By
Alhaji Mahey Rasheed
With a $1 billion initial capital, the Sovereign Wealth Fund (SWF) has gone into operation.
Finance Minister Dr. Ngozi Okonjo-Iweala said yesterday that a board and management committee – The Nigeria Sovereign Investment Authority (NISA)- had been constituted to manage the fund – a pool from the proceeds of Excess oil sales.
Alhaji Mahey Rasheed, a member of the board of First Bank as the chairman. Mr Uche Orji, a former Managing Director of JP Morgan, the United States financial giant, is the Managing Director/Chief Executive Officer.
Orji, who is the global co-ordinator and head of the U.S. semiconductor researcher and co-head of U.S. Tech Sector Research at the global investment bank, will assume duty on October 2.
Other members of the board are: Mr Arnold Ekpe, Mr Jide Zeitlin, Mrs Bili Awosika, Bisi Soyebo (SAN), Alhaji Hassan Usman and Mrs Stella Ojekwe-Onyejeli, who will also be Chief Risk Officer.
Mrs. Okonjo-Iweala told reporters that upon the completion of due diligence, the candidate for Chief Investment Officer was dropped and the position will be re-advertised.
She said KPMG was engaged for the selection of the team and 730 applications were received for the three executive positions - Chief Investment Officer, Executive Director (Investments) and Executive Director (Risk).
“Forty of these were listed by KPMG, which assisted in sourcing for suitable candidates, 16 candidates were shortlisted before the final three were selected.”
“With this development, the country is firmly on the path to reaping the benefits of this tried and tested strategy for achieving fiscal prudence and economic transformation.
“The establishment of an institutional foundation for the SWF is a victory for all Nigerians and a credit to the President who assented to the Bill in May, last year,” Mrs Okonjo-Iweala said.
The minister acknowledged the efforts of former ministers of finance who worked hard for the establishment of the SWF.
“I must also recognise the Nigeria Governors Forum whose cooperation as well as robust views and exchanges have also helped to move us to where we are today.
“Particularly, the role of Mr Vice President, who is the chair of the National Economic Council, in also helping to make this a reality.
“The battle was long but I think the country stands to gain and I do believe that it’s worth it.”
The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilisation Fund, according to the Act signed by President Goodluck Jonathan on May 27.
The minister explained that each component would be allocated at least 20 per cent of the total fund, while the remaining 40 per cent would be decided by the economic management team.
According to her, the fund is designed to ensure that some of Nigeria’s oil wealth is saved to be used to stabilise the economy and invest in infrastructure.
“The fund will build a savings base for the future generation of Nigerians, enhance the development of infrastructure and promote fiscal stability for the country in times of economic stress.”
for Africa in 2001, where he served as the Chief Executive Officer from 2002 to 2004. He served as Vice President and Head of Africa Trade and Corporate Finance for Sub-Sahara Africa for Citibank.
He holds degrees in Mechanical Engineering (1st class honours) and Business Administration from Manchester University and Manchester Business School.
Jide J. Zeitlin is a businessman and former Goldman Sachs investment banker and partner who was nominated by the Obama White House to represent the U.S. on financial reform at the United Nations.
Zeide was an executive at Goldman Sachs & Co and was elected a partner in 1996; he held a number of senior management positions in the firm’s investment banking division where he focused on industrial, consumer and healthcare industries. He retired in 2005, having held a number of senior management positions in the firm’s investment banking division as well as served in its executive office. Since 2005, Mr. Zeitlin has founded a company that builds and owns telecommunications infrastructure in India, and he has invested in private biotechnology companies globally.
Mrs Bili Awosika is chairman Intermarc Consulting Limited.
She worked with Akintola Williams & Co. before establishing Qubees Limited in 1989 and The Chair Centre in 1997.Both are reputable furniture companies located on Victoria Island, Lagos.
Mrs. Awosika also serves on the board of other companies.She is the founder/president of Christian Missionary Fund, a non-denominational christian NGO with head office in Lagos.
Hassan Musa Usman is Managing Director and Chief Executive Officer,ASO Savings and Loans Limited
Prior to becoming CEO of ASO, Hassan served as Executive Director (Investments) at Abuja Investment and Property Development Company Ltd., the Federal Capital Territory’s premier development agency. He has also headed key units of the Bureau of Public Enterprises, including Petrochemicals and Gas, Transport Sector Reform and Telecommunications.
He worked with Citibank and the Financial Markets Division of Arthur Andersen S.C. London. He has served on the boards of major corporations, including NITEL.
SOURCE: 29 August 2012.
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