Section 17: Management of the Corporation.

(1) The Managing Director shall have responsibility for the day-to-day management of the affairs of the Corporation.
(2) The Managing Director shall be reponsible to the Board for the performance of his functions and the implementation of the Corporation's strategic plans and objectives.
(3) The functions of the Managing Director shall be performed during his absence by one of the Executive Directors designated by him for that purpose.
(4) The terms and conditions of service of the Managing Director and the Executive Directors shall be determined by the Board from time to time, subject to the approval of the Central Bank of Nigeria.