Breaking:Osinbajo inaugurate NSIA board

The acting president, Yemi Osinbajo has inaugurated the second board of the Nigeria Sovereign Investment Authority.

Jide Zietlin has been annurated as the chairman of the board. The inauguration took place inside the vice-president’s conference room at the Presidential Villa, Abuja.

Osinbajo called on the chairman and other members of the board to see their appointments as calls to service which will require total commitment and dedication of the highest standards.

“As representatives of the people, our charge is simple: we require you to fundamentally improve the performance of the authority and strengthen its operations,” he said.

Nigeria Sovereign Investment Authority is the manager of Nigeria’s Sovereign Wealth Fund. It was established as independent agency by an Act of the National Assembly in May 2011.

The Bill was assented to by the then President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan on May 26, 2011 and subsequently gazette on June 3, 2011.

Statutorily, it is set up to receive, manage and invest in a diversified portfolio of medium and long term, revenue of the Federal government, state government, federal capital territory, local government and area councils to prepare for the eventual depletion of Nigeria’s hydrocarbon resources for the development of critical infrastructure in Nigeria that will attract and support foreign investment, economic diversification, growth and job creation.