Section 2: Establishment and composition of the Board of Directors, etc.

(1) There is hereby established for the Corporation a governing board to be known as the Board of Directors (in this Act referred to as "the Board").
(2)
The Board shall consist of -
(a) a chairman;
(b) the Managing Director of the Corporation;
(c) the Executive Directors of the Corporation;
(d) the Governor of Central Bank of Nigeria or his representative;
(e) the Permanent Secretary of the Federal Ministry of Agriculture or his representative;
(f) the Commissioner of Insurance to represent the Federal Ministry of Finance or his representative; and
(g) two persons who have experience in agricultural production to represent farmers.
(3)
The chairman and other members of the Board who are not ex-officio members shall
(a) be appointed by the President; and
(b) hold office for a period of four years and be eligible for re-appointment for one further period of four years.
(4) The supplementary provisions set out in the Schedule to this Act shall have effect with respect to the proceedings of the Board and the other matters contained therein.