Business
NSIA Records N15bn Income In 2014
The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, said the fund recorded a net comprehensive income of N15.8 billion in 2014, up from N505 million in December 2013.
Orji announced this while addressing newsmen on Authorities Financial Year report on Monday in Abuja.
“Total revenue during the period stood at N7.2 billion, up from N1.96 billion.
“Change in fair value of assets was at N10.5 billion as opposed to a loss of N19.5 million during the 15 month period ended December 2013,’’ he said
He said investment securities grew from N45.1 billion to N118 billion during the period.
He said that borrowing which stood at N1.4 billion as at end of 2013, was fully liquidated while the authority invested N13.6 billion in subsidiaries and its associate as at the end of the financial year 2014.
The subsidiaries, he said, include NSIA Motorways Investment Company and KG Brussels as well as a stake in Nigeria Mortgage Refinancing Company were consolidated in the authority’s book.
He said that the prevailing exchange rate at the end of the financial year was N167.5 to a dollar.
“Our strong financial performance during the period in review came primarily from investments in secondary interests in private equity, developed market long only equities and return hedge fund investment,’’ he said
He said the operating performance was recorded against significant headwinds generated by sustained global financial crisis, weak demand, rapidly declining oil prices and a turbulent local operating environment.
Orji said that in the year under review, the NSIA ranking under the Sovereign Wealth Fund Institute Transparency Index (SWFI) was upgraded to nine points out of 10 from the previous forth position.
This new rating, he said, translated to a leap from global joint 33 to global joint second position, out of 51 Sovereign Wealth Funds ranked by SWFI.
“It also made us the only African fund to be ranked,’’ he said
He said that the outlook in 2015 remained volatile as European Central Bank commenced a quantitative easing programmed and the Swiss Central had upgraded its currency against Euro that led to significant swings in major currencies.
He assured the authority would diversify strategy for future generations and stabilisation funds, adding that the major focus would be on domestic market, especially in the power sector.
“We believe that the recent devaluation of the naira presents both challenges and opportunities in the domestic market.
“From our position as investors, we have seen incredible buying opportunities and we expect that infrastructure fund will become increasingly active in the domestic market as we take advantage of short term price dislocation,’’ he said.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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