The discovery of systems that interact with small molecules plays a vital facilitating role in the development of devices that show sensitivity to their surroundings and an ability to quickly relay chemical and physical information. Herein, we report on the reaction of [NiCl2(dppe)] with decaborane that produces in usable yield a new 11-vertex nickelaborane, [7,7-(dppe)-nido-7-NiB10H12] (1), which shows interesting reactivity and functionality toward carbon monoxide and ethylisonitrile. This contribution describes the synthesis and full structural characterization of 1 and its small-molecule EtNC and CO adducts, 2 and 3, and delineates the dynamic molecular behavior of all of these species in solution. This information sets a foundation from which more advanced work on this and related metallaborane systems can be conceived and provides a more general reference to how NMR spectroscopy, combined with DFT calculations, can be used to analyze the precise locomotion of labile ligands around a metal center held within a borane cluster.