This is directed to the lawyers in the house.

Please what are the legal consequences of running an online money lending business in Nigeria without a license.
Unenforceability id already understood, but what are the legal consequences?

Any specific cases also.
Thank you very much

You made me research. I found different states have their own laws, but generally,

https://www./can-someone-who-has-license-lend-money-what-law-says-oliver-gift

budaatum:
You made me research. I found different states have their own laws, but generally,

https://www./can-someone-who-has-license-lend-money-what-law-says-oliver-gift

Thank you very much. This is an interesting read, but it seems to insinuate that the fine is ₦200 , and that on second conviction ₦200 or imprisonment.
Seems a bit off. Can any lawyer verify this.

And if the business is being done online, what's the scenario

Letsmeet:

Thank you very much. This is an interesting read, but it seems to insinuate that the fine is ₦200 , and that on second conviction ₦200 or imprisonment.
Seems a bit off. Can any lawyer verify this.

The fine is ₦200 in Kwara State. It is differs in different states.

budaatum:


The fine is ₦200 in Kwara State. It is differs in different states.

Interesting.

Open to other contributions

Any other opinions?

Thoffer good

budaatum:


The fine is ₦200 in Kwara State. It is differs in different states.

Since the business is being done online how then does the law determine the domicile of the business so as to know which state's law to apply?