Section 3: Powers of the University and its exercise.

1 For the carrying out of its objects as specified in section 1 of this Act, the University shall have power -
a to establish such campuses, institutes, schools, extra-mural departments and other teaching and research units within the University as may be deemed necessary or desirable subject to the approval of the NUC;
b to institute professorships, readerships or associate professorships, lectureships, and other posts and offices and to make appointments to them;
c to institute and award fellowships, scholarships, exhibitions, bursaries, medals, prizes and other titles, distinctions, awards and forms of assistance;
d to provide for the discipline and welfare of members of the University;
e to hold examinations and grant degrees, diplomas, certificates and other distinctions to persons who have pursued a course of study approved by the University and have satisfied such other requirements as the University may prescribe;
f to grant honorary degrees, fellowships or academic titles;
g to demand and receive from any student or any other person attending the University for the purpose of instruction, such fees as the University may determine subject to the overall directives of the Council;
h subject to section 20 of this Act, to acquire, hold, grant, charge or otherwise deal with or dispose of movable and immovable property;
i to accept gifts, legacies and donations, but without obligation to accept the same for a particular purpose unless it approves the tens and conditions attached to it;
j to enter into contracts, establish trusts, act as trustee, solely or jointly with any other person, and employ and act through agents;
k to erect, provide, equip and maintain libraries, laboratories, lecture halls, halls of residence, refectories, sports grounds, playing fields and other buildings or things necessary, suitable or convenient for any of the objects of the University;
l to hold public lectures and to undertake printing, publishing and book selling;
m to engage students in distance learning programs while they are at sea or in areas of maritime business;
n subject to any limitation or condition imposed by statute, to invest any money appertaining to the University by way of endowment, not being immediately required for current expenditure, in any investment or security or in the purchase or improvement of land, with power to vary any such investment to deposit any money for the time being not invested with any bank on deposit or current account;
o to borrow, whether on interest or not and if need be, upon the security of any or all of the property, movable or immovable, of the University, such money as the Council may in its discretion deem necessary or expedient to borrow or to guarantee any loan, advances or credit facilities;
p to engage in income generating ventures as appropriate;
q to collaborate, co-operate, partner or associate with any other University, authority, government, organisation or institution of higher learning both in Nigeria and abroad;
r to invest outside of Nigeria which includes building replica institutions;
s to grant scholarships to both local and foreign students as may be deemed necessary;
t to adopt foreign maritime administration requirements for the purpose of raising standards of training above the minimum International Maritime Organisation (IMO) requirements;
u to make gifts for any charitable purpose;
v to do anything which it is authorised or required by this Act or by Statute to do; and
w to do all such acts or things, whether or not incidental to the powers, as may advance the objects of the University.

2 Subject to the provisions of this Act and of the Statutes, and without prejudice to section 7 (2) of this Act, the powers conferred on the University by subsection (1) shall be exercisable on behalf of the University by the Council or by the Senate or in any other manner as may be authorised by the statute.

3 The power of the University to establish further campuses and colleges within the University shall be exercisable by statute and not otherwise.