Section 3: Application for Grant of Licence.

(1) Any person desiring to undertake banking business in Nigeria shall apply in writing to the Governor for the grant of a licence and shall accompany the application with-
(a) a feasibility report for the proposed bank, including financial projections for at least five years;
(b) a draft copy of the memorandum and articles of association of the proposed bank;
(c) a list of the shareholders, directors and principal officers of the proposed bank and their particulars;
(d) where the application is in relation to non-interest banking, a list of experts on non-interest banking or finance that will serve as its advisory committee of experts;
(e) the prescribed application fee; and
(f) such other information, documents and reports as the Bank may specify.
(2) After the applicant company has provided all such information, documents and reports as the Bank may require under subsection (1), the shareholders of the proposed bank shall deposit with the Bank a sum equal to the minimum paid-up share capital that may be applicable under section 9 of this Act.
(3) Upon the payment of the sum referred to under subsection (2), the Governor, may, with the approval of the Board, issue a licence with or without conditions or refuse to issue a licence, and the Governor need not give any reason for such refusal.
(4) Where a licence is granted, the Bank shall duly notify the applicant and upon being notified, the applicant shall pay the prescribed licence fee within the time stipulated by the Bank.
(5) Any foreign bank or other entity which does not have a physical presence in its country of incorporation, or which is not licensed in its country of incorporation and which is not affiliated to any financial services group that is subject to effective consolidated supervision, shall not be permitted to operate in Nigeria, and no Nigerian bank shall establish or continue any relationship with such bank or other entity.
(6) Any bank that contravenes subsection (5) is liable to a penalty of not less than N20,000,000 and to an additional penalty of N500,000 for each day the contravention continues.