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Any entity intending to engage in money lending in Nigeria must obtain a Money Lending License. This license authorizes the holder to conduct money lending activities solely within the state where it was issued. Typically, the Money Lending License is issued by the Ministry of Home Affairs in each Nigerian state and is governed by the money lending law applicable to that state. Importantly, the license expires on December 31 each year, regardless of its issuance date.
Requirements:
Money Lenders Application Lagos
20m SC Company (The Certificate and Status Report)
FIRS Tax Registration ( for bank account opening if it is a new company)
LIRS 3 years Tax Clearance for Two (2) Directors
Police Character Certificates for Two (2) Directors
Forms B and C Obtainable at the Magistrate Court nearest to the registered business Address.
Reference letter from the Company's Bank
An application letter for the issuance of the License on the Company's letter head addressed to the Permanent Secretary, Ministry of Home Affairs.
These documents will be arranged and taken to the ministry. Once the application form is filled/submitted with accompanying documents and the license fee is paid, a physical inspection of the company business place will be scheduled.
The timeline for this process is 2 to 3 months.
For further enquiries, please write us at enquiries@htlegaladvisory.in