Okonjo-Iweala told reporters that with the selection of the Board, the SWF, which started with an initial capital of one billion dollars, had commenced in earnest.
The minister named Alhaji Mahey Rasheed, a member of the board of First Bank as the chairman, while Mr Uche Orji, a former Managing Director of U.S.-based JP Morgan, was appointed the Managing Director/Chief Executive Officer of the fund.
Orji, who is the global coordinator and head of the U.S. semiconductor researcher and co-head of U.S. Tech Sector Research at the global investment bank, would assume duty on Oct. 2, she said.
Other members of the board are Mr Arnold Ekpe, Mr Jide Zeitlin, Mrs Bili Awosika, Bisi Soyebo (SAN), Alhaji Hassan Usman and Mrs Stella Ojekwe-Onyejeli, who will also serve as Chief Risk Officer.
Okonjo-Iweala told reporters that upon the completion of due diligence, the candidate for Chief Investment Officer was dropped and the position would be re-advertised.
She said KPMG was engaged for the selection of the team and 730 applications were received for the three executive positions, the Chief Investment Officer, Executive Director (Investments) and Executive Director (Risk).
``Forty of these were listed by KPMG which assisted in sourcing for suitable candidates, 16 candidates were shortlisted before the final three were selected.''
``With this development, the country is firmly on the path to reaping the benefits of this tried and tested strategy for achieving fiscal prudence and economic transformation.
``The establishment of an institutional foundation for the SWF is a victory for all Nigerians and a credit to
the President who assented to the bill in May last year,'' she said.
The minister acknowledged the efforts of former ministers of finance who worked hard for the establishment
of the SWF.
``I must also recognise the Nigeria Governors Forum whose cooperation as well as robust views and exchanges
have also helped to move us to where we are today.
``Particularly, the role of Mr Vice President, who is the chair of the National Economic Council, in also helping to make this a reality.
``The battle was long but I think the country stands to gain and I do believe that it’s worth it.''
The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilisation Fund, according to Act signed by President Goodluck Jonathan on May 27, 2012.
The minister explained that each component would be allocated at least 20 per cent of the total fund, while the remaining 40 per cent would be decided by the economic management team.
According to her, the fund is designed to ensure that some of Nigeria’s oil wealth is saved to be used to stabilise the economy and invest in infrastructure.
``The fund will build a savings base for the future generation of Nigerians, enhance the development of infrastructure and promote fiscal stability for the country in times of economic stress.''
The finance minister explained that Nigeria’s Excess Crude Account (ECA) balance was 7.35 billion dollars and added that for now the ECA and the SWF would continue to exist side-by-side.
``The ECA will eventually fold into the SWF but that's down the line; as of now the ECA will continue to exist and the SWF will also be existing side by side.''
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