NSIA boss faults Oshiomhole, Nigeria's sovereign wealth intact

Posted by News Express | 21 September 2015 | 3,279 times

Gmail icon

The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, has said that all funds and assets managed by the NSIA were intact and fully accounted for.

The clarification, contained in a statement made available to newsmen on Sunday in Abuja, said that the step became necessary “due to speculations on the state of affairs of NSIA.”

Orji said that the management of NSIA was open and available to provide details on its operations and accounts to all its stakeholders. Though he refrained from mentioning Adams Oshiomhole's name, the NSIA boss was apparently responding to the claim by the Edo State Governor that $700m was illegally taken from SWF to fund the consultancy fee for the Second Niger Bridge.

Orji's words: “NSIA’s funds have been invested profitably, realising a Net Comprehensive Income of N15.8 billion in the year ended 31st December, 2014, far beyond the N505 million recorded in the first months that ended on December 31, 2013.

“The seed capital of 1 billion dollars has been managed in three different ring-fenced funds.

“Twenty per cent in Stabilisation Fund, 40 per cent in Future Generation Fund and 40 per cent in Nigeria Infrastructure Fund respectively.”

Orji said that NSIA was currently investing or looking at investing the Nigeria Future Investment Fund in the Motorways, Power, Agriculture, Real Estate and Healthcare sectors.

“NSIA's total commitment to the Second Niger Bridge project stands at 2.2 million dollars, which has been disbursed for project development related consultancy costs.

“In addition, N10.3 billion was disbursed on early construction works on behalf of the Federal Ministry of Works.

“The Future Generations Fund is being invested in a diversified range of public, private equities and hedge funds, using the services of best-in-class investment managers and global fund custodians.”

Orji reiterated NSIA's commitment to upholding the highest standards in corporate governance, accountability and transparency in the management of the nation's fund.

The News Agency of Nigeria (NAN), reports that NSIA is an agency of the Federal Government set up to manage funds in excess of budgeted hydrocarbon revenues.

NSIA operates three mandate funds - the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.

•Adapted from a NAN report. Photo shows NSIA MD, Uche Orji.

Source: News Express

Readers Comments

0 comment(s)

No comments yet. Be the first to post comment.

You may also like...