NSIA Gets Transparency Upgrade by Sovereign Wealth Institute

Nigeria Sovereign Investment Authority (NSIA) has received improved rating as a sovereign wealth fund by the Linaburg-Maduell transparency index administered by the Sovereign Wealth Institute.

In the official statement announcing the second quarter 2014 ratings, the Institute singled out the NSIA for special mention stating that NSIA has been upgraded to nine points out of a possible 10 from a score of four in the previous rankings.

This rating translates into a leap from a position of joint 33rd to joint 2nd; the only African sovereign wealth fund so ranked.  With the latest rankings, NSIA is in credible company alongside sovereign wealth funds from the USA, France, South Korea, Brazil and Malaysia.

More significantly, the improved transparency ranking validates NSIA’s commitment and adherence to the highest prescriptions of the Santiago Principles with respect to corporate governance, investment strategy, disclosures and SWF best practices.

The NSIA, in a statement yesterday, believes that the capacity to deliver on its statutory mandate, for the benefits of all Nigerians, depends on these values hence the unwavering commitment to best practice standards in all policies, procedures and systems.

The Linaburg-Maduell Transparency Index was developed at the Sovereign Wealth Fund Institute by Carl Linaburg and Michael Maduell and is a method of rating transparency in respect to sovereign wealth funds.