Sunday, September 20, 2015 10:28 pm
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, contrary to the impression created by Governor Adams Oshiomhole that $700million could not be 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.
“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.
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 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.
On 18 September, Governor Oshiomhole had said that the fund had been depleted to $300 million.
He also said some of the investments made by the Fund were on projects funded by other sources.
“I reported to the media that the Sovereign Wealth Fund people, in their report to us, which I have in black and white, showed clearly that they have only $300m left in the account.
“We have it in black and white and I can publish it if anybody wants to deny that because it was not submitted to me secretly. It was submitted at a plenary of the committee.
“And then we asked, because I knew that the fund was $1bn, what was done with $700m and they said they have made some investments.”
“We asked them what they invested in and they said the second Niger Bridge and partially in the Kaduna-Abuja rail. That is what they said and I was not alone there.
“We were about five governors and it was a full plenary. But we know that the Kaduna-Abuja rail was funded with Chinese loan, which even Mrs. Ngozi Okonjo-Iweala spoke about, when they said the loan from China was not used for Lagos, she said it was for the Kaduna-Abuja rail”.