Section 1: Establishment of the Nigeria Extractive Industries Transparency Initiative.

(1) There is established a body to be known as the Nigeria Extractive Industries Transparency Initiative (in this Act referred to as "the NEITI").
(2) The NEITI-
(a) shall be an autonomous self-accounting body, which shall report to the President and the National Assembly;
(b) shall be a body corporate with perpetual succession with a common seal; and
(c) may-
(i) sue and be sued in its corporate name, and
(ii) acquire, hold and dispose of movable and immovable properties in the discharge of its functions under this Act.