A Nigerian lawyer, Stella, has stated that no one has the right to lend another person money and expect interest if they are not licensed.
She stated that if an unlicensed person lends you money and asks for interest, it is okay to sue them because it is an illegal transaction.
“You DON’T have the RIGHT to LEND SOMEONE MONEY and ADD INTEREST to it when you are NOT LICENCED. If ANYONE WHO IS NOT LICENCED Lends you M0NEY and ADD INTEREST to it, pls feel FREE to SUE THEM and you will NOT PAY the M0NEY back AGAIN. Thus, the TRANSACTION is ILLEGAL. UNENFORCEABLE and the MONEY IRRECONCILABLE,” she wrote in a post on Wednesday.
