Standup9ja - Buhari Okays Appointment Of New Board Members For Nigeria’s Sovereign Wealth Agency

Standup9ja - Buhari Okays Appointment Of New Board Members For Nigeria’s Sovereign Wealth Agency

The President Muhammadu Buhari led government has ratified the list of nominees into the reconstituted Board of Directors of the Nigeria Sovereign Investment Authority.

The ratification was announced by the agency in a statement in Abuja, on Wednesday, March 22, 2017 after the list had earlier been approved by its Governing Council.

Premium Times reports that the National Economic Council (NEC) in its last meeting received the list of nominees.

The list of the new Board nominees includes:

•     Olajide Zeitlin (South West) – Chairman
•     Bello Maccido (North West)
•     Lois Laraba Machunga-Disu (North Central)
•     Urum Kalu Eke, (South East)
•     Halima Buba (North-East)
•     Asue Ighodalo (South-South)

The new board would succeed the Mahey Rasheed-led board, whose tenure ended last month.

The Nigeria Sovereign Investment Authority (NSIA) is a state-owned investment agency established with a mandate to manage the fund set aside for investments in real and financial asset in strategic sectors of the economy.

As a natural resources depended economy, NSIA funding is dependent on the excess revenues accruing to the federation account from the export of crude oil and other commodity trading activities revenues.

The NSIA was established by an Act of the National Assembly in May 2011, with its first Board inaugurated on October 9, 2012.