Money lending

Lagos to review law on money lending

Last updated on September 11th, 2021 at 02:59 pm

The Ministry of Home Affairs in Lagos state has said government was planning to review the Laws on money lending activities in the state.

Commissioner for Home Affairs Olanrewaju Elegushi made this known on Friday, during a stakeholders’ forum with money lenders in Ikeja.

Elegushi said there was need for the review as the laws guiding the operations of the lenders were obsolete.

”You will all agree with me that some of the laws guiding our operations require total overhauling, while others have become obsolete and archaic.

”We should therefore feel free to make our inputs and suggestions, as these will help us as we approach the State House of Assembly for a more robust and all encompassing amendment on the laws on money lending in Lagos State.

”It is our expectation that the laws will have a friendly approach to the government, practitioners and the beneficiaries who constitute the larger picture of our society,” he was quoted by the News Agency of Nigeria.

The commissioner said there was need for the ministry to have a befitting law and control the money lenders, bearing in mind, the great role money lending played in micro-economy of the state.