MONEY LENDERS ACT (COMMONWEALTH DEVELOPMENT CORPORATION EXEMPTION ORDER, 1963)
Act · Finance
Policy date: 1963-01-01
An Order exempts the Commonwealth Development Corporation from licensing requirements under the Money Lenders Act for development finance activities. It targets international investment bodies operating in Nigeria. This facilitates foreign investment in Nigerian businesses.
MONEY LENDERS ACT (COMMONWEALTH DEVELOPMENT CORPORATION EXEMPTION ORDER, 1963)
What Is This Policy?
A 1963 ministerial order exempting the Commonwealth Development Corporation (CDC, now British International Investment) from the licensing requirements of the Nigerian Money Lenders Act when conducting development finance activities in Nigeria.
Who Does It Target?
Commonwealth Development Corporation (historical) British International Investment (BII) as successor Development finance operations in Nigeria Federal Ministry of Finance
What Does It Aim to Achieve?
Enable the Commonwealth Development Corporation to provide development finance to Nigerian businesses without the administrative burden of obtaining a moneylender's licence, facilitating Commonwealth development investment.
Key Features
Licensing Exemption: Exempts CDC from obtaining a moneylender's licence for its Nigerian development finance activities. Development Finance: Enables CDC to provide long-term development loans without regulatory restriction. Reciprocal Access: Part of the broader framework for Commonwealth economic cooperation. Historical Precedent: An early example of Nigeria's approach to enabling international development finance.
Current Status
Rollout Stage: Historical — CDC now operates as British International Investment under different arrangements Coverage: Historical Beneficiaries: Historical development finance recipients Funding: Not applicable
How to Access
Historical document — current BII activities governed by current investment and financial regulations Application method: Engage British International Investment at https://www.bii.co.uk for current development finance.
Important Terms
The CDC has been restructured into British International Investment Current foreign development finance activities are governed by the NIPC Act and CBN regulations The 1963 Order demonstrates Nigeria's early openness to Commonwealth development finance
Official Resources
Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance
Legal Framework
The Money Lenders Act (Commonwealth Development Corporation Exemption Order) 1963 is recognized under Section 315 of the 1999 Constitution as an existing law. It operated under the Money Lenders Act, the Moneylenders Laws of the states, and the Central Bank of Nigeria Act as applicable at the time. The modern financing framework for the institution (now British International Investment) is governed by its own incorporation law and bilateral investment agreements with Nigeria.