The National Economic Council (NEC) held Thursday in Abuja unanimously approved the nomination of six Nigerians for the Nigerian Sovereign Investment Authority.
The body also approved the injection of a fresh $250 million capital into the Sovereign Wealth Fund. The meeting which lasted for four hours focused on measures to take the country out of recession.
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. Thursday’s meeting, the first this year, was presided over by Acting President Yemi Osinbajo.
While giving update on the board appointments into the Nigerian Sovereign Investment Authority (NSIA), the Minister of Finance, Kemi Adeosun reported that a member each from the six geo-political zone has been nominated
They are as follows:
1. North-East – Mrs. Halima Buba
2. North West – Mr. Bello Maccido
3. North Central – Ms. Lois Laraba Machunga-Disu
4. South West – Mr. Babajide Zetilin
5. South East – Mr. Urum Kalu Eze
6. South-South – Mr. Abue Ighodalo
The Nigeria Sovereign Investment Authority is the manager of Nigeria’s Sovereign Wealth Fund. It was established as independent agency by an Act of the National Assembly in May 2011. The Bill was assented to by the then President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan on May 26, 2011 and subsequently gazette on June 3, 2011.
Statutorily, it is set up to receive, manage and invest in a diversified portfolio of medium and long term, revenue of the Federal government, State government, Federal Capital Territory, Local government and Area Councils to prepare for the eventual depletion of Nigeria’s hydrocarbon resources for the development of critical infrastructure in Nigeria that will attract and support foreign investment, economic diversification, growth and job creation.