By Joseph Momoh, Reporter D.S
On February 7, 2025, the leadership of the National Investment Board (NIB) received the final report from the Management and Functional Review (MFR) conducted by the Public Sector Reform Unit (PSRU). This review was initiated following the establishment of the NIB through an Act of Parliament in 2022, which consolidated four existing investment institutions: the Sierra Leone Investment and Export Promotion Agency (SLIEPA), the Public Private Partnership Unit (PPP), the Corporate Affairs Commission, and the Business Registration Unit.
During the report presentation, Dr. Hinga Sandy, Executive Director of NIB, commended the PSRU team for their dedication and professionalism throughout the review process. He noted the extensive work involved, including desk reviews and interviews, which culminated in a comprehensive report that will play a critical role during the transition phase.
Dr. Sandy expressed his commitment to establishing a Change Management Team to implement the report’s recommendations, particularly regarding the new organizational structure. He emphasized the importance of reviewing institutions to streamline the wage bill and ensure effective and efficient operations.
In a PowerPoint presentation, Mr. Sulaiman Phoray-Musa, Director of PSRU, explained that the MFR was a collaborative effort involving critical institutions like the Human Resource Management Office (HRMO). He outlined the objectives, thematic areas, methodologies, and approaches used in the study, which covered various aspects including mandates, functions, organizational structure, human resource management, and asset management.
Among the key findings, the report indicated a lack of clear distinction between the Board and the Secretariat of the NIB, which could expose the President, as Chair of the Board, to potential litigation despite constitutional immunity. The review recommended reassessing the NIB Act to emphasize a distinct separation between the Board and the Secretariat.
Additionally, the review suggested changing the name from the National Investment Board to the National Investment Authority, arguing that the current name could undermine its authority and influence. It also highlighted the absence of regulatory instruments to guide the implementation of the Act.
The report strongly recommended developing regulations to enhance the Agency’s enforcement mechanisms and creating a policy to ensure consistency, accountability, and clarity in NIB operations. Lastly, it noted that the current Board structure appeared overly political, which could hinder investor confidence, and recommended reducing political influence on the Board to foster a more enabling environment for investment and trade.
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