{"id":5250,"date":"2022-07-10T08:37:24","date_gmt":"2022-07-10T08:37:24","guid":{"rendered":"https:\/\/koriatlaw.com\/?p=5250"},"modified":"2022-07-10T08:37:24","modified_gmt":"2022-07-10T08:37:24","slug":"how-to-get-money-lenders-licence-in-port-harcourt-rivers-state","status":"publish","type":"post","link":"https:\/\/koriatlaw.com\/2026\/2022\/07\/10\/how-to-get-money-lenders-licence-in-port-harcourt-rivers-state\/","title":{"rendered":"HOW TO GET MONEY LENDERS\u2019 LICENCE IN PORT HARCOURT – RIVERS STATE"},"content":{"rendered":"\n

Just like other States of Nigeria and the Federal Capital Territory, Abuja, a Money Lender’s Licence can be obtained in Rivers State. Unlike Lagos giochi carte spider<\/a> State, where the procedure for Money Lender\u2019s license is quite bureaucratic and very formal, the procedure in Rivers State is less formal and seamless for Applicants. Also, the timeline for completion of the process in Port Harcourt is short.<\/p>\n\n\n\n

We have provided some details about the requirements, procedure,\ncosts and timeline for obtaining money lender\u2019s license in Rivers State in a Question\nand Answer format:<\/p>\n\n\n\n

1. Any share capital requirement\nfor Money Lenders companies in Rivers State?<\/em><\/strong><\/p>\n\n\n\n

There is no share capital requirement for Money Lenders\u2019\ncompany in Rivers State. Unlike Lagos and Abuja, where the regulatory authorities\nprescribe minimum share capital of N20 Million for money lenders company, there\nis no such requirement in Rivers State. <\/p>\n\n\n\n

This means that an Applicant in Rivers State can carry\non Money lenders business with at least One (1) Million shares. All that is\nrequired is for the money lenders company to be registered with the Corporate\nAffairs Commission (\u201cCAC\u201d).<\/p>\n\n\n\n

2. What are the requirements for\nCompany registration with CAC?<\/em><\/strong><\/p>\n\n\n\n

A company desirous of carrying out a money lenders\nbusiness must register the company with CAC. Registration of companies with CAC can now be completed in 24 hours after\nsubmission. The registration process is 100% digital.<\/p>\n\n\n\n

The\nmandatory requirements for company registration with CAC are listed and explained as follows:<\/p>\n\n\n\n

(a) <\/strong>Two Proposed Names of the Company:<\/strong> The Applicant shall be required to submit two (2) Proposed\nNames for reservation. These\ntwo (2) proposed names must be submitted to CAC (using the online portal) for\npre-application name search, screening and approval. One of the names may be\napproved by the CAC within 24 hours. <\/p>\n\n\n\n

(b) <\/strong>Proposed Registered Address, Email and\nPhone Number of the Company<\/strong>:\nEvery company must have its registered address in Nigeria. Also, it is\nimportant to provide the email\nand phone number of the company (please note that the email address and phone numbers of the shareholders or\ndirectors may be used in the meantime). The registered address, email and phone\nnumbers are also relevant for use and record of the tax authorities.<\/p>\n\n\n\n

(c) <\/strong>Details of Shareholders, Directors and\nCompany Secretary of the Company<\/strong>: The old law that a company must have at\nleast two (2) shareholders or two (2) directors has now been abolished by the Companies and Allied\nMatters Act 2020 (\u201cCAMA\n2020\u201d). Now, a company may be registered with\nat least one (1) shareholder, director and company secretary who must present\nthe following details:<\/p>\n\n\n\n

i. Names;<\/p>\n\n\n\n

ii. Home\nand contact addresses;<\/p>\n\n\n\n

iii. Email\nAddresses;<\/p>\n\n\n\n

iv. Phone\nNumbers;<\/p>\n\n\n\n

v. Date\nof Birth;<\/p>\n\n\n\n

vi.Occupation;<\/p>\n\n\n\n

vii. A\ncopy of government-issued means of identity (preferably data page of\ninternational passport); and<\/p>\n\n\n\n

viii. Electronic\nsignatures.<\/p>\n\n\n\n

Please\nnote that there is no minimum required number of shareholders and directors.\nHowever, we recommend that a money lender company seeking to be licensed in Rivers\nState should have not less than two shareholders and two directors. <\/p>\n\n\n\n

In Lagos State, for\nexample, in order to be licensed as a money lender company, the Ministry of\nHome Affairs, which is the licensing authority for money lender business in\nLagos State, insists that a money lender company\nmust have at least two (2) directors, amongst other requirements for setting up a money lender company.<\/a>\nSo, even though the CAMA 2020 allows a one-director company, the sector of\noperation must be thoroughly reviewed in order to ensure that a higher number\nof director or other conditions are not otherwise required.<\/p>\n\n\n\n

3. What are the Applicable costs\nfor registering a Money Lender Company with CAC?<\/em><\/strong><\/p>\n\n\n\n

The costs\nof registration of a company with CAC are usually dependent on the\namount of share capital of the company. This is because the share capital of a\ncompany attracts a stamp duty (payable to the Federal Inland Revenue Service)\nin addition to the incorporation or filing fee chargeable by the CAC. <\/p>\n\n\n\n

For a Company with N1 Million share capital, the total cost of company registration\nwith CAC is less than N50,000. <\/p>\n\n\n\n

4. What are the Applicable costs\nfor obtaining money Lenders\u2019 licence in Rivers State?<\/em><\/strong><\/p>\n\n\n\n

The applicable costs payable for obtaining money\nlenders\u2019 license in Rivers State include the Application\/Processing Fee as well\nas Licence Fee. The total costs are about N100,000 excluding professional fees\nand company registration costs mentioned above.<\/p>\n\n\n\n

5. Is there any requirement for the\nCompany to maintain a Current Account as a precondition for obtaining a Money\nLenders\u2019 licence?<\/em><\/strong><\/p>\n\n\n\n

No. Unlike Lagos and Abuja, where maintaining a\ncurrent account is a mandatory requirement for obtaining money lenders license,\nthis is not a compulsory requirement for obtaining the licence in Rivers State.\n<\/p>\n\n\n\n

6. Is Police Clearance certificate\na mandatory requirement for obtaining for the license?<\/em><\/strong><\/p>\n\n\n\n

One of the essential requirements for money lenders\u2019\nlicense in Lagos and Abuja is the submission of police clearance certificate. This\nis not a requirement in Rivers State and some states in the southern region of\nNigeria. <\/p>\n\n\n\n

7.<\/em><\/strong> What are the requirements and procedure for\nMoney Lenders\u2019 license?<\/em><\/strong><\/p>\n\n\n\n

The application requirements are the following\ndocuments:<\/p>\n\n\n\n