Section 1: Establishment., etc., of the Nigerian Education Bank.

(1) There is hereby established a bank to be known as the Nigerian Education Bank (in this Act referred to as "the Bank").
(2) The Bank shall-
(a) be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name; and
(b) for the purpose of its functions and subject to the Land Use Act, acquire, hold or dispose of property, movable or immovable.