Section 1: Private guard companies to be licensed

(1) As from the commencement of this Act, no organisation shall perform the service of watching, guarding, patrolling or carrying of money for the purpose of providing protection against crime unless the organisation concerned-
(a) is registered as a company under or pursuant to the Companies and Allied Matters Act; and
(b) has applied for and has been granted a licence by the Minister in accordance with the provisions of this Act.
(2) Notwithstanding subsection (1) of this section, where on the coming into operation of this Act any company is carrying on private guard business in Nigeria, such company may apply within six months thereafter to be licensed but shall cease to carry on private guard business of any description in Nigeria after the expiration of twelve months from the coming into operation of this Act unless, prior to the expiration of the said period such company, being a registered company, is licensed to continue the particular class or classes of private guard business in respect of which application had been made by the company concerned.