ADVERTISEMENT

Sovereign Wealth intact, says NSIA Boss

Orji said that the management of NSIA was open and available to provide details on its operations and accounts to all its stakeholders.

A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. In Nigeria, holding naira has become increasingly unpopular as it has lost its value. Basic everyday goods can still be paid for in the local currency but many items are scarce and Nigerians need U.S. dollars for imports such as drugs or fabrics sold by small-time traders, to send money to relatives abroad or to purchase western clothes that are important status symbols. Faced with a massive drop in oil revenues and declining reserves, Nigeria's central bank devalued the naira and then imposed rules restricting access to dollars to all but importing companies to curb what it termed speculation. Picture taken March 12, 2015. REUTERS/Afolabi Sotunde (NIGERIA - Tags: BUSINESS POLITICS)

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 bcame necessary ``due to speculations on the state of affairs of NSIA''..

"NSIA’s funds have been invested profitably, realising a Net Comprehensive Income of N15.8billion 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 1billion dollars has been managed in three different ring-fenced funds.

ADVERTISEMENT

"Twenty per cent in Stabilisation Fund, 40 per cent in Future Generation Fund and 40 per cent in Nigeria Infrastructure Fund respectively," he said.

He 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 2.2million dollars, which has been disbursed for project development related consultancy costs.

"In addition, N10.3billion 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," he said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT