NIGERIA SOVEREIGN INVESTMENT AUTHORITY (ESTABLISHMENT, ETC.) ACT, 2011

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LAWS OF THE FEDERATION OF NIGERIA

NIGERIA SOVEREIGN INVESTMENT AUTHORITY (ESTABLISHMENT, ETC.) ACT, 2011

ARRANGEMENT OF SECTIONS

PART I – ESTABLISHMENT, FUNCTIONS, POWERS, ETC. OF THE SOVEREIGN INVESTMENT AUTHORITY

1. Establishment of the Nigerian Sovereign Investment Authority
2. Head Office of the Authority
3. Objects of the Authority
4. Functions of the Authority
5. Powers of the Authority
6. Assets managers and custodians

PART II- GOVERNING COUNCIL, BOARD OF’ DIRECTORS AND EXECUTIVE MANAGEMENT

7. Establishment of the Governing Council of the Authority
8. Membership of the Governing Council
9. Tenure of office of members of Governing Council.
10. Removal of members of the Governing Council
11. Remuneration of members of the Governing Council
12. Reporting obligation of the Authority
13. Proceedings of the Governing Council
14. Advisory sub-committee of the Governing Council
15. Establishment of the Board of Directors of the Authority
16. Composition and appointment of the Board
17. Qualification for appointment to the Board
18. Disqualification
19. Resignation and removal
20. Terms of office of members of the Board
21. Appointment of Managing Director of the Authority
22. Appointment etc. of secretary
23. Appointment, remuneration, discipline, etc. of other staff.
24. Delegation
25. Independence of the Board
26. Conflict of interest and corporate responsibility
27. Remuneration and cost allowances
28. Proceedings of the Board

PART III – FINANCIAL PROVISIONS: FUNDING, DISTRIBUTION, ACCOUNT, AUDIT AND REPORTING

29. Initial funding
30. Further funding
31. Funding allocation
32. Ownership
33. Prohibition on transfer of interest
34. Declaration of distributions
35. Payment of distributions
36. Accounting records
37. Annual report
38. Audit

PART IV – FUTURE GENERATIONS FUND

39. Investment Plan for the future generations fund.
40. Reinvestment of future generation funds proceeds, interest and dividends

PART V – NIGERIA INFRASTRUCTURE FUND

41. Investment Plan for the Nigeria Infrastructure Fund.
42. Integration of investment policy with national priorities
43. Financial return target
44. Reinvestment of Nigeria Infrastructure Fund, proceeds, interest and dividends
45. Prohibition and guarantees
46. Co-investment priority

PART VI – STABILIZATION FUND

47. Stabilization objective
48. Stabilization availability trigger

PART VII – COMMUNICATION POLICY AND PROCEDURES

49. Communications

PART VIII – DIRECTORS’ AND OFFICERS’ INSURANCE AND INDEMNITIES

50. Insurance and Indemnity
51. Regulations, guidelines and procedures
52. Documentation
53. Limitation of suits against the Authority, etc.
54. Service of documents
55. Restriction on execution against property of the Authority
56. No waiver
57. Tax and investment exemptions
58. Interpretation
59. Citation

Schedule.

NIGERIA SOVEREIGN INVESTMENT AUTHORITY (ESTABLISHMENT, ETC.) ACT, 2011

An Act to establish the Nigeria Sovereign Investment Authority to receive, manage and invest in a diversified portfolio of medium and long-term revenue of the federal Government, State Government, Federal Capital Territory, Local Government and Area Councils to prepare for the eventual depletion of Nigeria’s bicarbon resources for the development of critical infrastructure in Nigeria that attract and support foreign investment, economic diversification, growth and creation in Nigeria; and for related matters.

ENACTED by the National Assembly of the Federal Republic of Nigeria:

PART I – ESTABLISHMENT, FUNCTIONS, POWERS ETC OF THE NIGERIA SOVEREIGN INVESTMENT AUTHORITY

1. Establishment of the Sovereign Investment Authority.

(1)    There is established the Nigeria Sovereign Investment Authority (in this Act referred to as ‘”the Authority”).

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