Managing Director of Nigeria’s Sovereign Wealth Fund Authority  Uchechi Orji’s, tenure expires on September 30.

As a result the Federal Government, through the minister of Finance, has sent a replacement to the President for his approval according to the act setting up the body.

This is contained in the brief the Minister of Finance and National Planning, Mrs Zainab Ahmed, presented to the National Economic Council.

The Council was said to have “noted that the NSIA (Establishment) Act, 2011 provides that all appointments of individuals into the Board of Directors shall be made by the President on the recommendations of the Minister of Finance, who shall consult with the National Economic Council (NEC).”

The Council was also called to note that following the notification of the expiration of the tenures of the Managing Director/Chief Executive Directors, the Minister constituted the Executive Nomination Committee (ENC) to fill the vacant positions; Council then noted that the outgoing Managing Director/Chief Executive officer will expire on the 30th September, 2022.

“Finance Minister presented the outcome of the search to fill the positions of NSIA MD/CEO and 2 Executive Directors, which are becoming vacant with the expiration of the terms of the current holders. The names of the nominees were presented, and NEC gave its endorsement to the President for his approval.”

Read Also: Peter Obi Reacts As Newly-Wedded Couple Join Labour Party Rally In Abuja (VIDEO)

Six months ago the NSIA prepared Uche Orji’s handing over note and handed it over to the Nomination Committee made up of the Minister of Finance, and six State Governors one from each geopolitical zone.

The Committee acts on behalf of the Governing Board of the NSIA that comprises of the President, the 36 State Governors and the 774 Local Government Heads.

The Committee has done its job and recommended two nominees to President Muhammadu Buhari for consideration.

Uche Orji’s 10 years sojourn at the NSIA will come to an end this coming weekend.

He refused to say who his replacement is and asked that we wait for the announcement.