|
Listen now
|
The Nigeria Sovereign Investment Authority (NSIA), managers of the country’s Sovereign Wealth Fund (SWF) has reported a 1,935% increase in profits to N825 billion in the third quarter (Q3) of 2023, according to data from its interim financial statement for the period, seen by MoneyCentral.
Profit was boosted by net gains on financial assets of N378.5 billion in Q3 2023, compared to a loss in the 2022 period, as well as net foreign exchange (FX) gains that rose by 1,741% to N373 billion in the period.
Total assets of the NSIA as at September 2023, jumped to N1.9 trillion, led by investment securities.
Meanwhile, the lack of a Board of Directors for the NSIA is raising issues around corporate governance.
NSIA’s third Board of Directors since inception was dissolved in June 2023 following the inauguration of the new government of President Bola Tinubu.
The Q3 results showed a new Board was yet to be inaugurated as 6-members (Non-Executive Directors) of the former board were affected by the dissolution.
According to the NSIA Act 2011, governance at NSIA is vested with the Governing Council and the Board of Directors.
The appointment of the Board and the CEO is approved by the Nigerian President. As at 31 December 2022, the Authority was led by a nine-member Board comprising six Non-Executive Directors and three Executive Directors.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here! has reported a 1,935% increase in profits to N825 billion in Q3){kind=link}