Section 1: Power of Corporation to borrow in any currency, etc.

(1) Notwithstanding anything to the contrary contained in any law or enactment, the Nigerian National Petroleum Corporation (in this Act referred to as "the Corporation") shall be empowered, subject to the provisions of this Act, to borrow money in any currency and on such terms and conditions as the Board of the Corporation may deem necessary to carry out an approved project (in this Act referred to as "a project").
(2) In the exercise of the powers conferred on the Corporation by subsection (1) of this section, the Corporation may borrow any amount of money whatsoever.
(3) For the purposes of giving effect to the provisions of this Act, the Corporation may sue and be sued in its corporate name.