The Nigeria Sovereign Investment Authority, NSIA, says the agency invested over five hundred million dollars in domestic infrastructure, while also investing over one billion dollars in what it called third party investment for Nigeria.
The Managing Director and Chief Executive Officer, NSIA, Mr Aminu Sadiq, stated this when he appeared before the House of Representatives Ad-hoc committee set up to Investigate the activities of the NSIA since inception,
He said the agency has consistently achieved positive outcomes in the last ten years looking at it net comprehensive income.
According to him, the NSIA has also carried out a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare and power, while developing over 10 institutions and platforms to improve the financial market ecosystem.
” I will give an overview if the NSIA, as we all know it was created by an Act of the National Assembly in 2011, it has a share ownership of 45.8 percent federal government, state government at 36.2, local government at 17.8 percent and the FCT at 1.6 percent. The institution from inception till today, the NSIA has received $1 billion in 2012 and three sets of $250 million, it has also drawdown of $150 has also occurred. We are a signatory to the Santiago Principle of the IMF and the ISFWF prioritising accountability, transparency and governance in the execution of our operations.
“By law, we have three separate and main flex bonds: the stabilization fund which during time of economic duress provides stabilization support, the law makes for 20 percent allocation as a minimum. We have the future generations fund, which is a diversified portfolio of growth investment managed for future generations of Nigerians. The first two funds are global in nature and are fond of funds, and then we have a Nigeria infrastructure fund which by law is to invest in the infrastructure sectors in Nigeria. In addition to that we also have third parties managed funds and there are five of them.In terms of the historical highlights of the NSIA, it is important to mention that we have been consistently positive over the last 10 years.
He added that the net assets growth of the agency has grown from N156 billion names in 2013 to N1. 017 trillion as at the end of 2022.
The Chairman of the Ad-hoc committee, Mr Kuye Ademorin, said the investigation seeks to amongst others prevent waste and inefficiency even as he sought the cooperation of all stakeholders present at the hearing.
He stated that the aim of the investigation was to ensure that the statutory provisions of the law establishing the agency was adhered to.
Mr Ademorin added that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee will visit sites of projects being handled by the agency to ensure value for money.
COV/IBRAHIM SHEHU
