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1. Introduction Oyo State is a Southwestern State in Nigeria with about 28,454 square kilometers and the 5th most populous State in Nigeria with estimated population of over 10,000,000. Oyo State is bordered to the north by Kwara State, to the east by Osun State, …

1. Introduction The licensing of a money lender company in Oyo State is one of the functions of the Ministry of Trade, Investment and Cooperatives (“Ministry”) of the Oyo State Government. The Ministry would issue a moneylender company a professional/business premises registration certificate, which serves …

In the course of our engagement with clients, we have documented some of the frequently asked questions on money lender licensing process in Nigeria, which we consider can be a useful guide for any interested investors in the country’s consumer lending sector. Below are our …

An Investment Company or Corporate Investment Adviser or Investment Advisory Company is a company that provides advisory services relating to investment or securities for a fee. In Nigeria, the Securities and Exchange Commission (“SEC”) is the regulator vested with the licensing and regulatory supervision over …

The Nigeria’s consumer lending is currently valued at about N1.74 trillion, according to Euromonitor International, and it is expected to double by 2026. Naturally, Nigeria is a viable place to do business. As investors are expanding into the money lending business in Nigeria, they may …

Introduction The Money Lending business in Nigeria has witnessed a paradigm shift particularly in the way money lenders do their business. Moreso, is the aggressive campaign by the Federal Competition Consumer Protection Commission (“FCCPC”) in collaboration with other law enforcement agencies to bring sanity into …

Introduction The rate of the incessant collapse of buildings in Nigeria underscores the need for the government to implement the enforcement of compulsory insurance for building under construction in Nigeria. The collapse of the 21 Storey building on Gerard Road, Ikoyi, Lagos on 1st November …

Why Appoint a Local Director? Following the passage of the Companies and Allied Matters Act 2020 (“CAMA”), a foreigner can now set up and own a company 100% in Nigeria even if the foreigner is not within Nigeria. Once the requirements are supplied, the required …

Aggressive Regulatory Enforcement against Unregistered Money Lenders In our earlier Koriat’s Update on Fintech Lending Law in Nigeria (January 2022), we provided update that the Federal Competition and Consumer Protection Commission (“FCCPC”) had announced that a Joint Committee (comprising federal regulators and law enforcement agencies) was set …

1. Introduction One key thing gaming investors must note is that Nigeria is a Federation with 36 Federating Units (“States”) and one (1) Federal Capital Territory, Abuja (“FCT”) with clearly delineated powers of both levels of government under the Constitution of 1999 (as amended). The …