Nigeria Sovereign Wealth Fund Authority’s MD tenures expires in next week, Buhari to approve NEC nomination

The Managing Director of Nigeria’s Sovereign Wealth Fund Authority   Uchechi Orji’s, tenure expires on the 30th of September 2022. As a result the federal government through the minister of Finance has sent a replacement to the President for his approval according to the act setting up the body. This fact is contained in the brief the Minister of Finance and National Planning Mrs Zainab Ahmed presented to the National Economic Council. The Council was said to have “noted that the NSIA (Establishment) Act, 2011 provides that all appointments of individuals into the Board of Directors “shall be made by the President on the recommendations of the Minister of Finance, who shall consult with the National Economic Council (NEC).”

Council was also called to note that following the notification of the expiration of the tenures of the Managing Director/Chief Executive Directors, the Honorable Minister constituted the Executive Nomination Committee (ENC) to fill the vacant positions; Council then noted that the outgoing Managing Director/Chief Executive officer will expire on the 30th September, 2022”.

“Finance Minister presented the outcome of the search to fill the positions of NSIA MD/CEO and 2 Executive Directors which are becoming vacant with the expiration of the terms of the current holders. The names of the nominees were presented, and NEC gave its endorsement to the President for his approval”.