Buhari approves new board members for Nigeria’s sovereign wealth agency

President Muhammadu Buhari has approved the list of nominees into the reconstituted Board of Directors of the Nigeria Sovereign Investment Authority.

The agency, which announced the approval on Wednesday in a statement in Abuja, said the list had earlier been approved by its Governing Council.

The National Economic Council, NEC, during its last meeting received the list of nominees.

The list of the new Board nominees includes Olajide Zeitlin, representing the South West geo-political zone, as Chairman; Bello Maccido (North West), Lois Laraba Machunga-Disu (North Central) and Urum Kalu Eke, (South East).

Others included Halima Buba (North-East) and Asue Ighodalo (South-South).

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

The Nigeria Sovereign Investment Authority 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

Shareholders of the NSIA consist of the Federal Government, the 36 states and the Federal Capital Territory, FCT, as well as all the 774 Local Governments and Area Councils in the federation.

Their equity interest in the fund is shared in accordance of the existing national revenue sharing formula of 52.86 per cent to the federal, 26.72 per cent (states) and 20.60 per cent Local Government Councils.

The agency, which commenced operations with a seed funding of $1 billion, has had the funding increased by an addition $250 million from the excess crude oil account.

Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.