Section 2: No operation without a licence and conditions for the grant of a licence.

(1) No person shall establish, operate orconduct business as a credit bureau or otherwise engage in, or perform the functions or activities of a credit bureau, unless such person is licensed by tlre Bank in accordance with the provisions of this Ac
the provisions of this Act
(2) Any person desiring to undertake business as a credit bureau in Nigeria shall apply in writing to the Governor of the central Bank of Nigeria for the grant of a licence and shall accompany the application with such documentation and information as the Bank may, by regulations prescribe.
(3) A person shall not be licensed by the Bank to operate as a Credit Bureau unless such person :
(a) is duly incorporated in Nigeria as a company limited by shares in accordance with the provisions of the Companies and Allied Matters Act Cap C20.LFN. 2004.
(or any replacement thereof) ; and
(b) meets the minimum capital requirements, satisfies such other requirements and procedures as the Bank rnay, by regulations prescribe from time to time.
(4) Upon satisfying the conditions in subsections (I) and (2) of this section,
the Bank shall issue a licence to such person, subject to such terms and
conditions as may be specified by the Bank in the Licence.
(5) Where an application for a licence is refused, the Bank shall state
the reasons for such refusal in a notice of refusal to the applicant, and where
applicable, the Bank may advise the applicant of the necessary actions which
the applicant needs to take before resubmitting a fresh application for a licence
(6) The Bank shall communicate its decision on an application for a
Licence within three months from the date of receipt of the application and all
accompanying documentation and requirements.