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NSIA Records N160bn Income

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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.

 

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Key Regulators, Asset Owners Impressed With HYPREP’s Milestones

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Strategic regulators and other stakeholders have expressed satisfaction with the pace, quality and magnitude of work carried out by the Hydrocarbon Pollution Remediation Project (HYPREP) in Ogoniland, in line with the recommendations of the United Nations Environment Programme (UNEP).

In their separate speeches at the 2025 4th quarter key regulators / asset owners meeting held in Port Harcourt, the strategic stakeholders commended HYPREP for the significant milestones achieved with excellent efficiency and transparency, demonstrating capacity and commitment to sustaining collaboration with development partners for the overall success of the Project.

The regulators particularly lauded HYPREP for the landmark success in the implementation of the land and shoreline remediation, mangrove restoration, provision of reticulated potable water, the various sustainable livelihood programmes, donation of ambulances to health facilities in Ogoni, the construction of Centre of Excellence for Environmental Restoration, as well as the ongoing Ogoni Power Project, adding that their independent field reports have shown proofs of HYPREP driving even beyond its mandates.

The goodwill messages were made by representatives of the National Oil Spill Detection and Response Agency (NOSDRA), Centre for Environment and Human Rights Development (CEHRD), Society for Women and Youths Affairs (SWAYA), Stakeholders Democracy Network (SDN), Nigerian Pipelines and Storage Company (NPSC), and Federal Ministry of Environment. Others are the Rivers State Ministry of Environment, the Rivers State Ministry of Health, the National Upstream Petroleum Regulatory Commission (NUPRC), the Rivers State Ministry of Power, the Rivers State University, the Rivers State Ministry of Water and Rural Development, and Renaissance Africa Energy Company Limited.

Following the Monitoring and Evaluation Unit’s presentation on the status of HYPREP projects, participants offered feedback on areas of concern. They reassured HYPREP and the people of Ogoni of their continued support for the Project’s success. They also suggested that the quarterly review meeting be sustained as it enables them to report, evaluate and proffer solutions to areas of concern.

Participants also commended HYPREP for improved community and stakeholder engagement and for adding to what they saw the previous time. “We commend HYPREP for the quality work done at sites. The progress is phenomenal, because HYPREP is scoring good grades, above average,” Prof. Iyenemi Kakulu from Rivers State University said.

In his speech at the event, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who was represented by Prof Damian-Paul Aguiyi, Director of Technical Services, commended the regulators and asset owners for their cooperation with the Project, and for making themselves available for fieldwork and the regular review meetings.

Prof Zabbey reiterated HYPREP’s commitment to best practice in waste management, particularly waste generation and disposal, calling on the Regulators for adequate logistics support, saying HYPREP’s priority is to focus on the core recommendations by UNEP, especially, remediation(soil, shoreline) mangrove restoration, provision of potable water, interventions in public health care services and sustainable livelihood for the people.

The Project Coordinator further highlighted the status of the Project, the successes achieved across all thematic areas, and assured that HYPREP will soon complete most of the ongoing projects and roll out others. He explained that the purpose of the meeting was to review the progress of the Ogoni cleanup, ensure quality control, and foster effective collaboration.

Consequently, the quarterly key regulators/asset owners meeting is HYPREP’s strategic stakeholder management model, further underscoring the Project’s commitment to transparency, partnership for development, and accountability, all of which are harbingers of effective project delivery.

Speaking to newsmen, HYPREP Project Support Lead and representative of Renaissance Africa Energy Company Limited, Engr Ehioze Igbinomwanhia, described his involvement with HYPREPas an encouraging and insightful experience, saying, the Project is implementing a wide range of projects across Ogoniland, spanning immediate remediation works as well as livelihood support initiatives aimed at improving the welfare of affected communities.

Engr Igbinomwanhia emphasised that Renaissance Africa Energy remains fully committed to supporting the objectives of the Ogoni cleanup project, noting that the company has a long history of collaboration with HYPREP.

He added that the partnership has been characterised by continuous learning, adaptation and a willingness to respond to observations and recommendations aimed at improving outcomes.

He further emphasised the importance of safety in all project operations, particularly given the challenging terrain and operating conditions in Ogoniland.

He noted that safety is treated as a critical priority and that contractors are continually reminded to maintain high safety standards, stressing that lessons learnt from previous operational challenges like the collapse of the water tank in Gwara Community are being applied to strengthen safety practices and overall performance.

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Maternal Mortality: RSG Identifies 6 High Risk Local Government Areas

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The Rivers state Government has identified six local government areas with the highest burden of maternal and Neonatal mortality in the state.

State Commissioner for Health Dr Adaeze Chidinma Oreh said this in an interview with newsmen at the Maternal and Neonatal Reduction innovation initiative ( Mamii)Rivers state activation workshop and state engagement meeting in Port Harcourt.

The event was organized by The Federal Ministry of Health in conjunction with its Rivers state counterpart in Port Harcourt.

Dr Oreh also restated the preparedness of the state government to support current efforts by the federal government towards the reduction of maternal and infant mortalities in the country.
She mentioned the affected Local Government Areas to include, Andoni,Akuku Toru and Ahoada West
The rest according to the Commissioner are, Bonny, Etche and Emohua Local Government Areas.
She said the workshop will enable the team from the federal ministry of health and social welfare to brainstorm with the view to finding solution to the problem.
The Commissioner also gave reasons why the Mamii initiative was the best as far as finding solution to maternal mortality was concerned.

“The uniqueness of the Mamii initiative driven by the federal ministry of health and social welfare was that we used evidence to elicit the reasons for this deaths, so that the solutions will be context specific and tailored to the particular environment where those deaths are occuring

“For us in Rivers state we have six Mamii LGAs , nationally we we have 172 local government areas “the Commissioner said.
Earlier in her opening remarks,Dr Oreh said the state government is prepared to work with the federal ministry of health and social welfare to check the rate of maternal mortality in the state.

She commended The Minister of Health and Social welfare Professor Ali Muhammad Pategi for driving the Mamii initiative across the country and expressed optimism that the programm will see to the end of maternal mortality in the country.

Also speaking the National Coordinator Nigeria health sector Renewal Initiative Dr Adam Ahmed said Rivers state is the last state among Mamii states in the country to host the team.

He said the team will visit the affected Local Government Areas with the view to interacting with the people on how to check the trend.

He expressed the hope that with continuous efforts, maternal mortality will be checked.

Also speaking the permanent secretary Rivers state Ministry of Health Professor Justinah Jumbo said the government is not leaving any stone unturned towards reduction in maternal deaths.

The permanent secretary said Governor Siminalaye Fubara is a health friendly Governor who  is desirous in improving the quality of health of Rivers people.

 

John Bibor

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HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries

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The Head of Service (HoS) of Rivers State, Dr. Mrs. Inyingi S. I. Brown, has commended Governor Sir Siminalayi Fubara, GSSRS, for approving befitting accommodation for Permanent Secretaries in the state.
This commendation was contained in a press release made available to newsmen in Port Harcourt.
According to the Head of Service, Governor Fubara has continued to demonstrate uncommon commitment to the welfare of civil servants in Rivers State, stressing that such gestures underscore his people-oriented leadership style. She urged civil servants across the state to remain supportive of the governor’s administration in order to sustain good governance and effective public service delivery.
Speaking on behalf of the Body of Permanent Secretaries, Dr. Brown congratulated Governor Fubara on the occasion of his 51st birthday, describing him as “a Governor who leads by serving.”
She further praised the governor’s service-driven and people-centred leadership approach, noting that it has significantly contributed to institutional stability and improved efficiency within the state’s public service. Special appreciation was expressed for the approval of a befitting accommodation complex for Permanent Secretaries, which she said reflects the governor’s commitment to staff welfare and enhanced productivity.
As part of activities to mark the governor’s birthday, the Body of Permanent Secretaries announced the sponsorship of 329 Joint Admissions and Matriculation Board (JAMB) forms for indigent students across the state.
A breakdown of the initiative shows that 319 forms will be distributed across the 319 political wards in Rivers State, while five forms are allocated to non-indigenes and five forms to persons living with disabilities.
Interested applicants are advised to contact the Office of the Permanent Secretary, Ministry of Education, for further details.
The Body of Permanent Secretaries wished Governor Fubara continued good health, divine wisdom, and greater accomplishments in his service to the people of Rivers State.
By: John Bibor
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