Section 1: Establishment of the Nigerian Bank for Commerce and Industry

(1) There is hereby established a bank to be called the Nigerian Bank for Commerce and Industry (in this Act referred to as "the Bank") which shall be a body corporate with perpetual succession.
(2) The Bank shall have power to sue and be sued in its own name and may for the purposes of its functions, acquire, hold or dispose of property (whether movable or immovable) and shall have a common seal.