Finance · Nigeria
Obtain a money lender's licence (state)
License a money-lending business under a State Money Lenders Law (e.g. Lagos): incorporate & meet capital → apply to the Chief Magistrate → apply to the State Ministry of Home Affairs → annual licence.
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Who you will deal with
The steps
- Incorporate and meet capital
- Corporate Affairs Commission (CAC)
- Incorporate an LLC with money-lending in its objects. Minimum share capital ₦20m (₦100m where there is foreign participation).
- Certificate of Incorporation; MEMART; ≥₦20m share capital
- See CAC procedure
- Apply to the Chief Magistrate
- Magistrate Court of the district
- Apply in the prescribed form to the Chief Magistrate of the magisterial district; the Magistrate issues a Money Lenders Certificate (Form B) and a recommendation letter to the State Ministry of Home Affairs.
- Prescribed application; company docs
- Court stage
- Apply to the State Ministry of Home Affairs
- State Ministry of Home Affairs
- Submit CIC, MEMART, 3-year Tax Clearance (company + 2 directors), bankers' reference and Form B, with fees (application form ₦25,000; licence fee ₦200,000).
- TCC; bankers' reference; Form B; fees
- Application stage
- Licence issued
- State Ministry of Home Affairs
- The Ministry issues the Money Lender's Licence, valid for one year and renewable annually.
- Completed application; fees
- 1-year validity
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.