FG reconstitutes NSIA’s board, appoints nine directors

22 Mar 2017
Financial Nigeria


Olajide Zeitlin will serve as Chairman, Board of Directors, Nigeria Sovereign Investment Authority.

Uche Orji, Managing Director/CEO, Nigeria Sovereign Investment Authority

The Federal Government of Nigeria has reconstituted the Board of Directors of the Nigeria Sovereign Investment Authority (NSIA), appointing six new directors from the six geo-political zones of the country.

According to a statement released on Wednesday, the NSIA said the board appointments have been approved by President Muhammadu Buhari after the nominees were adopted during the National Economic Council on February 16th, 2017.

“All six of the newly appointed Board members embody the spirit of the NSIA’s establishment Act and bring talent, expertise and professionalism to the table,” said Kemi Adeosun, the Minister of Finance. “The country is fortunate to have them serve in various capacities on the Board of the NSIA.”

The six new non-executive directors are: Olajide Zeitlin (South West), who will serve as Chairman; Bello Maccido (North West); Lois Laraba Machunga-Disu (North Central); Urum Kalu Eke (South East); Halima Buba (North-East); and Asue Ighodalo (South-South).

They will join three already serving executive directors, namely: Uche Orji, who serves as Managing Director/CEO; Hanspeter Ackermann, who serves as Chief Investment Officer; and Stella Ojekwe-Onyejeli, who serves as Chief Risk Officer.

“The Board reconstituted is indicative of Government’s commitment to strengthening governance at the NSIA,” Orji said. “With the assemblage of this first class Board, the Authority is positioned for even greater performance as we intensify efforts to deliver on our mandate.”

Founded in 2011 with a seed capital of $1 billion, the NSIA manages three Sovereign Wealth Funds on behalf of the government. The funds are: Future Generations Fund (with 40 percent fund allocation), the Nigeria Infrastructure Fund (40 percent fund allocation), and the Stabilization Fund (20 percent fund allocation).

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