FIRST STAGE-
1. Police Clearance of the applying individual/ Corporate body [in Lagos, it is obtained from Commissioner of Police, Lagos State Command, Ikeja] – N20K. In applying for the magistrate certificate, the following documents must be provided;
a. A covering letter (i.e. an application Letter addressed to the Commissioner of Police on a Letterhead[Miron Partners] with the list of documents that will be attached.)
b. Photocopy of CAC Form 2
c. Photocopy of CAC Form 7
d. Photocopy of Memorandum and Articles of Association of the company.
e. Photocopy of Certificate of Incorporation
f. Tax Clearance of the Individual or Corporate Body[Obtained from Federal Inland Revenue Service- FIRS] and if it’s a new company- provide proof that you are a registered tax-payer
2. Application to the Magistrate Court – any person/corporate body intending to carry on a money lending business. To obtain a magistrate’s certificate, the proposed money lender must make an application to a magistrate having jurisdiction in the area (Igbosere Court can suffice) in which the moneylender’s business is to be carried on. In applying for the magistrate certificate, the following must documents must be provided;
a. A covering letter (i.e. an application Letter addressed to the Chief Magistrate on a Letterhead with the company seal affixed to the letter {Iron Seal of Miron Partners will suffice}.)
b. Certified True Copy of CAC Form 2
c. Certified True Copy of CAC Form 7
d. Memorandum and Articles of Association of the company.
e. Certificate of Incorporation
f. Tax Clearance of the Individual or Corporate Body[Obtained from Federal Inland Revenue Service- FIRS] and if it’s a new company- provide proof that you are a registered tax-payer
g. Police Clearance of the applying individual/ Corporate body
h. Evidence of Maintenance of current account under a licensed Bank.
Upon the due filing of the above documents, you shall be issued with two documents,
1. Letter from the Chief Magistrate Court Registry to the Permanent Secretary Ministry of Home affairs confirming due compliance and recommending the issuance of the money lending license certificate to the applying individual/ corporate body in question.
Ii. Form B of the Money Lenders Ordinance, 1938.
Fee payable to the Magistrate is N25, 000. 00
SECOND STAGE
Application to the Ministry of Home Affairs and Tourism [In Lagos, located in Alausa, Ikeja] –
Upon obtaining the above documents, you shall then proceed to the Ministry of Home Affairs and Tourism once you have the documents listed below-
Required to pay the sum of N10, 000 [Could be more] for the purchase of the application required for the regularization of Money Lenders Certificate, with attesting receipt to evidence payment.
Also collect an invoice from the Ministry of Home Affairs revenue collection department for the payment of N50, 000 [Could be more]. This is for the payment of Money Lenders Fee.
Complete the form and pay the fees into the bank account provided by the revenue collection department. PS: Make sure you have the right account number as you will not be able to collect any refund from the government.
Submit the Application for Regularization form, together with the following list of documents-
a. A Covering Letter- (i.e. Application letter)
b. Money Lender Ordinance [Form B] 1938 – from Magistrate Court
c. Duly completed Form C- from Magistrate Court.
d. Police Report from Commissioner of Police showing- fingerprints of Directors/ Proprietors/ Trustees/ Applicants.[Obtained from Lagos State Command, Alagbon]
E. 3 year Income Tax Clearance Certificate, [including current year] / Development Levy for each individual applicant/ Director/ Proprietor/Trustee.
F. Pay As You Earn [PAYE] Certificate, Tax Clearance of at least two [2] of its directors, and evidence of payment of company taxes.
G. Certificate of Incorporation of Company from Corporate Affairs Commission.
H. Evidence of payment of Application fees to the Lagos State Account.
I. Evidence of maintenance of a bank account with a reputable bank in Nigeria
NOTE, however, that the provision of some of these documents if not available can be dispensed with upon proper negotiation with the people in charge at Alausa.
FINAL STAGE
Upon the due compliance of the above requirements, the following shall be done by the Ministry of Home Affairs-
- Open a file for the Applying Money Lending Company/ Individual, in which all the required documents shall be inserted.
- Secondly, Inspection officers from the ministry shall be sent on an agreed date for visitation and inspection of the registered office address of the applying Company/ Individual.
Lastly, after inspection and confirmation of due compliance, the individual or corporate body shall be issued with the MONEY LENDING LICENSE CERTIFICATE.
