states that a person who lends money at interest or who lends a sum of money in consideration of a larger sum of money being repaid shall be presumed to be a Money Lender until the contrary is proved. The purport of the definitive section of the Money Lenders Law is that for a person to become a legitimate Money Lender in Lagos State, Nigeria, the individual/corporate body must obtain the Money Lenders License to practice money lending in Nigeria.

Also, the provision of S.7 of the Law reiterates Section 4 by stating that any person who lends money for interest or consideration is presumed to be a Money Lender until the contrary is proven and is therefore subject to the provisions of the Money Lenders’ Law. It can be concluded that if you lend money for a consideration of a larger sum or interest then you need a Money Lenders License.

618 Bees can help you quickly and easily obtain a Money Lenders License. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the appropriate Lagos State Ministry.

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.
  • What is the importance of registering a patent?

    The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp