President Buhari inaugurates the board of the Nigeria Sovereign Investment Authority (NSIA) and presides over the Federal Executive Council Meeting at the State House, Abuja
President Muhammadu Buhari has charged the new board of the Nigeria Sovereign Investment Authority (NSIA) to make more investments that support economic diversification.
Inaugurating the third Board of the NSIA, the President reaffirmed his administration’s commitment to implementing long-term projects and programmes that create jobs for Nigerians.
He noted that the full impact of most of the strategic projects started under his watch will only be felt long after he had left office.
He described the appointment of the 9-man board as a call to duty, action and performance, adding that they were eminently qualified for the job.
‘‘Periodically, you will be required to provide evidence of your stewardship at the Governing Council Meetings where your performance will be assessed.
‘‘The bar before you is very high and all of us are counting on you to deliver. If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you,’’ the President said.
The President recounted that NSIA, which is one of Nigeria’s premier economic institutions, was conceived to be a store of wealth which may be drawn upon at times of economic challenges thereby encouraging external investors and lenders.
He expressed delight that so far the institution has discharged its mandate dutifully.
‘‘The new Board we assembled has a crop of seasoned, eminently qualified, and experienced professionals.
‘‘We expect these individuals to bring their wealth of experience to bear, in the next phase of NSIA’s journey,’’ he said.
The President also used the occasion to thank the last Board of Directors whose tenure ended in May 2021.
The new Board members are Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Sir Babatunde Sobamowo (South West), Non-Executive Director; Isiekwena Ikemefuna Louis (South South), Non-Executive Director; Ali Goni Kadugum (North East), Non-Executive Director; Oniyangi Kabir Sulaiman (North Central), Non-Executive Director; and Ike Chioke (South East), Non-Executive Director.
In her remarks, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said from the base position of US$1billion when the Administration assumed office in 2015, NSIA now has around US$3.5billion in assets under management.
She explained that the Board will, on behalf of the Nigerian people, guide and oversee the NSIA Management’s activities towards delivering outcomes to transform the fortunes of the country.
‘‘Using the NSIA Act as its guide, the Board will be required to superintend initiatives that meet the current and future needs of Nigerians. The Minister added