Section 6: Functions of the Bank

(1) The Bank may, for the purpose of recovering any sums owed to it under any of its facilities and services, acquire such interests, rights or property in the assets of any person concerned in such transactions in satisfaction thereof and may retain, invest, sell or otherwise dispose of any interest, right or property so acquired.
(2) The Bank may-
(a) receive or recover such commissions and fees as may be agreed upon in consideration of any guarantee or under-writing by the Bank;
(b) invest and deal with the monies of the Bank not immediately required upon such securities and in such manner as it may, from time to time, determine;
(c) establish and manage funds connected with the objects of the Bank;
(d) subject to this Act aud the Land Use Act, acquire, hold and dispose of any movable or immovable property for the purpose of the Bank's objects and functions under this Act.
[Cap. L5.]
(3) The Bank shall-
(a) maintain divers and relevant information to facilitate credit verification and exchange such information with comparable organisations on a reciprocal or other agreed basis;
(b) co-operate with similar organisations within and outside Nigeria in the areas of provision of-
(i) credit information;
(ii) debt collection;
(iii) reinsurance; and
(iv) training;
(c) maintain a foreign exchange revolving fund with the aim of making available loans in foreign exchange to exporters who need to import raw materials, capital goods, spare parts and other services to satisfy export orders;
(d) guarantee and insure, for reward, export credits involving non-resident external trade between any two countries other than Nigeria, including off-shore, entrepot and transit trade;
(e) guarantee loans involving domestic trade which are likely to assist exports;
(f) subject to section 4 (b) of this Act, develop and provide facilities involving investment guarantee and insurance;
(g) do such other things that are reasonable to facilitate the objects for which the Bank is established.
(4) The Bank may belong to any international or regional Association of Credit and Investment Insurers.