Section 58: Application for Licence.

(1) Any person wishing to carry on the business of other financial business other than insurance and stock broking and pension fund management in Nigeria shall apply in writing to the Bank for the grant of a licence and shall accompany the application with-
(a) a feasibility report for the proposed financial business, including the financial projections for not less than five years;
(b) a draft copy of the memorandum and articles of association of the proposed financial business;
(c) such other information, documents and reports as the Bank may, from time to time, specify; and
(d) the prescribed non-refundable application fee.
(2) After the applicant has provided all such information, documents and reports as the Bank may require under subsection (1), the Bank may grant the licence with or without conditions or refuse to grant the licence.
(3) Where a licence is granted, the Bank shall give written notice of that fact to the applicant and the licence fee shall be paid.
(4) The Bank may vary or revoke any condition subject to which a licence was granted or may impose fresh or additional conditions to the grant of a licence.
(5) Any person who transacts a business without a valid licence under this section, whether in the case of an individual or a body corporate, commits an offence and is liable on conviction to-
(a) imprisonment for a term of not less than three years;
(b) a fine of not less than N10,000,000 two times the cumulative amount collected; or
(c) both such imprisonment or fine.