Governance

The Nigeria Sovereign Investment Authority is managed by a three-member team of Executive Directors led by the Managing Director/Chief Executive Officer.

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 are taken through the various Board Committees numbering namely the Investment Committee, Audit Committee, Compensation Committee, Risk Committee and Finance and General Purpose Committee.

The NSIA's organizational 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).

A thirty five-member, Governing Council oversees NSIA's affairs and supervise the Board. The Council is led by the President and Commander in Chief of the Nigerian Armed Forces as the Chairman of the Council. The 35 members also includes twelve citizens appointed by the President across the republic.

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.

Organisational Structure

NSIA’s organizational 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

A thirty-five-member, Governing Council oversees NSIA’s affairs and supervises the Board. The Council is led by the President and Commander in Chief of the Nigerian Armed Forces as the Chairman of the Council. Other members of the Council include twelve citizens appointed by the President across the republic.

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, Audit Committee, Compensation Committee, Risk Committee, and Finance and General Purpose Committee.

CEO/Managing Director

The CEO/Managing Director 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 CEO represents NSIA as its principal officer and presides over the day-to-day operations of the Authority

Executive Management 

The NSIA is managed by a three-man team of Executive Directors led by the Managing Director/Chief Executive Officer. The other members of the team include the Chief Investment Officer (CIO) and the Chief Risk Officer (CRO).

Independent Auditor

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.