NLNG Corporate Teamwork banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

NSIA boss faults Oshiomhole, Nigeria's sovereign wealth intact

By News Express on 21/09/2015

Gmail icon

Views: 2,844


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

Posted 21/09/2015 04:17:54 AM

 

 

CLASSIFIED ADS

 

You may also like...
Journalists jailed in record numbers worldwide

Brexit: Britain rejects petition for second EU referendum...

Okupe rubbishes APC, El-Rufai

Battle of Calabar: Keshi names Super Eagles’ 18...

Longest-serving Rep in history calls for abolition of...

Reps uncover another N3.1bn contract scandal in NEMA...

Ohanaeze, IPOB warn against Kanu’s re-arrest •AGF biased,...

Of electoral integrity and democratic development, By Salihu...

Ocean surge sacks four communities in Ondo

INEC ad-hoc staff desert polling centre in Ibadan...

Man kills wife, in-laws for having sex with...

Ofuani unveils strategy for integrated development of Asaba...

 

Latest News BREAKING: FG, Labour reach agreement on minimum wage implementation Why we can’t make asset declarations of President, others public — CCB Fear grips students as killers lay siege to Otuoke Varsity Notorious kidnapper, 16 others nabbed in Plateau Ihedioha, Okorocha in pension figure battle 3 fake journalists arrested in National Assembly trying to extort Petroleum Minister Sanwo-Olu, Okonkwo parley ASPAMDA, Trade Fair market leaders on infrastructure development Senate investigates N2.5bn NDDC contract inflation Magodo collapsed building: Lagos Govt marks over 100 houses for demolition Buhari orders forensic audit of NDDC operations from 2001 Oyo Governor unveils details of state security architecture •Set to launch vigilante services 35 killed in Saudi Arabia bus crash

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (551,304 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,489 views) Shameless Genevieve Nnaji exposes breasts in public (395,056 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,838 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,087 views) 10 cars more expensive than Jets (264,754 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,147 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,452 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,940 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,131 views) Lagos plane crash: Journalist releases victims’ names (198,626 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,838 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,498) Business Verdict (85) Columnists (1,130) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (690) Features (833) Global Business Monitor (466) ICT Monitor (66) International (4,086) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (448) News (52,762) Opinion (1,396) Pidgin (17) Politics (11,582) Religion (1,111) Sports (2,196) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera