News

Lagos Sanctions 15 Money Lending Companies For Sharp Practices

Published

4 months ago

May 15, 2026

Lagos State government has sanctioned 15 money lending firms for violating operational guidelines and engaging in practices considered detrimental to residents of the state.

Speaking, on Friday, during the 2026 ministerial press briefing to mark the third year of the second term of Governor Babajide Sanwo-Olu, the Commissioner for Home Affairs, Ibrahim Layode, said the action formed part of the government’s efforts to sanitise the money lending sector and protect Lagosians from exploitation and fraudulent financial practices.

He added that the state government would continue to enforce strict compliance among money lenders operating within Lagos. “The firms were sanctioned to ensure strict adherence to guidelines and to protect Lagosians from sharp practices by financial firms,” he said.

The commissioner also said money lending remains a critical component of the economy because it provides quick access to credit for petty traders and small-scale business operators who often struggle to secure loans from commercial banks due to stringent conditions and requirements.

“Moneylending business is one of the vital parts of the economy which allows people in the small-scale industry and petty traders to have stress-free access to quick loans to finance their businesses,” Layode stated.

He explained that the Ministry of Home Affairs is responsible for processing applications, issuing and renewing licences for money lenders operating in the state, while also monitoring and supervising their activities.

The commissioner said the government regularly organises stakeholders’ forums for operators in the sector to expose them to global best practices and strengthen professionalism within the industry.

“We also conduct stakeholders’ forums for Moneylender operators in order to bring them up to speed on the latest world best practices,” he said.

The commissioner disclosed that the ministry works closely with federal regulatory agencies, including the Federal Competition and Consumer Protection Commission, FCCPC, and the Special Control Unit Against Money Laundering, SCUML, to ensure compliance with financial regulations.

Layode further explained that the ministry profiles and monitors money lending firms to ensure that residents are protected from dubious operators and fraudulent schemes.

“In addition, the Ministry registers, profiles and monitors the viability of such companies with a view to ensuring that while the money lenders are in business, the general public is also protected from being scammed by fraudulent people of questionable characters,” he said.

He added that the activities of licensed money lenders have contributed significantly to the growth of micro and small businesses in Lagos by providing alternative financing opportunities outside conventional banking institutions.

“This partnership has greatly assisted small-scale business owners in Lagos to keep their petty businesses afloat without having to contend with high interest rates and clauses of the big commercial banks,” Layode said.

According to the commissioner, within the 2025–2026 period under review, the ministry received 112 new applications from money lending operators, while 214 existing licences were renewed.

On naturalisation and special immigrant status applications, Layode said the ministry, in collaboration with the Federal Ministry of Interior, continued to process applications from foreign nationals seeking Nigerian citizenship or permanent residency status.

He explained that naturalisation is granted to foreigners who have lived continuously in Nigeria for at least 15 years and have established investment interests in their states of residence.

“The objective of the exercise is to grant citizenship rights to foreigners who have lived in the country continuously for fifteen years and above with investment interests in their states of residence,” he stated.

Layode added that special immigrant status is designed for foreign nationals married to Nigerian citizens as part of efforts to promote integration and economic development.

He disclosed that applicants undergo screening and verification processes involving agencies such as the Nigerian Immigration Service, Department of State Services, Nigeria Police, Lagos State Ministry of Justice and the Lagos State Internal Revenue Service.

According to him, 68 applications for naturalisation and special immigrant status were received during the period under review, while 20 applicants were cross-examined and screened for onward transmission to the Federal Ministry of Interior for final clearance.

(GUARDIAN)

News

Six Corps Members Receive N10m Grants To Boost Agribusiness

Published

2 days ago

September 22, 2026

Editor

Six members of the National Youth Service Corps (NYSC) have received a total of N10 million in grants to expand their agribusiness ventures under the Farmers for the Future Programme.

The programme was organised on Monday by the British American Tobacco Nigeria Foundation (BATNF) in collaboration with the NYSC to encourage young Nigerians to embrace agriculture and develop sustainable businesses.

Presenting the cheques to the beneficiaries in Abuja, the NYSC Director-General, Brigadier General Olakunle Nafiu, urged Corps members to maximise the opportunities provided by the service year by venturing into commodity marketing and other viable businesses.

Nafiu said agribusiness remained a viable avenue for young people to build sustainable enterprises, create employment and generate wealth.

He also stressed the importance of value addition to the success and sustainability of business ventures, while commending BATNF for placing Nigerian youths at the centre of its entrepreneurship initiatives through value-chain development, employment creation and its partnership with the NYSC.

“I charge you to spread the news around. We have seen the outcome, and it is a good idea,” he said.

The beneficiaries are Dominic Olufemi (FC/25C/1143), who received N3 million; Temitope Adewole (ED/26A/2251), N2 million; Abdulwaheed Bala (ED/25B/1402), N2 million; Olanike Mayungbe (OG/26B/1037), N1 million; Kingsley Udoeyen (KG/26A/1735), N1 million; and Lorember Lorsue (JG/25B/1742), N1 million.

Speaking on the selection process, the Acting Director, Skills Acquisition and Entrepreneurship Development (SAED), Mrs Winifred Shopeka, said the programme began with an online registration portal through which Corps Members engaged in agribusiness submitted their business plans.

She said nearly 3,000 Corps members applied and underwent a rigorous selection process that produced 20 finalists.

According to her, the finalists participated in a boot camp and a final pitching session, which produced the 10 best presenters before the six ultimate winners were selected.

Shopeka said the beneficiaries had also been mentored and attached to established market operators to assist them in marketing their products.

She added that Corps Members who did not make the final stage of the competition were also trained by BATNF.

The BATNF Team Lead, Mr Oludare Odusanya, congratulated the beneficiaries and urged Corps Members engaged in agribusiness to master the fundamentals and acquire the knowledge and skills necessary to succeed.

“We are happy with our collaboration with the NYSC, and it will continue,” he said.

Odusanya explained that BATNF was an independent organisation established to contribute to poverty reduction in Nigeria through sustainable agricultural practices and other interventions.

He said the Farmers for the Future Programme was instituted in collaboration with the NYSC to encourage Corps Members to venture into agribusiness and become job creators.

He added that the beneficiaries would be attached to mentors who would guide them towards achieving success in their respective businesses.

According to him, the programme has, since its inception, continued to enhance the entrepreneurial capacity of Corps Members.

News

CBN Reduces Interest Rate To 23%

Published

2 days ago

September 22, 2026

Editor

The Central Bank of Nigeria (CBN) on Tuesday announced the reduction of the interest rate, also known as Monetary Policy Rate (MPR) to 23 percent.

Briefing the media in Abuja, the Governor of the CBN, Mr. Olayemi Cardoso, said at the 307th MPC meeting held on September 22, 2026 agreed the resetting of the MPR and recaliberation of the monetary policy market.

According to Cardoso, the committe is satisfied with the disinflation progress, adding that members noted stable banking sector following successful recapitalisation.

Meanwhile, according to Nigerian Tribune, reports that that the MPC, at its 306th meeting in July 2026, disclosed its resolution to retain the interets at 26.5 percent.

According to the Governor of the CBN, Olayemi Cardoso, “the Committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened, due mainly to the renewed hostilities in the Middle East.

“In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate. In arriving at its decision, the Committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.”

News

NURTW: KWAM1 Settles Long-time Rift Between MC Oluomo, Tafa Sego

Published

2 days ago

September 22, 2026

Editor

Nigerian Fuji musician, Wasiu Ayinde Marshal, popularly known as KWAM1, has brokered a peace deal between the National Union of Road Transport Workers (NURTW) National President, Musiliu Akinsanya, popularly known as MC Oluomo, and the Lagos State Chairman of the union, Mustapha Adekunle, aka Tafa Sego.

The reconciliation took place at Ojusagbola in Ijebu, Ogun State, where several NURTW chieftains gathered for the meeting.

The development was announced on Tuesday on KWAM1’s digital media page on Instagram, alongside photographs from the meeting.

According to the post, the two union leaders have resolved their differences after years of strained relations.

“After years of an age-long rift, MC Oluomo and Tafa Sego have finally settled their differences. And from what we know now, this is final,” the post said.

The musician was said to have intervened as the Mayegun of Yorubaland, with the aim of bringing an end to the longstanding disagreement between the two NURTW figures.

“K1 acted in his role as the Mayegun of Yorubaland by seeking an end to the long-standing rift, once and for all,” it said.

The post also described the meeting as a significant step beyond previous public displays of reconciliation.

“This time, it was not just another handshake for the cameras. The two old friends and colleagues came together at Ojusagbola, with King Wasiu Ayinde Marshal (K1) playing the peacemaker.”

Both MC Oluomo and Tafa Sego were reported to be pleased with the outcome of the intervention.

“Both parties are delighted about the new development,” the post said.

The two men had previously been allies and prominent figures within the Lagos NURTW before their relationship became strained amid disagreements linked to leadership of the union in the state.