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.
(Premium
Times)
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