Section 6: Powers of the Mortgage Bank

(1) Without prejudice to the generality of section 5 of this Act, the Mortgage Bank shall have power to-
(a) accept deposits and savings from mortgage institutions and other institutional depositors;
(b) issue its own securities, including debentures and bonds under Federal Government guarantees and issue promissory notes and other bills of exchange for the purpose of raising funds from financial institutions;
(c) establish a sinking fund for the redemption of securities by the Mortgage Bank and provide for contributions by it to the sinking fund;
(d) carry out research aimed at improving housing patterns and standards in both urban and rural areas of Nigeria;
(e) carry out research on mortgage finance activities and the building construction industry in Nigeria;
(f) organise and operate, in collaboration with reputable insurance companies, a mortgage protection system designed to guarantee liquidity to mortgage institutions as well as afford them the opportunity of having liberal premium terms; and
(g) do anything and enter into any transaction which in its opinion is necessary to ensure the proper performance of its functions under this Act.
(2) The liability of the Mortgage Bank, which may be incurred in connection with the exercise of the Mortgage Bank's powers under subsection (1) of this section, shall be re-discountable with the Central Bank of Nigeria.