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

  • What additional documents do I require to file my Annual Returns?
  • What’s the difference between a business name and an LLC?
    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 

  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or 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

  • What is data protection?

    Data protection is a legal process of protecting sensitive data.

  • What is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

Call Us Now on +234 901 719 0079 Chat on WhatsApp