Sovereign Wealth intact, says NSIA Boss

chika ebuzor

September 21, 2015 7:53 AM

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.

"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.

chika ebuzor