Section 5: Functions of the Corporation.

The functions of the Corporation shall be to-
(a) acquire eligible bank assets from eligible financial institutions in accordance with the provisions of this Act ;
(b) purchase or otherwise invest in eligible equities on such terms and conditions as the Corporation, with the approval of the Board of the Central Bank of Nigeria, may deem fit;
(c) hold, manage, realise and dispose of eligible bank assets (including the collection of interest, principal and capital due and the taking over of collateral securing such assets) in accordance with the provisions of this Act ;
(d) pay coupons on, and redeem at maturity, bonds and debt securities issued by the Corporation as consideration for the acquisition of eligible bank assets in accordance with the provisions of this Act ;
(e) perform such other functions, directly related to the management or the realisation of eligible bank assets that the Corporation has acquired, including managing and disposing assets acquired with the proceeds derived by the Corporation from managing or disposing of eligible bank assets acquired by it ;
(f) take all steps necessary or expedient to protect, enhance or realise the value of the eligible bank assets that the Corporation has acquired, including-
(i) the disposal of eligible bank assets or portfolios of eligible bank assets in the market at the best achievable price,
(ii) the securitization or refinancing of portfolios of eligible bank assets, and
(iii) holding, realising and disposing of collateral securing eligible bank assets ; and
(g) perform such other activities and carry out such other functions which in the opinion of the Board are necessary, incidental or conducive to the attainment of the objects of the Corporation.