The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has announced the composition of the Board of the Sovereign Wealth Fund.
The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has announced the composition of the Board of the Sovereign Wealth Fund.
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To be chaired by Alhaji Mahey Rasheed, a member of the Board of First Bank. Its Managing Director/Chief Executive Officer will be Uche Orji, Global Coordinator and Head of US Semiconductor Research and Co-Head of US Tech Sector Research at UBS, United States, who will hold that position for five years. He will assume his position in October.
Other members of the Board will be:
• Mr Arnold Ekpe, Mr Jide Zeitlin
• Mrs Bili Awosika
• Barrister Bisi Soyebo (SAN)
• Alhaji Hassan Usman and
• Mrs Stella Ojekwe-Onyejeli, who will double as Chief Risk Officer.
In a statement signed by Paul Nwabuikwu, the Minister said that the implementation of the SWF will commence with an initial fund of $1 billion. The Board will provide guidance for the operations of the Nigerian Investment Authority (NSIA).
The statement also said that 730 applications were received for three executive positions of Chief Executive Officer, Executive Director (Investments) and Executive Director, (Risk). Forty were long listed by KPMG, which assisted in sourcing suitable candidates, 16 candidates were short listed before the final three were selected.
Speaking on the issue, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala stated that “The establishment of an institutional foundation for the Sovereign Wealth Fund is a victory for all Nigerians and a credit to the President who assented to the Bill in May last year”.
She added that it also demonstrates the determination of the Federal Government to improve the lives of Nigerians through far sighted policies and initiatives.
“We have started putting together a quality team to ensure that we realise the objectives that inspired the establishment of the SWF. I am sure the team realises what is at stake and is ready to do the necessary work so that the country can start enjoying the benefits as soon as possible”.
It will be recalled that the Act establishing the Authority received presidential assent on May 27, 2012 as an independent statutory corporation with a mandate to:
· Build a savings base for future generations of Nigerians;
· Enhance the development of Nigerian infrastructure
· Promote fiscal stability for the country in times of economic stress; and
· Carry out such other matters as may be necessary in furtherance of these objectives
The process that led to the emergence of the new team kicked off on September 8 last year when the CME set up a six-man Implementation Task Force headed by distinguished banker and philanthropist Mr Fola Adeola with a mandate to assist in determining concrete steps to be taken by the Federal Government to actualise the Nigerian Sovereign Investment Authority (NSIA).
Following the recommendation of the Task Force, an Executive Nomination Committee (ENC) composed of six Nigerians with integrity, independence, proven qualification and tested market experience from the six geo-political zones of the country was established. The Committee had the responsibility to assist with the selection of members of members of the Board, a key plank of the governance structure of the institution.
With the CME as Chair, the six ENC members are:
1. Mrs Sola David Borha - (CEO, Stanbic IBTC; South West)
2. Mrs Nkoyo Toyo - (Hon. Member, House of Representatives; South South)
3. Mr Uwa Etigwe, SAN - (Partner, Streamsowers & Kohn; South East)
4. Dr Obadiah Mailafia – (Former Deputy Governor, CBN; North Central)
5. Mr Mahey Rasheed – (Board Member, First Bank; North West)*
6. Mr Hassan Usman – (CEO, Aso Savings & Loans; North East)*
The Task Force also recommended the appointment of KPMG to assist in sourcing top quality candidates for the three executive positions on the Board and the implementation of a competitive recruitment process through local and international advertisement of available positions. The vacancy adverts were subsequently published in prominent local and international newspapers and magazines.
Managing Director of the NSIA will officially report for duty in October. The Board of NSIA will be inaugurated the same month.
Four Ministers of Finance have worked to realise the SWF. During her first stint as Minister of Finance, Dr Ngozi Okonjo-Iweala helped achieve the Excess Crude Account upon which the SWF concept is anchored. She has also led the Ministry of Finance under the leadership of President Goodluck Jonathan to finally make SWF a reality. Dr Shamsudeen Usman and Dr Mansur Muhtar did a lot to progress the work; and finally Mr Segun Aganga pushed through the SWF bill.
Mr. *Rasheed and Mr. *Usman, who are also members of the Executive Nomination Committee were nominated by other members in their absence, Mr. Nwabuikwu explained.
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