Uche Orji is a household name in the investment sector of Nigeria’s Financial world. He is the CEO/Managing Director, Nigeria Sovereign Investment Authority. He brings a wealth of global experience in the financial services sector to his role as MD/CEO of the Agency.
A Harvard Business School and University of Port Harcourt Graduate, Uche Orji is a Board member of Nigeria Mortgage Refinance Co and Nigeria Sovereign Investment Authority.
He served as the Interim Chairman of Development Bank of Nigeria’s Board of Directors until March 2017. He joined NSIA as CEO in October 2012, from Switzerland’s largest bank, UBS Securities, where he was Managing Director in the New York branch of its Equities Division.
Prior to his UBS experience, Mr. Orji spent six years at JP Morgan in London, 2001-2006, rising from the position of Vice President to Managing Director within the Equities Division.
Prior to JP Morgan, he worked for Goldman Sachs Asset Management, London, 1998-2001, as an Analyst/Portfolio Manager.
His first banking and financial industry experiences were at Diamond Bank Plc., Lagos and Arthur Andersen, Lagos respectively.
Mr. Orji studied Chemical Engineering at the University of Port Harcourt, Nigeria, graduating in 1990. He also obtained an MBA from Harvard Business School in 1998.
Nigeria Sovereign Investment Authority is a Sovereign Wealth Fund created by the Government of Nigeria in 2013. It is split into 3 sub-funds: The Future Generation Fund, The Nigeria Infrastructure Fund and The Fiscal Stabilization Fund and all three funds will hold diversified assets including Private Equity and infrastructure.
The Nigeria Sovereign Investment Authority manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The wealth fund commenced operations in October 2018 under President Buhari and was set up by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011. It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians. The fund was allocated an initial US$1 billion in seed capital. However, an additional $0.5billion has been contributed to date by the current administration.
Nigeria’s Sovereign Wealth Fund is composed of three distinct funds or windows, each with specific investment and development objectives. Of the initial $1bn, 85 percent of the funds will be distributed among the three windows with an initial 15 percent or $150 million remaining unallocated, to be assigned to either of the three funds as needed in the future. The funds will be invested in various securities. The Stabilisation Fund was allocated an initial 20 percent, while 32.5 percent each went to the Future Generation and the Nigeria Infrastructure funds.
Stabilisation Fund: The Stabilisation Fund is intended to safeguard against budgetary deficits. It would be a last resort from which the government may withdraw annually to meet shortfalls in the budget brought about by falls in oil prices or other budgetary constraints.
Future Generations Fund
The Future Generation Fund is a savings fund that will seek investment in long-term investments and assets to provide savings for future generations of Nigerians.
Nigeria Infrastructure fund
The Nigeria Infrastructure Fund is expected to secure investments in the infrastructural development of the country in areas such as agriculture and other government directed projects.
With his wealth of global experience which spans over three decades in the financial services sector, Uche Orji, has improved the asset management and financial services of NSIA.
Uche Orji also serves on the Boards of the Infrastructure Credit Guarantee Company Ltd (InfraCredit) as Chairman, and Non-executive Director at the Development Bank of Nigeria (DBN), Family Homes Funds Ltd (FHFL), NG Clearing Ltd and Nigeria Mortgage Refinance Company (NMRC).
According to our source, his years of experience has taken him through organisations such as UBS Securities, New York, where he was a Managing Director and Global Coordinator of Semiconductor Equities Research; JP Morgan Securities, London, where he was a Vice President and later Managing Director within the Equities Division and Analyst in charge of European Semiconductor Equities Research; Goldman Sachs Asset Management where he was an Executive Director serving as Analyst/Portfolio Manager covering chemicals and telecommunication equipment sectors, as well as co-manager of Global Technology Fund and pan-European equities fund. Prior to his international work experience, he served as the Acting Financial Controller at Diamond Bank Plc (now part of Access Bank Plc), Nigeria, and started his career in the audit group of Arthur Andersen & Co. He completed his National Youth Service in Bauchi, where he worked at the Nigeria Industrial Development Bank, NIDB (now Bank of Industry.
As an analyst, he advised leading global asset managers, ranking #1 in Europe and top 3 in the United States according to Institutional Investors Magazine All-Equities Analyst Ranking. As part of his sector coverage, he provided strategic advice to the Management of leading companies such as Intel Electronics, Nvidia, ASML, Philips Electronics, AMD and Texas Instruments; and as global coordinator covered global companies such as Samsung Electronics, Toshiba, Nikon, Canon and Hynix. He has authored/co-authored hundreds of research papers in the Semiconductor sector as well as the broader technology investment sectors and was a regular commentator on the technology sector on all major news media.
Under his watch, Global Citizen and the Nigeria Sovereign Investment Authority (NSIA) announced the imminent launch of a solidarity fund designed to provide additional support for Nigeria’s response to the COVID-19 pandemic in May 2020. The Fund enables Nigerian Citizens resident at home or in the diaspora as well as international donors to come together and directly contribute to Nigeria’s fight against the pandemic.
The announcement was organised as a virtual live streamed event hosted by the NSIA and chaired by His Excellency, the Vice President of The Federal Republic of Nigeria, Profesor Yemi Osinbajo, SAN, GCON. Also participating was the Honourable Minister of Finance, Dr. Zainab Shamsuna Ahmed.
As a transparent man, he has ensured The Nigeria Sovereign Investment Authority (“NSIA” or “The Authority”), announces its results for financial years. The results in July 2020, show that the Authority sustained its positive performance trajectory in the period under review.
Last year, 2019 was a mostly favourable year for the Authority. In the first instance, its diversified asset strategy was buoyed by positive returns from the international markets as almost all the investments made in equities, hedge funds and private equity outperformed.
In a statement by the Investment Agency, domestic developments also favoured the Authority and enabled our infrastructure investment strategy to deliver value to the Nigerian people as more capital was deployed in key projects leading to the attainment of significant milestones.
Olamide Adeniji is a member of the editorial team of TheScript Newspapers
