Section 4: Powers of the Board.

The Board shall have power to-(a) erect, provide, equip and maintain research centres, training schools with state of the art facilities as are necessarily suitable for the, or required for any of the objects of the Institute;
(b) encourage and provide for research at the Institute;
(c) accept gifts, legacies and donations which are consistent with the objects of this Institute;
(d) enter into contract;
(e) acquire and hold movable and immovable property;
(f) with the approval of the Minister-
(i) and subject to the Land Use Act, sell, mortgage, transfer or otherwise deal with movable or immovable property,
(Cap. L5 LFN, 2004.)
(ii) borrow, at interest on the security of land or movable property of the Board, such money as the Board may require for the purpose of this Act, and
(iii) invest the funds of the Board as it deems fit; and
(g) do anything which, in its opinion, may advance the objects for which the Institute was established.