Latest update March 13th, 2026 12:35 AM
‘$24M for doing nothing’ …NRF Investment Committee paid while oil money sat idle
(Kaieteur News) – In just over three years, $24M has been paid to members of the Natural Resource Fund (NRF) Investment Committee although there was no special investment of the oil revenue generated from the Stabroek Block.
An analysis of the past three NRF Annual Reports by Kaieteur News found an almost identical explanation of the ‘Investment Mandate’ for the years 2022, 2023 and 2024.
Notably, the oil fund was established following the passage of the NRF legislation in 2021. Subsequently, President Irfaan Ali appointed the various Boards and Committees to govern and oversee the fund in August 2022.
It was reported that several distinguished Guyanese were appointed to serve on the respective bodies including the NRF Board, the Public Accountability and Oversight Committee, and the Investment Committee.
President Irfaan Ali (right) with Chairperson of the NRF Investment Committee Ms. Shaleeza Shaw and member, Richard Rambarran.
While some argue that the legislation watered down the guardrails previously set by the APNU/AFC administration, the government maintains that the oil fund is now better managed through the new bodies compared to the former arrangement that allowed the minister of Natural Resources sweeping powers.
The NRF Reports indicate that six members were appointed to the Investment Committee of the oil account, including a chairperson.
Since those persons were appointed, Kaieteur News learnt that $24M has been paid, although no special investment of the fund was ever facilitated or decided upon. In fact, the NRF Annual Reports seen by this newspaper state that the revenue from oil remained in an account in the United States, currently accumulating interest.
The 2024 NRF Report explained that the Board of Directors of the NRF (a separated body) met on May 16, 2024 to approve the Investment Mandate of the Fund. “It was mandated that the funds be maintained in overnight deposits at the Federal Reserve Bank of New York. It was agreed that the Bank will continue to monitor the overnight interest rate and related market developments and inform the Chairman of any key changes to consider the feasibility of rebalancing the Portfolio items,” the document said.
Further, it was explained that towards the end of the year, a proposal was under consideration by the Board of Directors to revise the current investment mandate. However, at the end of the financial year there was no change to the Investment Mandate as the federal funds rate remained relatively high.
Section 9(1) of the Act stipulates that the Investment Committee shall be responsible for advising the Board of Directors on the Investment Mandate for the Fund.
The six Investment Committee members, as outlined by the 2024 NRF Annual Report include Ms. Shaleeza Shaw (Chairperson), Mr. Lauris Hukumchand, Mr. Michael Munroe, Mr. Richard Rambarran, Mr. Terrence Campbell and Mr. Ganesh Sugrim.
This newspaper was informed by a credible source that each member is paid about $100,000 monthly.
It was reported in February this year that businessman turned politician, Terrence Campbell, a former member of the NRF Investment Committee raised serious concerns relating to transparency in the use of oil revenue.
At the time Campbell even vowed to donate his portion of earnings from the Committee to charity as he referred to the NRF Board and Public Accountability and Oversight Committee as a mere rubber stamp.
He explained, “In essence, the Board signs a blank cheque with each withdrawal. This effectively reduces the Board to a rubber stamp and the Public Accountability and Oversight Committee, which is supposed to provide oversight, to a white elephant.”
“I’ve stayed on the inside to continue paying attention to what’s happening and externally, to avoid the back and forth with the Vice President and the Minister of Finance over interpretation of Section 16 of the Act,” he added.
Campbell has since tendered his resignation and filed legal proceedings against the lack of transparency in the use of oil revenues.
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