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.

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