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NSIA Records N15bn Income In 2014

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10 years ago

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Permanent Secretary, Ministry of Social Welfare and Rehabilitation, Rivers State, Ms Kadilo Brown (right) conferring with former Permanent Secretary of the Ministry, Dr Mrs Stella Toby during the send-forth of retirees of the ministry in Port Harcourt recently. Photo: Chris Monyanaga

Permanent Secretary, Ministry of Social Welfare and Rehabilitation, Rivers State, Ms Kadilo Brown (right) conferring with former Permanent Secretary of the Ministry, Dr Mrs Stella Toby during the send-forth of retirees of the ministry in Port Harcourt recently. Photo: Chris Monyanaga

The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji,  said the fund recorded a net comprehensive income of N15.8 billion in 2014, up from N505 million in December 2013.
Orji announced this while addressing newsmen on Authorities Financial Year report on Monday in Abuja.
“Total revenue during the period stood at N7.2 billion, up from N1.96 billion.
“Change in fair value of assets was at N10.5 billion as opposed to a loss of N19.5 million during the 15 month period ended December 2013,’’ he said
He said investment securities grew from N45.1 billion to N118 billion during the period.
He said that borrowing which stood at N1.4 billion as at end of 2013, was fully liquidated while the authority invested N13.6 billion in subsidiaries and its associate as at the end of the financial year 2014.
The subsidiaries, he said, include NSIA Motorways Investment Company and KG Brussels as well as a stake in Nigeria Mortgage Refinancing Company were consolidated in the authority’s book.
He said that the prevailing exchange rate at the end of the financial year was N167.5 to a dollar.
“Our strong financial performance during the period in review came primarily from investments in secondary interests in private equity, developed market long only equities and return hedge fund investment,’’ he said
He said the operating performance was recorded against significant headwinds generated by sustained global financial crisis, weak demand, rapidly declining oil prices and a turbulent local operating environment.
Orji said that in the year under review, the NSIA ranking under the Sovereign Wealth Fund Institute Transparency Index (SWFI) was upgraded to nine points out of 10 from the previous forth position.
This new rating, he said, translated to a leap from global joint 33 to global joint second position, out of 51 Sovereign Wealth Funds ranked by SWFI.
“It also made us the only African fund to be ranked,’’ he said
He said that the outlook in 2015 remained volatile as European Central Bank commenced a quantitative easing programmed and the Swiss Central had upgraded its currency against Euro that led to significant swings in major currencies.
He assured the authority would diversify strategy for future generations and stabilisation funds, adding that the major focus would be on domestic market, especially in the power sector.
“We believe that the recent devaluation of the naira presents both challenges and opportunities in the domestic market.
“From our position as investors, we have seen incredible buying opportunities and we expect that infrastructure fund will become increasingly active in the domestic market as we take advantage of short term price dislocation,’’ he said.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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