Section 2: Functions of the Corporation.

(1) Subject to the provisions of this Act, the Corporation shall have power, within or outside Nigeria, to carry on reinsurance of any class of insurance business, including life insurance business, and to reinsure against loss of any kind arising from any risk or contingency in respect of any matter whatsoever.
(2) Without prejudice to the generality of subsection (1) of this section, the Corporation shall have power to do any of the following things, that is-
(a) to reinsure with any insurer carrying on insurance or reinsurance business, any risk undertaken by the Corporation and for that purpose to enter into reinsurance contracts; and
(b) to accept the reinsurance of any part of risks undertaken by any other person (being risks such that the Corporation has power to reinsure against) and to retrocede any part of such risk.
(3) Except as may be expressly provided for by an order made under subsection (5) of this section, the Corporation shall have power to do anything or to enter into any transaction, which in the opinion of the Board is calculated to facilitate the due performance of the functions of the Corporation under this Act and in particular the Corporation may-
(a) acquire any undertaking of any registered insurer or acquire, hold or have any shares or stock in, or any financial interest in any such undertaking;
(b) acquire and invest in any other profitable business; and
(c) assist in organising training schemes for employees of any registered insurer.
(4) Notwithstanding the provisions of this section, the African Reinsurance Corporation shall deal directly with insurance and reinsurance companies operating in Nigeria in respect of the five percent compulsory cessions emanating from Nigeria.
(5) Where the Minister is of the opinion that it is in the public interest so to do, he may, with the prior approval of the President, by order published in the Federal Gazette, abridge or restrict the powers of the Corporation to any extent necessary; and when so abridged or restricted, the powers of the Corporation shall be exercisable subject to and in accordance with the provisions of the order, and not otherwise.
(6) For the avoidance of doubt, it is hereby declared that the foregoing provisions of this Act relate only to the capacity of the Corporation as a statutory corporation, and nothing in the said provisions shall be construed as authorising the disregard by the Corporation of any rule of law.