Section 1: Establishment of the Nigerian Agricultural Insurance Corporation.

(1) There is hereby established a body to be known as the Nigerian Agricultural Insurance Corporation (in this Act referred to as "the Corporation") which shall be a body corporate with perpetual succession and a common seal.
(2) The Corporation may sue or be sued in its corporate name and may, for the purposes of its functions under this Act and subject to the Land Use Act, hold, acquire and dispose of any property movable or immovable.