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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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NCSU Consoles Elder Statesman Over Daughter’s Death …Tasks Elected Unit Executives On Service Delivery

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The Nigeria Civil Service Union(NCSU) has extended its condolence to an elder statesman in Rivers State, High Chief Anabs Sara-Igbe over the untimely death of his daughter during child birth, describing it as saddening and unfortunate, and called on the Peoples Democratic Party(PDP) chieftain to bear the irreparable loss with fortitude.
This is even as NCSU has called on the newly elected executives of the union at the unit level and Ministries in the State Civil Service, to be dedicated to their duties, as well as deliver services that would further help the State to retain its prime position in the comity of States.
The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who gave the indication in Port Harcourt, said the union seriously empathises and sympathises with Chief Sara-Igbe over the daughter’s death, and urged him never to allow the sad incident to weigh him down, but to remain strong, firm and resolute in championing the cause of Rivers State even in the face of such a tragedy.
Osumah noted that the union is particularly sad over the unfortunate incident, because of the kind of support Chief Sara-Igbe has been giving Governor Siminalayi Fubara, describing him as a true pillar of strength to the Governor, and enjoined him to continue to contribute meaningfully to the progress and development of the State in spite of obvious challenges and drawbacks.
According to him, history would be kind to Chief Sara-Igbe, when the chips are down, owing to his immense contributions to the State and also for standing on the side of truth, justice, equity and fairness,when it matters most.
Commenting on the election of new unit executives of the union, Osumah said he was glad over the development, and urged the new union officials to be good ambassadors of their units and the union.
He said delivering selfless services to the people of the State should always be their priority, and congratulated them on their successful elections.

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RSG Donates Transformer To Rehabilitation Centre

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The Rivers State Government has donated a 500KVA transformer to the Rivers State Rehabilitation Centre, Iriebe in Obio/Akpor Local Government Area.
The State Commissioner for Power, Prince Solomon Abel Eke, who handed over the transformer to the Commissioner for Social Welfare and Rehabilitation, Mr Illamu Arugu thanked Governor Siminalaye Fubara for the approval and release of the transformer, adding that it would go a long way in solving the power problem at the centre.
“I want to thank God for the Governor that we have, who takes time to look at things meticulously and ensures that our people get service for what they are doing”.
He said following the request by the Ministry of Social Welfare and Rehabilitation for a transformer for the rehab centre, a team of engineers from the Ministry of Power were sent to the area to take cognizance of everything that they need.
“I can assure you that what we are doing or what we are going to do here is going to put to rest everything about power.
“The capacity of this transformer you have here will take care of you even the neighbouring enviroment”, Abel Eke said.
He emphasised the need for them to preserve the transformer, stressing that the transformer has the capacity to generate and distribute electricity within  the centre and neighborhood.
The commissioner warned them against allowing people to scale their fence to either vandalise or steal the transformer and described the gesture as a road map for constant power supply in the State.
“We are the only State that has three generating stations in the entire nation and we practically moving towards enjoying 24 hour- power supply in Rivers State”, he added.
Also speaking, the Commissioner for Social Welfare and Rehabilitation, MrArugu Illamu who was elated for the donation, said it was based on a request by the rehabilitation centre, when he visited the area recently.
Illamu equally thanked Governor Fubara for the gesture and the promptness to which their request was attended to and noted that it was coming at a time the people needed the transformer badly.
He said even caregivers in the centre also needed power, adding that “it is coming at a time that they need it most”.
Mr Ilamu also commended the Governor for approving transformer to the Safe Home, Borokiri, adding that the Governor has so far given approval for the three transformers requested by the Ministry and prayed that the last transformers for the Children Home and Remand Home should be delivered as well for them to have some level of succour.
He said the gesture will go a long way to alleviate the sufferings of the people by allowing them to enjoy what he called “ the basics of life”.

Iriebe John Bibor

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Community Hails Fubura Over Perm Sec’s Appointment

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The people of Ogbogolo kingdom in Ahoada -West Local Government Area of Rivers State have commended the Rivers State Governor, Sir Siminalayi Fubara for the appointment of their i daughter, Dr. Mrs Azibaolanari Uzoma-Nwogu as the Permanent Secretary of theMinistry of Education.
The Paramount Ruler of the community, King James Rowland, Obenema-Ibe III of Ogbogolo Kingdom made the commendation when he led a delegation of elite members of his kingdom on a courtesy visit to the office of the Permanent Secretary at the State Secretariat complex in Port Harcourt, Wednesday.
The Paramount Ruler asserted that Dr Uzoma-Nwogu was the first person from his Kingdom to be given an enviable appointment as a Permanent Secretary, stressing that Ogbogolo Kingdom is very appreciative of the Governor for the honour done to their daughter and the Kingdom at large.
He further prayed God Almighty to give her the wisdom and grace to carry out her duties effectively as would be required by her office and later presented her with an award of honour in recognition of her appointment as Permanent Secretary.
Also speaking, one of the elites in the Kingdom and university lecturer,Dr. Arobo R.C Amachree ,who is the Head of Department of Physics, Rivers State University described the elevation of Dr. Uzoma-Nwogu as meritorious and thanked the Governor for remembering the people of Ogbogolo and prayed God’s wisdom on His Excellency to continue to govern the state while pledging their support.
In her response, the Permanent Secretary, Dr Uzoma-Nwogu thanked her kinsmen for identifying with and for the respect and honour they accorded her and solicited for their support and prayers.

Akujobi Amadi

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