Law On Money Lending To Be Review

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

The Lagos State Ministry of Home Affairs said it would review the Law on money lending activities in the state. 

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.

”As regulators, we cannot be a judge in our own case, this is why we have called on all of you practitioners and would-be practitioners to look at the laws guiding our activities, discuss and agree on grey areas as they affect both regulators and practitioners in the state.

”The governor is expecting that the outcome of this meeting will come up with a position that will ensure enabling environment for easy loan accessibility to citizens with an emphasis on pragmatic strategies for achieving positive and cost effective results in grassroots financing.

”This will invariably help in achieving the ‘Making Lagos a 21st Century Economy’ goal or the T.H.E.M.E.S. Agenda of this administration a reality,” Elegushi said.

Mrs Olubunmi Fatinikun, Director, Ministry of Home Affairs, said the vision of Lagos state was to become Africa’s model mega city and global economic and financial hub.

Mr David Setonji, Chairman, Lagos State House of Assembly Committee on Home Affairs, said he would champion the relevant regulation to ensure the smooth operation of money lending in the assembly.