Uche Orji
Nigeria
Uche Orji
  • Managing Director and CEO, Nigeria Sovereign Investment Authority (Financial Services)
Born Enugu, Nigeria, January 24, 1970. Bachelors of Engineering, Chemical Engineering, University of Port Harcourt (1990); MBA, Harvard Business School (1998).
“NSIA’s ability to have navigated through three different administrations of the government shows that we can build resilient entities in the country.”

Summary

In this interview, Uche Orji, the CEO and Managing Director of the Nigerian Sovereign Investment Authority (NSIA or “the Authority”), remembers the psychological impact that the Nigerian Civil War (1967-1970) left on his parents’ generation. Raised to be driven and exceptionally hard-working, he recalls how he was the youngest of his class and the only student admitted from his local primary school admitted to Government College Umahia, a highly competitive secondary school. There, he describes finding a great sense of community and developing his discipline, self-confidence, and ambition. Orji then discusses his series of unconventional decisions – to attend the University of Port Harcourt, a distant, new institution; to study chemical engineering, an obscure degree in his household; and to do it all at the age of 15, skipping his A-levels and undertaking the challenge of catching up on two grades of math and chemistry. He elaborates on his reasoning, recalling how his uncle helped him appreciate Nigeria’s oil and gas-dependent economy, and the impressiveness of University of Port Harcourt’s proximity to the industry, where he could get ample hands-on work experience.

Noting Orji’s interest and aptitude for financial analysis, one of his professors encouraged him to consider a career in accounting. Orji begins by detailing the interview process for positions in the field. Looking back on his first auditing job (1991), he praises Arthur Anderson’s corporate culture, highlighting its international, but tight-knit value-based community, its esteem for employee opinions regardless of rank, and its holistic approach to client relations – traits he continues to emulate at NSIA today. After a 2-year project implementing a new enterprise resource planning system, he was hired by his first client at Arthur Anderson, Diamond Bank, now part of Access Bank (1993). Orji recalls the excitement of being the Financial Controller at a new bank; arriving to a single hall under construction, he helped it grow into ten branches, fully equipped with advanced technologies.

With the encouragement of his mentors, Orji continued his education at HBS. Orji shares the engaging story of how he made it to Boston: fiddling with the Internet before it was accessible or fast, rushing to get his materials ready over a weekend, and, upon receiving his admission offer, being pleasantly surprised by Diamond Bank with a loan to finance his degree. He then describes how the case method introduced him to participatory-based learning – not only from one’s professor, but also from one’s peers. Following graduation, Orji moved to London. Reflecting on his experiences at Goldman Sachs (1998) and JP Morgan (2001) in London, as well as UBS Securities (2007) in New York, he compares the size, complexity, and intensity of business in Europe and the US.

When the NSIA was inaugurated in 2012, the Nigerian Minister of Trade, who had crossed paths with Orji at Goldman Sachs, recommended him for the CEO position. The Authority manages the surplus income derived from the country’s excess oil reserves on behalf of the government to benefit future generations of Nigerians. Like other sovereign wealth funds, the NSIA is organized into a Stabilization Fund and a Future Generations Fund, but it also includes a Nigerian Infrastructure Fund. Although Orji was reluctant to give up his work in New York, he felt a civic duty to interview and follow through with the NSIA: “Given the opportunity to go and do something… if I did not [do it], I would abdicate every right to complain about Nigeria and Africa.” Receiving the job offer, he was once again faced with a challenging decision – and he once more chose to build something new. Having lived abroad for two decades, he discusses his lack of on-the-ground knowledge of Nigeria and the logistics of relocating his family.

Orji reveals the shock of returning to Nigeria to find that nothing had been set up yet: there was no lodging, no office, and no funds transferred. Originally assured a $1 billion budget – knowing that at least $3 billion were needed to develop the office – he quickly changed his approach to the job. Assisted by Mr. Kayode Ogunro, the Special Advisor to Nigeria’s Minister of Finance and a fellow HBS alum, Orji put down the capital to rent a house that doubled as their office. He designed a business plan and leveraged his network and reputation to convince skeptical investment advisors to come onto the Nigerian project. They obtained funding from Britain’s Department for International Development to hire new employees. Orji shares that the experience pushed his team to be resourceful and brought them closer together. He recalls that NSIA’s early sufficiency also earned the respect of the Minister of Finance. In contrast, many governors and legislators remained hostile towards the Authority, scarred by the central government’s previous mismanagements of regional resources. Orji argues that NSIA eventually gained their trust through top performance, transparency, and consistent communication. Expanding on this, he explains sectors in which the NSIA took less risks to avoid losing public money and discusses the benefits of public-facing healthcare and infrastructure projects. Orji goes on to report the NSIA’s different activities and efforts. Starting from scratch a decade ago, the Authority’s fund at the time of the interview had almost reached $4 billion. It also outperformed its benchmarks after 2015.

Orji concludes the interview by speaking directly to young African professionals studying abroad: “I realized just how much an African system needs voices like ours.” Contemplating his time at HBS, he notes that students “studied 800 cases and that became normal. But you are going to be discussing them with people who never heard of them before, so you are needed here.” He goes on to urge graduates to dedicate part of their careers to the public service, underscoring the importance of seeking out competitive, transparent, and openly appointed positions.

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In this interview, Uche Orji, the CEO and Managing Director of the Nigerian Sovereign Investment Authority (NSIA or “the Authority”), remembers the psychological impact that the Nigerian Civil War (1967-1970) left on his parents’ generation. Raised to be driven and exceptionally hard-working, he recalls how he was the youngest of his class and the only student admitted from his local primary school admitted to Government College Umahia, a highly competitive secondary school. There, he describes finding a great sense of community and developing his discipline, self-confidence, and ambition. Orji then discusses his series of unconventional decisions – to attend the University of Port Harcourt, a distant, new institution; to study chemical engineering, an obscure degree in his household; and to do it all at the age of 15, skipping his A-levels and undertaking the challenge of catching up on two grades of math and chemistry. He elaborates on his reasoning, recalling how his uncle helped him appreciate Nigeria’s oil and gas-dependent economy, and the impressiveness of University of Port Harcourt’s proximity to the industry, where he could get ample hands-on work experience.

Noting Orji’s interest and aptitude for financial analysis, one of his professors encouraged him to consider a career in accounting. Orji begins by detailing the interview process for positions in the field. Looking back on his first auditing job (1991), he praises Arthur Anderson’s corporate culture, highlighting its international, but tight-knit value-based community, its esteem for employee opinions regardless of rank, and its holistic approach to client relations – traits he continues to emulate at NSIA today. After a 2-year project implementing a new enterprise resource planning system, he was hired by his first client at Arthur Anderson, Diamond Bank, now part of Access Bank (1993). Orji recalls the excitement of being the Financial Controller at a new bank; arriving to a single hall under construction, he helped it grow into ten branches, fully equipped with advanced technologies.

With the encouragement of his mentors, Orji continued his education at HBS. Orji shares the engaging story of how he made it to Boston: fiddling with the Internet before it was accessible or fast, rushing to get his materials ready over a weekend, and, upon receiving his admission offer, being pleasantly surprised by Diamond Bank with a loan to finance his degree. He then describes how the case method introduced him to participatory-based learning – not only from one’s professor, but also from one’s peers. Following graduation, Orji moved to London. Reflecting on his experiences at Goldman Sachs (1998) and JP Morgan (2001) in London, as well as UBS Securities (2007) in New York, he compares the size, complexity, and intensity of business in Europe and the US.

When the NSIA was inaugurated in 2012, the Nigerian Minister of Trade, who had crossed paths with Orji at Goldman Sachs, recommended him for the CEO position. The Authority manages the surplus income derived from the country’s excess oil reserves on behalf of the government to benefit future generations of Nigerians. Like other sovereign wealth funds, the NSIA is organized into a Stabilization Fund and a Future Generations Fund, but it also includes a Nigerian Infrastructure Fund. Although Orji was reluctant to give up his work in New York, he felt a civic duty to interview and follow through with the NSIA: “Given the opportunity to go and do something… if I did not [do it], I would abdicate every right to complain about Nigeria and Africa.” Receiving the job offer, he was once again faced with a challenging decision – and he once more chose to build something new. Having lived abroad for two decades, he discusses his lack of on-the-ground knowledge of Nigeria and the logistics of relocating his family.

Orji reveals the shock of returning to Nigeria to find that nothing had been set up yet: there was no lodging, no office, and no funds transferred. Originally assured a $1 billion budget – knowing that at least $3 billion were needed to develop the office – he quickly changed his approach to the job. Assisted by Mr. Kayode Ogunro, the Special Advisor to Nigeria’s Minister of Finance and a fellow HBS alum, Orji put down the capital to rent a house that doubled as their office. He designed a business plan and leveraged his network and reputation to convince skeptical investment advisors to come onto the Nigerian project. They obtained funding from Britain’s Department for International Development to hire new employees. Orji shares that the experience pushed his team to be resourceful and brought them closer together. He recalls that NSIA’s early sufficiency also earned the respect of the Minister of Finance. In contrast, many governors and legislators remained hostile towards the Authority, scarred by the central government’s previous mismanagements of regional resources. Orji argues that NSIA eventually gained their trust through top performance, transparency, and consistent communication. Expanding on this, he explains sectors in which the NSIA took less risks to avoid losing public money and discusses the benefits of public-facing healthcare and infrastructure projects. Orji goes on to report the NSIA’s different activities and efforts. Starting from scratch a decade ago, the Authority’s fund at the time of the interview had almost reached $4 billion. It also outperformed its benchmarks after 2015.

Orji concludes the interview by speaking directly to young African professionals studying abroad: “I realized just how much an African system needs voices like ours.” Contemplating his time at HBS, he notes that students “studied 800 cases and that became normal. But you are going to be discussing them with people who never heard of them before, so you are needed here.” He goes on to urge graduates to dedicate part of their careers to the public service, underscoring the importance of seeking out competitive, transparent, and openly appointed positions.

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Start-Up

Uche Orji, CEO and Managing Director of the Nigerian Sovereign Investment Authority, discusses how he approached the sovereign wealth fund as an entrepreneurial venture when bureaucratic processes delayed the transfer of capital for 9 months.


Interview Citation Format

Interview with Uche Orji, interviewed by Hakeem Belo-Osagie, Lagos, Nigeria, September 1, 2021, Creating Emerging Markets Project, Baker Library Historical Collections, Harvard Business School, https://www.hbs.edu/creating-emerging-markets/Pages/default.aspx.