moneylender's license in Nigeria

Guide to Obtaining A Moneylender’s License in Ogun State, Nigeria

Operating as a moneylender in Ogun State requires compliance with the Moneylenders Law and Moneylenders Regulations of Ogun State, Nigeria. It is mandatory for any business owner who intends to engage in the moneylending business to obtain the moneylending certificate and license from the state. The grant, refusal and revocation of moneylenders’ certificates and licenses are statutorily under the purview of the Magistrate Court’s jurisdiction in accordance with the Moneylenders Law of Ogun State. This article provides an overview of the legal process and requirements for securing a moneylender’s license in Ogun State, Nigeria.

Licensing Process in Ogun State, Nigeria

Below are the typical steps involved in obtaining a moneylender’s licence in Ogun State, Nigeria:

Obtaining and Filling of Requisite Forms

An applicant must obtain the requisite Application Forms from the designated office at the Magistrate Court. The forms are to be duly filled in the prescribed manner.

Submission of Required Documents and Duly Completed Forms

Applicant is required to submit the following documents:

  • Completed application form and other forms
  • Certificate of Incorporation (for companies)
  • Memorandum and Articles of Association
  • CAC Form CAC2 & CAC7 or CAC Form 1.1/Status Report for newer companies
  • Photocopies of valid identity card of the applicant or directors in case of a company
  • Evidence of payment of prescribed application fees

Issuance of Moneylender’s Certificate and License

Upon consideration of the application, the MoneyLender’s Certificate and License will be issued, granting the applicant legal authority to commence moneylending operations in Ogun State, Nigeria.

Conclusion

Obtaining a moneylender’s license in Ogun State is a necessary step for any legitimate lending business within the state. The moneylender’s license is crucial to proving that an individual or business has the right to recover accrued interests alongside the principal loan in court actions instituted against defaulting borrowers.  The process of obtaining the license requires legal due diligence and careful documentation. With proper legal guidance, the process can be smooth and seamless.

By the Company Secretarial and Regulatory Compliance Department of Aekley Solicitors, Nigeria.