NSIA New Management Continues Poor Form as Profit Slides 33% in 2022

The management of Nigeria Sovereign Investment Authority (NSIA), who run Nigeria’s sovereign wealth fund (SWF) and on average earned N46.6 million ($104,000) per annum, have continued their inefficiency as profit at the government owned investment vehicle fell by 33% in 2022.

According to the Managing Director & Chief Executive Officer, Mr. Aminu Umar-Sadiq:

“Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance.”

MoneyCentral begs to differ though as profit for the year 2022 for the NSIA fell to N102.35 billion, down 33.3% compared to N153.56 billion in 2021.

Aminu Umar-Sadiq, was appointed as the new MD/CEO of the NSIA in October, after the expiration of the tenure of the erstwhile MD, Mr. Uche Orji, whose tenure expired on the 30th of September, 2022 after serving two five-year terms, following his appointment on 2nd October, 2012.

Umar-Sadiq has so far continued the trend of lower profit amid surging wages for the NSIA staff.

The NSIA boosted its staff strength by 21% to 57 people in 2021 while operating income per staff fell by 25% to N2.58 billion compared to 2020 levels, according to MoneyCentral calculations.

In 2022, NSIA total assets (Group) also slumped to N1.032 trillion, from N1.227 trillion in 2021.