Nigerian Government Appoints Six Board Members for NSIA, Gets Fresh $250Million

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THE National Economic Council, NEC, on Thursday, February 16, approved the nomination of six Nigerians for appointment into the board of the Nigeria Sovereign Investment Authority, NSIA.

The FEC also approved the injection of a fresh $250 million capital into the Sovereign Wealth Fund. According to a government official the fresh capital was sourced from the Excess Crude Account, ECA.

The NEC is composed of all the 36 state governors, the minister of the Federal Capital Territory and the governor of the Central Bank of Nigeria.

The Thursday’s meeting, the first this year, was presided over by acting President Yemi Osinbajo.

A statement by Laolu Akande, the spokesperson for acting President Yemi Osinbajo, said the nominations were unanimously adopted by council members after the list was tabled by Kemi Adeosun, minister of Finance.

The nominees represent each of the six geo-political zones in the country.

They are Halima Buba, North-East; Bello Maccido, North–West; Lois Laraba Machunga-Disu, North Central; Babajide Zetilin, South West; Urum Kalu Eze, South East, and  Asue Ighodalo, South-South.

The nominations are to be sent to President Muhammadu Buhari for final approval.

Established by an Act of the National Assembly in May 2011, the Nigeria Sovereign Investment Authority manages Nigeria’s Sovereign Wealth Fund.

It was set up to receive, manage and invest in a diversified portfolio of medium and long term the revenue of the Federal Government, State Governments, Federal Capital Territory, Local Governments and Area Councils.

—  Feb 27, 2017 @ 01:00 GMT

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