Section 6: Powers of the Corporation.

(1) The Corporation shall have powers to-
(a) issue bonds or other debt instruments as consideration for the acquisition of eligible bank assets ;
(b) maintain a portfolio of diverse assets including equities, fixed income bonds and real estate ;
(c) provide equity capital on such terms and conditions as the Corporation may deem fit;
(d) borrow or raise money, with or without the guarantee of the Central Bank of Nigeria (including money in a currency other than the Naira) or secure the payment of money in any manner, including issuing debentures, debenture stocks, bonds, obligations and debt securities of any kind, and charge and secure any instrument so issued by trust deed or otherwise on the undertaking of the Corporation or on any particular property and rights, present or future, of the Corporation or in any other manner;
(e) initiate or participate in any enforcement, restructuring, re-organisation, programme of arrangement or other compromise;
(f) enter into contract options and other derivative financial instruments (including in currencies other than the Naira) for purposes which include-
(i) eliminating or reducing the risk of loss arising from changes in interest rates, currency exchange rates or other factors of similar nature,
(ii) eliminating or reducing the costs of raising funds or borrowing or the cost of other transactions carried out in the ordinary course of business, or
(iii) increasing return on investment;
(g) guarantee, with or without security, the indebtedness and performance of obligations of other entities (provided that the Corporation receives valuable and commensurate consideration for, or direct or indirect advantage from, the giving of the guarantee):
(h) draw, accept and negotiate negotiable instruments ;
(i) accept any security, guarantee, indemnity or surety ;
(j) enter into contracts of insurance with respect to any of its activities and property;
(k) enforce any security, guarantee or indemnity;
(l) compromise any claim or forgive or forebear any debt or other obligation owed to the Corporation in respect of a specified class of eligible bank assets ;
(m) open and maintain bank accounts, including accounts in currencies other than the Naira, and carry out necessary banking transactions ;
(n) form or acquire a wholly owned subsidiary or form or acquire an interest in a holding company for the purpose of performing any of its functions;
(o) give security for any debt, obligation or liability of any company referrred to in paragraph (n);
(p) enter into a partnership or joint venture for the purpose of performing any of its functions;
(q) establish a trust or participate in a trust as trustee or beneficiary ;
(r) borrow or lend debt securities, including but not limited to, equity and debt instruments;
(s) invest its funds as the Board may, from time to time, determine ;
(t) sell or dispose of the whole or any part of the property or investments of the Corporation, either together or in portions, for such consideration and on such terms as the Board may approve;
(u) engage on competitive basis, from time to time, such consultants and advisers and other service providers as are necessary or expedient for the performance of its functions; and
(v) do all such things as the Board considers incidental to or conducive to the attainment of any of the Corporation's functions under this Act.
(2) The Corporation may carry out any of its functions and exercise any of its powers-
(a) within or anywhere outside Nigeria;
(b) alone or in conjunction with others; and
(c) by or through an agent, a wholly owned subsidiary of the Corporation, contractors, factor or trustee.
(3) Except as otherwise provided in this Act the Corporation may carry out any of its functions without the consent or approval of any other person or authority.
(4) For the purpose of subsection (1) (g) of this section, "other entities" means subsidiaries or special purpose vehicle set up by the Corporation.
(5) The power of the Corporation to compromise any claim or forgive or forebear any debt or other obligation owed to the Corporation in respect of a specified class of eligible bank assets shall, where such compromise, forgiveness or forebearance will result in a failure to recover the price paid by the Corporation for the acquisition of the eligible bank asset, only be exercisable with the approval of the Minister of Finance acting on the recommendation of the Central Bank of Nigeria that it is in the public interest so to forebear of forgive.