Nation
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.
Nation
Kwara Community Residents Flee Over Persistent Bandits’ Attacks
Residents of Omugo Community in Ifelodun Local Government Area of Kwara State have deserted their homes due to persistent bandit attacks.
The Tide’s source reports that the once lively community has turned into a ghost town with only a few domestic animals left.
Reports indicate that the recent bandits’ attack on the Omugo ECWA Church via Oro-Ago, led to the abduction of eight worshippers including the wife of the pastor in charge.
Three persons escaped out of the eight abductees with a N1billion ransom placed on the remaining victims in captivity. The community could only gather N1million which was rejected by the bandits.
Last week, the armed bandits invaded Oro-Ago community, killed one vigilante man identified as Baba Ibeji and injured his younger brother known as Ajere.
A Point of Sales, PoS, shop directly opposite the Nigeria Security and Civil Defense Corps, NSCDC, Divisional office, was broken into by the bandits.
The gunmen also attacked the NSCDC office and sprayed bullets on the facility, though no casualty was recorded.
In earlier attacks on Oro-Ago environs, armed bandits ambushed a convoy between Oro-Ago and Oke-Ayan in Ilere district of Ifelodun Local Government Area and killed two local hunters on escort duty.
On Saturday, there was tension in Oro-Ago following a security alert that armed bandits were regrouping to launch fresh attacks on the community.
All security formations were, however, placed on ‘Red Alert’ to forestall the planned attack.
Nation
Acting Provost Dismisses Alleged Missing Equipment Claims at Rivers Health College
The Acting Provost of the Rivers State College of Health Science and Management Technology, Dr. (Mrs.) Peace Chigozirim Amadi has refuted claims circulating in the media suggesting that laboratory equipment went missing from the college.
In a recent statement, Dr. Amadi described the reports—particularly those attributed to certain publications—as false and misleading. She emphasized that all laboratory equipment at the college remain intact.
“I am here to set the record straight. No laboratory equipment disappeared from my college. Nothing is missing,” Dr. Amadi said, challenging anyone with contrary claims to provide evidence, including the names of the equipment and their supposed locations.
She further noted that the college recently underwent an accreditation exercise, during which significant investments were made in laboratory equipment. According to Dr. Amadi, these items are fully accounted for, and the college maintains a robust security system to protect its assets.
“Everything is intact. Nothing disappeared. The information being circulated is false and should be discarded,” she reiterated.
Beyond addressing the allegations, Dr. Amadi also called on media practitioners to exercise professionalism and verify stories before publication. “I want to plead with journalists to always verify their stories. Junk journalism does not help anyone. No matter the information you receive, it is important to hear the other side before publishing,” she said.
While social media posts have occasionally raised concerns about various issues in the region’s health education sector, including extortion and examination malpractice at related institutions, there is no independent evidence from credible news sources confirming that equipment went missing from Rivers State College of Health Science and Management Technology.
The college, a public tertiary institution based in Port Harcourt, Rivers State, is accredited to offer a variety of health-related programs, including Nursing, Midwifery, Laboratory Technology, and Environmental Health. It has consistently emphasized integrity, safety, and transparency in its operations.
Dr. Amadi’s statement seeks to reassure the public, students, and stakeholders that the college remains secure, well-managed, and free from the alleged equipment losses, while urging journalists to prioritize accuracy in reporting.
Nation
HYPREP Reaffirms Commitment to Safe Water Supply In Ogoni
As the world commemorates World Water Day, the Hydrocarbon Pollution Remediation Project (HYPREP) has reaffirmed its commitment to providing potable water across Ogoni communities, in line with the recommendations of the United Nations Environment Programme (UNEP) Report on the Ogoni Environment.
In a statement issued by its Project Coordinator, Nenibarini Zabbey, on March 22, 2026, HYPREP noted that this year’s theme, “Water and Gender,” alongside the campaign slogan, “Where Water Flows, Equity Grows,” underscores its resolve to extend potable water supply beyond oil-impacted communities to all Ogoni communities.
Zabbey emphasized that access to clean water is a fundamental human right, adding that HYPREP remains committed to ensuring inclusive and equitable water access across the region.
He disclosed that the agency has successfully provided potable water to over 43 communities in Ogoni, while ongoing Phase 3 water projects are expected to benefit an additional 17 communities. He also highlighted steady progress on windmill-powered water projects in less populated areas, particularly in Khana Local Government Area.
According to him, the K-Dere Water Project, which is over 99 percent complete, will be commissioned in the coming weeks, even as work continues on other water schemes across Ogoni.
Zabbey further noted that HYPREP’s interventions are aligned with the United Nations Sustainable Development Goal 6, which focuses on ensuring the availability and sustainable management of water and sanitation for all by 2030.
To ensure sustainability, he explained that the agency has adopted a joint management model involving host communities, the Rivers State Ministry of Water Resources and Rural Development, and the Rivers State Small Towns Water Supply and Sanitation Agency (RSSTOWA). He added that Water Consumers’ Associations have been established in communities such as Nchia and Eleme, alongside training programmes conducted in collaboration with non-governmental organisations.
The Project Coordinator stressed the importance of community ownership and protection of water facilities, echoing the call by the Minister of Environment, Balarabe Abbas Lawal, for residents to safeguard the infrastructure provided in their areas.
Zabbey expressed optimism that the ongoing efforts will significantly improve access to safe drinking water, reduce waterborne diseases, and enhance public health outcomes across Ogoni communities.
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