Ogunsanya: NSIA Targeting $6bn Sovereign Wealth Fund Size
Dike Onwuamaeze
Chairman of Nigeria Sovereign Investment Authority (NSIA), Dr. Segun Ogunsanya, has revealed that Nigeria is targeting doubling its sovereign wealth fund, from $3billion to $6 billion.
NSIA started 12 years ago with $1 billion.
Ogunsanya spoke yesterday when he featured as guest speaker of Nigerian-British Chamber of Commerce’s (NBCC) “Sharing Experience Series, Transformational Leadership,” where he stated that strong governance framework and independence of the board had kept NSIA free of fraud and corrupt practices.
He said, “We will continue to grow by investment activities. I have given them the challenge that I will like the fund to be doubled in my tenure, which is in the next three years because I have done one year.
“And I am very optimistic that we are going to double the size of the fund to $6 billion, which is not really out of this world. Libya has about $70 billion dollars.”
Ogunsanya also revealed that NSIA was looking for ways of engaging other sovereign funds in creating a funnel of funds for its investment activities.
He extolled the strong governance framework that had kept NSIA free of fraud and corrupt practices.
Ogunsanya stated, “NSIA is probably one of the best institutions in this country that is still very relevant, and I can say one of the most transparent institutions I have ever seen.
“We have a perfect score when it comes to governance and transparency, and we are scored by the international body.
“We are also very clear as to what the objectives are as we are meant to create a wealth for the future generation. So, we are very clear on what we do with the funding.
“What I love is the framework that is being created. Though we make some bad investment like everybody does.”
He added, “But it is very fraud-proof, very corruption-proof because of the governance system, the way the directors are selected, their accountability and the independence of the board.
“It is unbelievable that this is a Nigerian institution, honestly.
“I think all of us should continue to guide the independence of NSIA.”
Ogunsanya, who had served as chief executive officer of Coco-Cola in Ghana and Kenya, also advised Nigerian corporates eager to make forays into the African markets to understand that not every large population was a large market.
He said, “People confuse a large population with a large market. So be very careful in determining the metric you are looking at. The population is good, but how many of those folks have money to buy what you are going to be selling?
“So, for me, it is addressable population, which is what percentage of those folks going to buy your goods?”
He also advised corporates to be very conscious of each country’s regulatory limitations, whether it was friendly or reckless.
“I am not saying you should run away when there is recklessness. You must figure the right risk mitigation framework to mitigate against that recklessness, but very clear about the regulatory environment,” he said.
Ogunsanya also advised Nigerian investors to have an eye on the depth of their host country’s financial system and foreign exchange scheme to avoid difficulty in getting their money out.
He said, “I also recommend having some sort of a local partnership. It is very important to have a local touch. Having the right local partner will give you a lot of soft landing and to just get through local nuisances.”
In his welcome address, President of NBCC, Mr. Abimbola Olashore, said the theme, “Sharing Experience with Dr. Segun Ogunsanya: Transformational Leadership,” spoke directly to the demands of the time.
Olasore said leadership was being tested by rapid economic shifts, technological disruption, and evolving stakeholder expectations across industries, institutions, and nations.
He said, “Transformational leadership is, therefore, no longer optional, it is essential. It requires vision, courage, adaptability, and the ability to inspire meaningful change while sustaining growth and stability.”
