Page 66 - UUBO Deal Academy 2020 - Materials

Money Lenders

• Money Lenders Licence – Under the Money Lenders Law, a ‘moneylender’

is defined to include every person that engages in moneylending as its

business or who advertises or holds himself out in any way as carrying on

moneylending, whether or not, such person possesses or owns property or

money derived from sources other than the lending of money, and whether

or not he carries on the business as a principal or as an agent.

• Operations restricted by law to state of licence

• Cap on Interest (at 48% per annum in Lagos).

• No clear regulator.

• No minimum capital requirement – general capital requirement applies.

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