OBTAINING A MONEY LENDER’S LICENSE IN OYO STATE, NIGERIA
Any business owner who intends to operate a money lending business in Oyo State, Nigeria must obtain the money lending license of the state. The grant, refusal and revocation of money lender’s certificates and licenses are statutorily under the purview of the Magistrate Court’s jurisdiction in accordance with Section 7 (2) of the Moneylenders Law of Oyo State. CAP 90 Laws of Oyo State, 2000.
In practice, the money lender license can be granted to an individual or a corporate body. Below are the requirements for obtaining a money lender license in Oyo State, Nigeria:
The Requirements for Obtaining a Money Lender License in Oyo State, Nigeria
- Application letter from the company or its solicitors.
- Copy of the Certificate of Incorporation and other incorporation documents in case of a company
- Passport photographs of the applicant or a director in case of a company
- Photocopies of valid identity card of the applicant or a director in case of a company
- Fingerprint impression/clearance of the applicant or a director in case of a company as obtained from the Nigeria Police Force
- Payment of application fee
Once all the necessary documents have been gathered, the application letter together with the accompanying documents will be submitted at the Principal Registrar’s office at the designated Magistrate Court and the license will be issued upon consideration of the application accordingly.
Aspiring money lenders in Oyo State, Nigeria must adhere to the legal requirement of obtaining a money lender’s license. The money lender’s license is crucial to proving that an individual or business is authorized to carry out money lending activities within the state and has the right to recover accrued interests alongside the principal loan in court actions instituted against defaulting borrowers.
Aekley Solicitors can guide aspiring individuals and companies through the process of obtaining a money lender’s license in Nigeria. If you need legal assistance obtaining the license, do not hesitate to contact us. We are here to help.
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