Nigerian Sovereign Investment Authority (NSIA), administrators of the country’s Sovereign Wealth fund (NSF), which appointed Goldman Sachs, Credit Suisse and UBS as asset managers for its Stabilization Fund last week, has appointed Stanbic IBTC as its local custodian.
According to an official statement, the Nigerian subsidiary of South African-based Standard Bank will look after the local investment of the $1 billion fund, working closely with JP Morgan, NSIA’s global custodian.
NSF – the 3rd largest fund in sub-Saharan Africa, after the $6.9 billion Botswana and $5bn Angola funds – was established in 2011 to manage excess revenue accrued from oil sales, and was broken down into 3 categories; Stabilization Fund, Future Generation Fund and Nigerian Infrastructure Fund.
The infrastructure fund is limited to investments in Nigeria, with money going into projects to improve transportation, energy, power, water resources and agriculture.
In June, the NSIA signed an MoU with Lagos-based Africa Finance Corporation to work together on infrastructure transactions, with similar agreements reach with GE during the same period.
