“Section 3(1) of the Act enacts: “No banking business shall be transacted in Nigeria except by a company which is in possession of a valid licence, which shall be granted by the Minister after consultation with the Central Bank, authorising it to carry on banking business in Nigeria… ” From these provisions it is clear that a Bank can operate in Nigeria only by a company or body corporate. The word “person” in the definition of “bank” above is, therefore, used primarily in the sense of a corporation.”
INTERPRETATION OF STATUTE – Section 3(1) of The Banking Act Cap 19 – Interpretation of Section 3(1) of the Banking Act Cap.19 as regards who can operate a Banking Business in Nigeria
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