Abuja: The National Economic Council (NEC) has ratified the Board of Directors of the Nigeria Sovereign Wealth Investment Authority (NSIA), as announced on Thursday. The announcement was made by the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, during a press briefing held at the Presidential Villa, Abuja, following a NEC meeting chaired by Vice-President Kashim Shettima.
According to News Agency of Nigeria, the NSIA is a pivotal independent investment institution established to manage Nigeria’s Sovereign Wealth Fund, which comprises revenues from hydrocarbons exceeding budgetary projections. It is central to Nigeria’s ambition to drive sustained economic development by building a robust savings base for its citizens. Minister Bagudu noted that the council reviewed and approved the financial statements presented by the NSIA, commending the board and management for their diligent efforts.
Bagudu further disclosed that NEC received a presentation from the Chairman of the Revenue Mobilisation
Allocation and Physical Commission regarding alternative funding sources for the commission. He highlighted the critical role of the commission in ensuring the equitable distribution of resources but acknowledged the severe constraints posed by inadequate funding. The council discussed these funding challenges and resolved to address them, directing the secretariat to examine the commission’s submission concerning the requested quantum and the legality of such a request.
The News Agency of Nigeria also recalled that in August, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the new Board of Directors for the NSIA. This board is tasked with steering the nation’s economic growth and stability, leveraging their expertise and experience to fulfill NSIA’s mission of creating a sustainable future. The board comprises distinguished professionals, carefully selected through recommendations from the Executive Nominations Committee and approved by President Bola Tinubu, fol
lowing endorsement by Vice-President Kashim Shettima.
The newly appointed board members include Mr. Segun Ogunsanya as Chairman, Mr. Aminu Umar-Sadiq as Managing Director/Chief Executive Officer, and other notable individuals such as Prof. Fabian Ajogwu, Mr. Abdullahi Gaya, Mr. Ahmed Goniri, Ms. Ada Osakwe, Dr. Suleyman Ndanusa, Ms. Ijeoma Taylaur, and Mr. Kola Owodunni.