News
NSIA Records N160bn Income
The Nigeria Sovereign Investment Authority (NSIA) says it had a strong year in 2020, recording N160.06billion in total comprehensive income amounting to 343 per cent growth compared to N36.15billion in 2019.
The Managing Director, Mr Uche Orji, revealed this in a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review, yesterday, in Abuja.
Orji attributed the growth, in spite of the challenges of Covid-19, to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.
He added that the authority achieved 33 per cent growth in net assets amounting to N772.75billion as against N579.54billion in the previous year.
He also said that the NSIA received additional contribution of $250million and provided first stabilisation support of $150million from the Stabilisation Fund to the Federal Government.
According to him, the authority also received $311million from funds recovered from late Gen Sani Abacha from the US Department of Justice and Island of Jersey.
He said that the funds were deployed towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos-Ibadan Expressway and the Second Niger Bridge.
“The 2020 fiscal year was characterised by high volatility and global market uncertainty on account of Covid-19 in the first half.
“However, the authority’s strategic investments generated respectable returns in spite of the impact of Covid-19.
“Notably, NSIA has invested in various private equity and venture capital investment funds to tap into the high-growth sectors.
“NSIA expects that the outlook for 2021 would be positive, however, we expect bouts of volatility as global markets adjust and recover from the impact of the pandemic.”
Speaking on some of the projects and interventions the organisation was involved in; he said that it entered a strategic collaboration with BBVGH for cancer treatments.
Orji said that the group was helping in training personnel and bringing in lower costs cancer medicine for those who were in the NSIA-Lagos University Teaching Hospital Cancer Centre.
He also said it had operationalised the NSIA-Kano Diagnostic Centre and the NSIA-Umuahia Diagnostic Centre which were developed as first-rate diagnostic centres with individual investments of $5.5million each.
For the power sector, Orji said that the NSIA was building a 10 megawatts solar power plant in Kano, which presently was the single largest in Nigeria.
“Expected to be completed at the end of 2022 at a cost of about $15million, the plant would link industrial customers to an additional source of power supply,” he said.
He said it was also setting up a platform with International Development Finance Institutions (DFIs) to allow it spread across various parts of the country.
In agriculture, through the Presidential Fertiliser Initiative (PFI), it produced 12million 50 kilogram bags of NPK 20:10:10 equivalent in 2020.
This, he said, brought the total production since inception to over 30 million 50kg bags equivalent, while the number of participating blending plants increased to 44 from less than seven at inception.
Orji added that the NSIA completed construction of 3,000 hectares Panda Agric Farm in Nasarawa, the first project of the UFF-NSIA partnership.
He said that the NSIA launched Nigeria’s Innovation Fund to address investment opportunities within Nigeria in Information technology.
According to him, with immediate pipeline it includes data networking, data centres, software and services as well as Agri-tech and Bio-tech.
Speaking on gas industrialisation, he said significant progress had been made on developing the Ammonia and Diammonium phosphate production plants in partnership with OCP.
For 2021, he said the organisation was looking forward to completing the concession, capital raise and operationalisation of the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway.
“In the Future Generations Fund, we expect to allocate more capital to venture capital, global equity markets and an increasing exposure to European equities where we had been under exposed in 2020.
“NSIA believes that broad opening of the markets will provide a comprehensive lift to equities. Although NSIA believes the market is unlikely to repeat some of the performance of 2020.
“It is more likely that a broader market recovery will occur with economies opening unlike the case in 2020 in which technology stocks drove market performance.”
The NSIA was set up to manage funds in excess of budgeted hydrocarbon revenues.
Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians.
This would be through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress.
News
Easter: DHQ Orders Troop Alert, Confirms US Support
The Defence Headquarters has placed troops on nationwide alert ahead of the Easter celebrations, assuring Nigerians of tightened security.
The DHQ also reaffirmed that ongoing support from the United States is strengthening counter-terrorism operations, with a visible impact expected in the coming weeks.
Addressing journalists during the end-of-the-month briefing on Tuesday in Abuja, the Director, Defence Media Operations, Maj Gen Michael Onoja, assured citizens of heightened vigilance by troops during the Easter celebrations.
Onoja said the Armed Forces had already placed personnel on alert nationwide to prevent any security breach during the holiday period.
He added that similar measures were implemented during previous festive seasons, including Christmas and Eid-el-Fitr, and would be sustained.
“We know that festive seasons usually have heightened security activities. The military command gives instructions to ensure all personnel are on alert. This time will not be different,” he said.
He emphasised that security agencies would not relax despite the celebrations, noting that adversaries often attempted to exploit such periods.
“I can assure you that we will always be on alert, particularly at this period of festivities, because we know that the threats expect us to relax.
“But we are not going to relax. Everything will be okay for this Easter,” he added.
Speaking on the ongoing collaboration with the US forces, Onoja said the impact of the collaboration may not be immediately visible due to the nature of military engagements, but expressed confidence that the benefits would become evident in the coming weeks and months.
He said the U.S. support to Nigeria’s operations had been significant, particularly in the areas of intelligence sharing and training, noting that the assistance was being provided on favourable terms to strengthen ongoing counter-threat operations.
According to him, “You are aware that they are bringing intelligence and training support to us, which we need. They are giving that to us on very favourable terms. There are lots of things I cannot say because of confidentiality.”
He added that the intelligence being provided included information on the location of threats and hostile elements, stressing that Nigerian troops would act accordingly.
“All we can say is that these things take time. There is a gestation period when we are conducting military operations.
“You will not see it immediately, but in the next few months or weeks, you will feel the difference in the impact of the assistance that the U.S. is providing,” Onoja stated.
On February 16, 2026, DHQ confirmed the arrival of approximately 100 US military personnel and equipment at Bauchi Airfield.
According to the military high command, the personnel, who are not combat troops, were in Nigeria strictly for technical assistance, training, and advisory roles in counter-terrorism efforts.
However, insecurity has continued to surge in several parts of the country since their deployment, raising concerns about the effectiveness of the collaboration.
News
RSG Pledges Support For Youth Initiative …As Youth Dev Advocate Seeks Policies On Transformational Leadership
The Rivers State Ministry of Youth Development has restated the State Government’s commitment towards supporting initiative that will empower youth socially and economically in the State.
Permanent Secretary, Rivers State Ministry of Youth Development, Mrs Ruhoma Kejeh, stated this during the launching of a book titled: ‘A-Z Nuggets of Goal Setting: Discover Winning Ways To Set And Achieve Goals Like a Pro’, in Port Harcourt.
Kejeh said the State Government was committed towards supporting initiative that will empower youth socially and economically in the state.
The Permanent Secretary, represented by the Head of Department, Youth Education and Counseling, Rivers State Ministry of Youth Development, Mrs. Veronica Oborolor, described the book as a practical guide that will serve as a source of inspiration for youths.
According to her, the book is not only timely and commendable, but comes at a time when many youths face uncertainty in life.
In his remarks, the author of the book and a youth development advocate in Rivers State, Mr. Ibeleogute Emmanuel Ibodeng, called for policies that will promote transformational leadership in the country.
He said transformational leadership comes when the right policies are in place, and described the book as his contribution to human capacity development in Nigeria.
“This is my book launch. This will serve as my own contribution to human capacity building in this country,” he said.
Ibodeng added that the book will serve as a coaching template and model for emerging leaders, readers and passionate nation builders to coach themselves into excellence and patriotic citizens.
According to him, reading the book and imbibing its message has the capacity to make one a nation builder as it is tailored towards mind transformation and community development.
“My major target is to see that the leaders who come after this set will have their minds tuned after transformational leadership, and not just the kind of leadership we are used to today,” he said.
Also speaking, the guest speaker, Mrs. Uche Etiaba, said rather than relying on false hope and partisan politics, Nigerian youths should set clear goals and work out ways of achieving them.
Etiaba also described the book as a masterpiece, adding that vision without structure is like a mere dream.
She, however, blamed systemic failure as Nigeria’s major problem, arguing that the nation is experiencing high youth unemployment because the nation’s education system does not align with the job market.
According to her, there must be an alignment across all levels of our national life.
The event attracted people across all works of life.
John Bibor
News
Police Foil Kidnap Attempt, Recover Rifles In Rivers
The Rivers State Commissioner of Police, Olugbenga Adepoju, has reaffirmed the commitment of the Nigeria Police Force to safeguarding lives and property, following a major breakthrough in the fight against kidnapping in the State.
Adepoju said this in a statement by the command’s Police Public Relations Officer, CSP Grace Iringe-Koko which was made available to the Press in Port Harcourt, on Tuesday.
The police boss, in the statement, noted that the recent operation underscores the resolve of the command to intensify intelligence-driven policing and dismantle criminal networks operating within the State.
“Operatives of the Rivers State Police Command recorded the success after foiling an attempted abduction in Port Harcourt, leading to the arrest of a suspected gang member and recovery of arms and ammunition”, it said.
The incident, according to the statement, occurred in the early hours of March 20 when a 35-year-old resident, Fadi Nasser, raised the alarm over an invasion of his residence along Orogbum Crescent, Woji Road, in the Government Reserved Area of the state capital.
According to Police sources, the armed assailants attempted to abduct the victim and opened fire during the attack, creating panic in the neighbourhood.
“The victim, however, managed to escape unhurt, an outcome described by security operatives as both fortunate and instrumental in enabling a swift response by the police”, it said.
Investigations gained momentum after a mobile phone suspected to belong to one of the attackers was recovered at the scene, providing a critical lead for operatives.
Acting on the intelligence, officers of the Special Weapons and Tactics (SWAT) unit based in Aluu deployed technical resources to track the device, which led to the arrest of one Joseph Abibo, identified as a member of the gang.
During interrogation, the suspect, the statement revealed, reportedly confessed and provided useful information that guided operatives to the gang’s hideout within the State.
Police sources also disclosed that upon arrival at the location, the operatives came under heavy gunfire from other members of the gang, prompting a fierce exchange.
The Police team, however, overpowered the criminals, forcing several of them to flee, with about six suspects escaping into a nearby river with gunshot wounds.
The police revealed that a search of the hideout led to the recovery of two AK-47 rifles, four magazines and 108 rounds of live ammunition, while efforts are ongoing to apprehend the fleeing suspects and recover more weapons.
King Onunwor
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