Osinbajo Inaugurates NSIA Board As FG Injects $250m

Acting President Yemi Osinbajo has inaugurated the Nigeria Sovereign Investment Authority as he announced the injection of $250 million into the sovereign wealth.

Osinbajo who is also the Chairman of the National Economic Council said that the mandate of the board was to increase investment in local infrastructure, power, toll roads, agriculture, health care and second Niger Bridge.

The Sovereign Wealth Fund is sourced from the Excess Crude Account, ECA and the board NSIA board constitutes nine members.

The board, according to Osinbajo is given four year-mandate to carry out its assignment.

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The Acting President said that the governing council of the board that is the National Economic Council and all Nigerians would hold the members accountable to the mandate.

The board which would be chaired by Mr. Babajide Zetilin (South West) has other members including Bello Maccido (North–West), Lois Laraba Machunga-Disu (North Central), Halima Buba (North-East), Urum Kalu Eze (South East) and Asue Ighodalo (South-South), Stella Ojekwe-Onyejeli, Uche Orji, and Hanspeter Achermann.

“Periodically, you will be required to provide evidence of your stewardship to the governing council where your performance will be assessed,” Osinbajo said

According to Osinbajo, the present administration has shown great commitment despite the economic recession by committing additional $500 million to the NSIA.

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