Nigeria’s sovereign wealth fund, the Nigeria Sovereign Investment Authority (NSIA), recently released a revamped version of its website.
The NSIA was launched by an act of Nigeria’s National Assembly in May 2011, with seed capital of $1B. The seed capital was allocated between three funds, namely the:
- Future Generations Fund ($400M): The purpose of the Future Generations Fund (FGF) is to preserve and grow the value of its assets, by investing in a diversified portfolio of appropriate growth investments, to provide future generations of Nigerians with a solid savings base.
- Nigeria Infrastructure Fund ($400M): The Nigeria Infrastructure Fund (NIF) aims to invest in domestic infrastructure projects that meet targeted financial returns and contribute to the development of essential infrastructure. The goal is to stimulate the growth and diversification of the Nigerian economy, attract foreign investment, and create jobs for Nigerians. Potential areas for investments include healthcare; transportation; energy and power; water resources and agriculture; amongst others. The NSIA may invest up to a maximum of 10% of NIF funds in social infrastructure projects, which promote economic development in underserved sectors or regions of the country.
- Stabilization Fund ($200M): The Stabilisation Fund (SF) acts as a buffer against short-term macro-economic instability. The SF’s assets will be conservatively invested, striking a balance between generating a modest positive return and capital preservation, in nominal terms. Given the unpredictable and short-term nature of the Fund’s potential liabilities, immediate liquidity is also required. Withdrawals from the SF will be made at the direction of the Minister of Finance, upon satisfaction of the criteria set out in the NSIA Act.
The NSIA is led by Mr. Uche Orji, who serves as the CEO and MD. Uche Orji joined the NSIA as CEO in October 2012, from UBS in New York, where he was a Managing Director and the Global Head of Semiconductor Research.
Prior to his UBS experience, Mr. Orji spent six years at JP Morgan in London, rising from the position of Vice President to Managing Director within the Equities Division.
Before joining UBS, Uche Orji worked for 3 years at Goldman Sachs Asset Management in London, as an Analyst and Portfolio Manager.
Prior to his London experience, Mr. Orji worked in Lagos at Diamond Bank and Arthur Andersen.
Uche Orji holds an MBA from the Harvard Business School and a BEng in Chemical Engineering from the University of Port Harcourt, Nigeria.
Mr. Orji is joined on the leadership team of the NSIA by Mrs. Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer; and Mr. Hanspeter Ackermann, CFA, the Executive Director and Chief Investment Officer.