This article is an edited extract from our June 2026 member newsletter, IFSWF Direct, published here for a wider audience. To receive future editions directly, subscribe here.
From the community: NSIA brings Nigeria’s lawmakers to London
In June, the Nigeria Sovereign Investment Authority (NSIA) hosted a study tour in London for members of the Nigerian Parliament. Convened by NSIA’s Charlotte Adesiyan and Uduak Ukpeh and held over 8–10 June, the programme — themed “Strengthening the Legal and Governance Mechanisms to Ensure Long-Term Funding and Sustainability of the Nigeria Sovereign Wealth Fund” — was designed to deepen legislators’ understanding of NSIA’s legal and operational framework and to strengthen their capacity to exercise their oversight responsibilities.
As a member of IFSWF, NSIA invited the Forum to contribute, and we were glad to take part in an exchange of ideas on best practice, transparency and sound governance. It is exactly the kind of peer-to-peer learning the Forum exists to support — and a reminder that the durability of a sovereign fund rests as much on its legal and governance foundations as on its returns. Our thanks to Charlotte, Uduak and the whole NSIA team for the invitation.
Mongolia consolidates its sovereign wealth architecture
Mongolia has taken a significant step in its economic governance. On 27 May 2026, the Cabinet of Mongolia approved a landmark decision to consolidate Chinggis Khaan Sovereign Wealth Fund LLC and Erdenes Mongol LLC, the state mining holding, into a newly formed Chinggis Khaan Sovereign Wealth Fund Corporation. It is a transformational shift: an evolution from a traditional state-owned mining holding structure into a professionally governed sovereign wealth fund aligned with international standards and long-term national development objectives.
"Merging Chinggis Khaan Sovereign Wealth Fund LLC with Erdenes Mongol LLC creates a single, globally connected institution;” said Temuulen Bayaraa, CEO of Chinggis Khaan. “We are building a platform capable of attracting foreign capital, optimising Mongolia's strategic assets, and generating sustainable long-term returns across generations." She continued at the official launch.
As a corporation holding the government's shares in strategically important mining assets, the new institution's mandate centres on professional portfolio and state asset management; strategic investments and co-investment platforms; and capital-market development. Since its establishment, the sovereign wealth fund has recorded an average year-on-year growth rate of approximately 30% while building relationships across the global sovereign investor community, including IFSWF.
The reform also streamlines the former holding structure by dissolving overlapping, debt-financed subsidiaries and reducing administrative costs, thereby fully aligning the organisation with Mongolia's National Wealth Fund Law. It is an encouraging example of a resource-rich economy building durable, globally benchmarked institutions, and we look forward to following its progress.
Ethiopia: EIH ties board pay to performance
Ethiopian Investment Holdings (EIH), which oversees more than 40 state-owned enterprises, has introduced a performance-linked remuneration framework for the boards of its portfolio companies. The directive replaces guaranteed, flat board payments with a formula that makes pay conditional on three tests: a profitable result, an unqualified external audit opinion, and the timely settlement of dividends. Remuneration is then scored across company, board, and individual performance, with directors measured against 12 key performance indicators — including a minimum of 21 hours of training a year — and capped at 2 concurrent board seats.
EIH frames the reform as a move away from “ceremonial” oversight toward boards that are accountable drivers of value, with cleaner lines between regulatory and commercial roles. For a holding company whose assets are equivalent to roughly a tenth of Ethiopia’s GDP, it is a notable step in governance discipline, and one that will resonate with members wrestling with the same questions.
IFSWF Direct is our members-only newsletter, published monthly. This extract has been lightly edited for a public audience and was published after the original distribution date. Want the full edition in your inbox? Subscribe here.