Section 57: Power to license and regulate credit bureaux.

(1) In furtherance of the provisions of section 2 (d) of this Act, the Bank shall have power to license, and regulate credit bureaux to collect, in such manner as the Bank may deem fit, credit information on the customers of banks and other financial institutions.
(2) For the purpose of Subsection (1) of this section, the Bank shall have power to collect in such manner as the Bank may deem fit from any person or any such credit bureaux, credit information on the customers of banks and other financial institutions and the Bank may disclose the information so collected in such manner as may be deemed appropriate by the Bank:
Provided that the disclosure of any credit information by the Bank to any person or institution shall be confidential between the Bank and the person or institution to whom the information is disclosed.
(3) A bank shall before granting a loan, advance or credit facility to any customer, obtain from the Bank credit information on that customer where the amount of the loan, advance or credit facility is up to one million naira or such sum as may be set from time to time by the Bank.