FG Inaugurates New Board of Directors for NSIA
By Patience Ikpeme
The Federal Government has inaugurated a new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA).
The inauguration, held at the Ministry of Finance in Abuja, was overseen by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who charged the newly appointed board with the responsibility of steering the NSIA toward achieving its critical mandate of creating a sustainable economic future for Nigeria.
During the inauguration, Minister Wale Edun emphasized the importance of the NSIA as a cornerstone institution for Nigeria’s economic stability and growth. He urged the board members to bring their vast expertise and experience to bear in driving the Authority’s mission. “Your mandate is to enhance the wealth of our nation and ensure that future generations do not face the specter of poverty,” Edun stated. He expressed confidence that the newly constituted board would be pivotal in advancing the NSIA’s objectives, which include managing and growing Nigeria’s sovereign wealth for long-term prosperity.
The newly appointed Board of Directors of the NSIA is composed of distinguished professionals from various sectors, reflecting the government’s commitment to leveraging a broad range of expertise to guide the Authority’s operations. The selection of these board members was the result of a rigorous process led by the Executive Nominations Committee, with final approvals granted by President Bola Ahmed Tinubu. Vice President Senator Kashim Shettima, who serves as the Chairman of the National Economic Council (NEC), also played a crucial role in the endorsement process.
The board members inaugurated include: Mr. Segun Ogunsanya, Chairman; Mr. Aminu Umar-Sadiq, Managing Director/Chief Executive Officer; Prof. Fabian Ajogwu; Mr. Abdullahi Mahmud Gaya; Mr. Ahmed Goniri; Ms. Ada Osakwe; Dr. Suleyman Ndanusa; Ms. Ijeoma Taylaur and Mr. Kola Owodunni
Each of these individuals brings a wealth of experience and a unique perspective, which is expected to significantly contribute to the NSIA’s strategic direction.
In his inaugural speech, the newly appointed Chairman, Mr. Segun Ogunsanya, echoed the Minister’s sentiments and affirmed the Board’s commitment to the “Renewed Hope Agenda” of the President Bola Ahmed Tinubu-led administration. Mr. Ogunsanya highlighted the board’s dedication to fostering a prosperous future for the next generation, aligning with the broader national goals of economic rejuvenation and poverty eradication.
“Our mandate is clear—we are here to enhance the wealth of our nation and ensure that future generations do not face the specter of poverty,” Ogunsanya declared. He also expressed the board’s ambition to significantly grow the fund under NSIA’s management, thereby ensuring the Authority’s continued relevance and impact in Nigeria’s economic landscape.
Reflecting on the NSIA’s journey since its inception 11 years ago, Minister Wale Edun praised the Authority for its outstanding progress in achieving its mandate. He described the NSIA as “an essential institution for our nation’s economic stability and growth,” underscoring the pivotal role it has played in managing Nigeria’s sovereign wealth and driving investment in key sectors of the economy.
The NSIA has been instrumental in managing Nigeria’s savings from surplus oil revenues, ensuring that these funds are invested in ways that generate returns for the nation and contribute to long-term economic stability. The Authority’s investments have spanned various sectors, including infrastructure, healthcare, and agriculture, with a focus on projects that deliver both economic and social impact.
As the new Board of Directors embarks on its mission, they are acutely aware of the weighty responsibilities that lie ahead. The nation’s economic future, to a significant extent, rests on their shoulders. With their collective expertise and the strategic guidance provided by the Minister, the board is well-positioned to chart a new course for the NSIA, one that promises innovative strategies and bold initiatives.
Nigerians are now looking forward to seeing how the board will navigate the challenges and opportunities that come with managing the country’s sovereign wealth. Their success will not only be measured by financial returns but also by the extent to which their actions contribute to creating a brighter, more prosperous future for all Nigerians.
