Governance
From the outset, the Authority has been committed to upholding the best corporate governance principles and practices. We have continued to subject our processes and operations to the highest standards of corporate governance. Our governance framework is an essential cornerstone of our sustainable corporate success and stakeholder confidence, which ensures that NSIA routinely ranks highly on the measures of Sovereign Wealth Fund transparency and accountability.
The Executive team, along with other functional heads who are members of the Executive Committee, report to the Board of Directors. Executive decisions at the highest level of organizational structure are taken through the various Board Committees namely the Investment Committee and the Finance and General-Purpose Committee. The Nigeria Sovereign Investment Authority is managed on a day-to-day basis by a three-member team of Executive Directors led by the Managing Director & Chief Executive Officer.
The NSIA’s organisational structure ensures adequate review mechanisms are in place through the adoption of global best practices, such as the appointment of independent auditors and separation of authority. The Authority is governed by the Santiago Principles, a voluntary set of principles and practices developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) in October 2008 and is also a full member of the International Forum of Sovereign Wealth Funds (IFSWF).
NSIA’s Governing Council is a thirty-five-member advisory body chaired by Mr. President. The Council membership include the twenty-three statutorily prescribed members and twelve appointed citizens, representative of NSIA’s diverse stakeholders.
NSIA has over the last two years developed into one of the best governed Sovereign Wealth Funds (SWF) globally as evidenced by the high ranking that NSIA received from the Sovereign Wealth Fund Institute (SWFI) in the United States, which ranked NSIA in the joint-second category in a group of over 56 SWFs globally. NSIA is the highest ranked SWF in Africa.
Corporate Philosophy
Organisational Structure
NSIA’s organisational structure ensures adequate review mechanisms are in place to guarantee adoption of global best practices, such as the appointment of independent auditors and separation of authority.
The Authority is a full member of the International Forum of Sovereign Wealth Funds (IFSWF) and is governed in accordance with the Santiago Principles, a voluntary set of principles and practices developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) in October 2008.
Governing Council
NSIA’s Governing Council is a thirty-five-member advisory body chaired by Mr. President. The Council membership include the twenty-three statutorily prescribed members and twelve appointed citizens, representative of NSIA’s diverse stakeholders.
The Board
NSIA’s Board of Directors is currently composed of nine members, including the Chairman. Section 7(3) and 25(1) of the NSIA Establishment Act 2011 credits the Board with full autonomy and independence over the affairs of the Authority.
Board decisions are taken through the various Board Committees namely the Investment Committee and the Finance and General-Purpose Committee.
A SWF is a state-owned investment fund that invests in real and financial assets. Most SWFs are funded by surpluses generated from commodity export revenues. Some others are funded by other assets transferred to the SWF by the government.
NSIA’s Board of Directors is currently composed of nine members, including the Chairman. Section 7(3) and 25(1) of the NSIA Establishment Act 2011 credits the Board with full autonomy and independence over the affairs of the Authority.
Board decisions are taken through the various Board Committees namely the Investment Committee and the Finance and General-Purpose Committee.
The Managing Director & CEO is appointed by the President and Commander in Chief of the Armed Forces of the Republic of Nigeria upon recommendation by the Minister of Finance through the President’s Recommendation Committee. The MD & CEO represents NSIA as its principal officer and presides over the day-to-day operations of the Authority
The NSIA Act 2011 provides for the appointment of two Executive Directors (EDs) alongside the MD & CEO to oversee the affairs of the Authority. The EDs and MD & CEO constitute the core of the Authority’s Executive Management Team. The other members of the team include the General Counsel (GC).
In accordance with the NSIA Act 2011, the NSIA appointed an independent audit function separate from the management. The Auditor is appointed by the Board. Auditor’s role and responsibilities are to audit the business and account for the activities at the NSIA over the period.
