Section 5: Agency's Board and Membership

(1) The Agency shall have a Governing Board (in this Act referred to as "the Board") which shall comprise of :
(a) a chairman;
(b) one representative not below the rank of a Director of the following Federal Ministries-
(i) the Federal Ministry responsible for marine transportation; and
(ii) the Federal Ministry responsible for labour relations.
(c) a representative of the Nigeria Navy;
(d) three persons with cognate experience in maritime, shipping or labour matters;
(e) the Director-General; and
(f) three (3) Executive Directors.
(2) The Board of Directors of the Agency:
(a) is responsible for the determination of the general policy of the Agency with regard to the financial, commercial and operational programme of the Agency; and
(b) may exercise the powers of the Agency but shall not have or exercise any of the executive functions of the Agency vested in the Director-General under section 12 of this Act.
(3) In managing its affairs, the Agency's Board shall have regard, in addition to any relevant general guidelines on the governance of public bodies, to such generally acceptable principles of good corporate governance as it is reasonable to regard as applicable to them. The supplementary provisions set out in the Second Schedule to this Act shall have effect with respect to the proceedings of the Board and other matters contained therein.
(4) Subject to subsection (3) of this section, the Board shall have capacity to make standing regulations for the regulation of its proceedings and meeting howsoever and acts of the Board shall be deemed to be acts of the Agency.
(5) All payments, allowance, benefits and expenses howsoever called, payable to the Board members including the Director-General and Executive Directors of the Agency shall be determined by the Board and in accordance with extant Federal Government Guidelines.