How We Spent The $1bn Sovereign Wealth- NSIA Boss

Written by on September 21, 2015

The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji has dismissed claims of a depleted sovereign wealth, adding that all funds and assets managed by the NSIA were intact and fully accounted for.This was contained in a statement made available to the press on Sunday in Abuja.unnamed (14)

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

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