Connect with us

Nation

NSIA Records N160bn Income

Published

on

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.

 

Continue Reading

Nation

UPWA Hosts Colourful Inter-House Sports Fiesta

Published

on

The University of Port Harcourt Women Association (UPWA) on Thursday staged a vibrant and memorable edition of its Annual Inter-House Sports Competition at the University of Port Harcourt Sports Village, drawing an impressive turnout of pupils, parents, staff and invited guests.

The event, organised by the UPWA International Group of Schools, brought together children from the pre-nursery, nursery and secondary sections in a colourful celebration of youth athleticism, discipline and teamwork. The arena came alive with cheers and excitement as pupils, clad in their various house colours, marched in a ceremonial parade before proceeding to compete in a wide range of track and field events, relays, novelty races and other team-based activities designed to promote physical fitness and healthy competition.

Declaring the competition open, the Vice-Chancellor of the University of Port Harcourt, Professor Owunari Georgewill, commended UPWA for sustaining a tradition that continues to nurture young talents beyond the classroom. He noted that sports remain a critical component of holistic education, helping to build resilience, confidence, leadership skills and social interaction among children.

In her remarks, the President of UPWA, Professor Udeme Georgewill, expressed appreciation to parents, teachers and members of the organising committee for their dedication and sacrifice in ensuring the success of the programme despite prevailing economic challenges. She described the event as a reflection of unity and collective effort within the school community.

“This is the first time White House is emerging overall winner, and that shows remarkable improvement and great sportsmanship,” she said. “We all had fun. It is not easy putting an event like this together considering the economic situation, but we are grateful to the parents for being part of this journey. The excitement everywhere is truly heartwarming.”

The competition featured spirited participation from the various houses, including Purple House, San Chicago Red House and White House, with pupils demonstrating strength, speed, coordination and teamwork. Parents and supporters filled the stands, cheering enthusiastically and adding colour to the spectacle, while teachers ensured orderliness and safety throughout the proceedings.

Professor Georgewill emphasized that the true essence of sports lies not merely in winning trophies but in participation and personal growth. “Sports is not just about winning. It is an avenue for growth, discipline and opportunity. The fact that a child is able to participate is already a win. Losing this year does not mean you cannot win next year. Keep trying,” she encouraged, urging pupils to see both victory and defeat as stepping stones to greater achievements.

She further observed that while there are many competing interests in the Nigerian sports sector, consistent grassroots investment remains essential for discovering and nurturing future champions.

The colourful ceremony culminated in medal presentations, trophy awards and group photographs, with UPWA executives, including Vice President I, Professor Adedamola Onyeaso, joining the participating teams to celebrate the day’s achievements.

The annual inter-house sports competition continues to stand as one of UPWA’s flagship events, reinforcing its commitment to balanced education, character formation and the promotion of healthy lifestyles among its pupils.

Continue Reading

Nation

Nigeria Risks Drifting Without Strong Education Policies-Don

Published

on

  • Nigeria’s quest for national greatness may remain elusive if educational policies continue to suffer poor implementation, Prof Nathaniel Abraham has warned, declaring that education remains the strategic compass capable of steering the country toward sustainable growth and global competitiveness.
    The respected scholar made this assertion while delivering the 206th Inaugural Lecture of the University of Port Harcourt at its Abuja Centre of Excellence. His lecture, titled, “The Rudderless Ship and Its Major Rescuer,” employed a striking maritime metaphor to illustrate the state of the nation’s educational system and, by extension, its development trajectory.
    According to Prof. Abraham, the rudder, though a small and seemingly insignificant component located at the rear of a ship, determines the direction, stability, and safety of the entire vessel. Without it, even the most magnificent ship with powerful engines and sophisticated equipment will drift aimlessly and is at risk of wreckage. He likened this crucial component to educational policies in a nation’s governance structure, arguing that policies serve as the guiding mechanism that determines whether a country reaches its intended destination or wanders endlessly without direction.
    In his analysis, he noted that Nigeria possesses abundant human and natural resources and is not! lacking in intellectual capacity or policy formulation. However, he emphasised that the country’s recurring challenge lies in weak implementation, inconsistency, and a culture of cutting corners.
    He recalled that at independence in 1960, Nigeria stood shoulder to shoulder with several nations that are now classified among the world’s leading economies. The difference, he maintained, is not destiny or potential, but discipline and adherence to policy execution.
    “What made them move forward was discipline and the will to implement policies the way they were designed. For as long as we trivialise our educational policies, we will continue to drift. But the moment we commit to proper implementation, Nigeria is destined for greatness,” he stated.
    Prof. Abraham stressed that education remains the foundation upon which every other sector stands. He argued that a properly structured and effectively managed educational system produces competent manpower, ethical leadership, innovation, and national cohesion. Conversely, a poorly managed system weakens governance, slows economic growth, and undermines social stability.
    Delving into higher education administration, the Professor identified funding as a critical coordinate of effective university management. Drawing from his scholarly publications in international journals, he explained that adequate and well-managed funding directly impacts teaching quality, research output, infrastructure development, staff motivation, and global competitiveness of universities.
    He described the current funding situation in Nigerian universities as grossly inadequate, noting that without intentional and strategic financial investment, reforms may remain theoretical.
    “Funding is very poor. If we address it deliberately and commit to doing it right, the transformation will be evident,” he affirmed.
    Beyond funding, he called for collective responsibility in rebuilding the education sector, urging policymakers, administrators, lecturers, parents, and students to play active roles in restoring value and credibility to the system.
    He emphasised that education should not be seen as the exclusive concern of those currently within school walls, but as a national asset that shapes future generations and determines the country’s long-term prosperity.
    Respondents at the well-attended lecture described it as both diagnostic and prescriptive, noting that Prof. Abraham not only identified systemic weaknesses but also offered a roadmap for reform. Some participants expressed optimism that the insights presented could serve as a blueprint for policymakers if carefully studied and adopted.
    The event drew members of the academia, deans, the clergy, stakeholders, and guests from various sectors who commended the inaugural lecturer for what many described as a courageous and timely intervention in the national conversation on education.
    At the conclusion of the lecture, Prof. Abraham was flanked by deans and colleagues in recognition of his contribution to scholarship and public discourse.
    The 206th Inaugural Lecture once again highlighted the role of the University of Port Harcourt as a centre for intellectual engagement and policy advocacy. More importantly, it amplified a central message: without a functional “rudder” in the form of faithfully implemented educational policies, Nigeria’s journey toward development may remain uncertain. But with discipline, adequate funding, and unwavering commitment to policy execution, the nation can chart a new course toward enduring greatness.
Continue Reading

Nation

Ex-UNIPORT SUG Leaders Organise Symposium In Honour Of VC

Published

on

Former Students’ Union Government (SUG) leaders of the University of Port Harcourt, have organised a one-day symposium in honour of the institution’s outgoing Vice Chancellor, Prof Owunari Abraham Georgewill, as his tenure draws to a close.
The maiden symposium, with the theme, “Resolution: From Agitations to Negotiations,” was convened by five past presidents of the university’s SUG as a mark of appreciation for what they described as a student-friendly and peaceful administration under the 9th Vice Chancellor of the university.
The event, held recently at the University of Port Harcourt Centre of Excellence, Abuja Campus, attracted past and present student leaders, members of the academic community, and invited guests.
In his remarks, the current SUG President, Sen. Amaechi Walson Tonye, said the cordial relationship between the Vice Chancellor and the student body informed the decision to organise the symposium, noting that students were proud to associate with a Vice Chancellor who consistently listened to their concerns and prioritised dialogue in resolving issues.
He commended the past SUG leaders for taking the bold initiative to honour the Vice Chancellor, describing the gesture as a reflection of the mutual respect and understanding that characterised the administration.
Speaking in an interview, Prof. Georgewill expressed gratitude to God and the students for the recognition accorded him. He described the honour as deeply significant, recalling that from his first day in office, he pledged to work closely with students to foster peace and ensure uninterrupted academic activities.
According to him, the peaceful atmosphere enjoyed on campus over the past five years was a result of deliberate engagement and a shared commitment to negotiation rather than confrontation.
“For the five years of my administration, we did not experience student-related demonstrations, closure of the school, or management-student crises, which are common in many institutions.We are celebrating because we chose negotiation over agitation. That is the essence of today’s honour,” he said.
He urged Vice Chancellors and student union leaders across the country to prioritise dialogue in addressing grievances, stressing that negotiation remains the best pathway to stability and academic progress.
Prof. Georgewill added that he would like to be remembered for humble and humane leadership anchored on inclusiveness and constructive engagement. He attributed the stability and infrastructural development recorded during his tenure to the grace of God and the cooperation of stakeholders.
The symposium featured a keynote lecture delivered by Prof. Obari Gomba, presentation of awards to the Vice Chancellor and the Dean of Student Affairs, Prof. Wokoma Chima, as well as a drama performance and goodwill messages from former SUG presidents.
Among those who spoke were Comrade Ubabuike Gift; Comrade Dickson Senibo; Comrade Okpara Martins; and Comrade Harmony Lawrence, who initiated and coordinated the event alongside other past student leaders.
The event concluded with renewed calls for sustained collaboration between university management and students to preserve the culture of peace and dialogue at the institution.

Continue Reading

Trending