News

NSIA Records N160bn Income

Published

4 years ago

May 12, 2021

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.

News

Ward 13 Councilor Receives Certificate of Return …Vows To Provide Quality Service

Published

4 days ago

September 8, 2025

The Tide

As Rivers State Councilors join their Chairmen to receive certificate of return ,the ward 13 Ulakwo in Etche local government ,Nnadi Godfirst had vowed to provide quality ,effective service to his people

Nnadi stated this Yesterday after receiving his certificate of return at the office of Rivers State Independent Electoral Commission RSIEC in Port Harcourt

Nnadi said service to his people will be at the centre stage of his stay in office

The ward 13 Councilor pledged to initiate bye laws that will have direct effect to his constituency

He hinted this could be achieved through team work ,collaboration with his colleague at the Legislative Chambers

Nnadi reiterated his determination to work in synergy with his colleagues to give the Chairman necessary Legislative backing to deliver impactful governance to Etche people

He admitted the calibre of elected councilors are capable to make a positive difference compared to the past Legislators

Nnadi stated the need to give the Chairman necessary Legislative support to change the narrative in the next three years in office

He declared the need for the youths to work hard as everyone had his time of remembrance

He insisted the need for one to he consistent in every human pursued ,stressing the importance sticking to what one belief

Hon Nnadi revealed further that it gladdens his heart that his good will has really paid following enormous support his people gave during and after the election ,insisting he will never take it for granted

While urging them to be patient as proactive measures will be taking to address their basic needs

News

Ogoni Postgraduate Forum Hails HYPREP Over Scholarship Scheme …Says Its Expansion Reflects Empathy

Published

4 days ago

September 8, 2025

The Tide

The Ogoni Postgraduate Forum, has applauded the Hydrocarbon Pollution Remediation Project(HYPREP) for its 2025 scholarship scheme for Ogoni postgraduate students, saying the expansion of the grant coverage from the initial 300 to 500 scholars reflects empathy, foresight and unwavering commitment to the educational and intellectual advancement of Ogoniland.

The Convener of the forum, Mr Bariatonlo Ken Nnaane, who gave the indication in a media statement, said for expanding the livelihood programme of the Project to include scholarship support for Ogoni postgraduate students, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey deserves not mere recognition but the profound commendation of a grateful people.

“As Brian Tracy once remarked, “The value of a promise is the cost to you of keeping your word.” On the 4th of November, 2024, Prof Zabbey declared that the postgraduate grant would become an annual intervention. The just concluded sensitisation and the opening of the application portal stand as incontrovertible evidence of that commitment, a testament to integrity in leadership,” he said.

According to him, “In this regard, Prof Zabbey aligns with the great John F. Kennedy, who declared that he would rather be accused of breaking precedents than breaking promises.

Nnaane noted that the enlistment of the scholarship grant in HYPREP’s livelihood programme to accommodate researchers of Ogoni ethnic extraction, an oil-rich yet historically marginalised ethnic nationality, reinforces the policy consistency and clarity that define Zabbey’s administration, stressing that this act is more than symbolic, as it is an affirmation of confidence in the intellectual capacity of the Ogoni people and a strategic investment in their future.

He said Zabbey’s stewardship has delivered transformative outcomes like the Centre of Excellence for Environmental Restoration; the Ogoni Specialist Hospital; Buan Cottage Hospital; potable water scheme across numerous Ogoni communities; among others, saying the shoreline remediation is so effective that marine biodiversity, periwinkles, oysters and fish have returned to the creeks of K-Dere and Bomu communities.

“These are not mere achievements, they are milestones etched in the annals of Ogoni history”, he intoned.

The forum, therefore, called on Ogoni leaders both at home and in the diaspora to close ranks and rally their support behind HYPREP to safeguard this shared heritage borne out of the collective struggles and sanctified by the ultimate sacrifice of the Ogoni martyrs.

It appealed to HYPREP to continue to deepen research collaborations, particularly in the Environmental Sciences and prioritise the forum members in training and employment opportunities.

According to the forum, “it is regrettable that many of our kinsmen today possess advanced academic qualifications, yet remain underutilised in the national workforce.”

The convener also called on HYPREP to maintain the tempo applied in the maiden edition of the postgraduate scholarship support grant screening/verification exercise, by keeping the door closed against any sort of interference and influence that would hamper the conduct of a seamless process and deprive eligible would-be beneficiaries.

He said the forum members would in turn provide the necessary feedback mechanism for the screening process, to report its transparency and integrity, as well as clear any iota of doubt about its integrity.

The forum said while it is confident that the Ogoni students are not neophytes on the academic corridors, it urged the scholars to avail themselves of the present opportunity, and wished them success in the computer-based test, verification and screening exercise.

Nnaane equally solicited for more scholarship support and research collaborations from other agencies, national and international bodies and public-spirited individuals for Ogoni scholars.

By: Donatus Ebi

News

Ndume condemns killing of soldiers, immigration officers, 58 civilians in Borno

Published

4 days ago

September 8, 2025

The Tide

Senator Mohamme Ali Ndume (APC Borno South) has condemned fresh Boko Haram attacks in the Darajamal Community of Bama local government area and Monguno local government area of Borno State.

In Darajamal village, five soldiers with 58 civilians were killed while an unspecified number of people, mostly women and girls, were abducted, even as ground troops of North East Joint Task Force ‘Operation Hadin Kai ‘ with support from Air Component responded swiftly and killed over 30 of the attackers while fleeing into the bush last Friday night.

The attack in Monguno last Thursday also claimed the lives of two Immigration Officers.

Darajamal, a newly reconstructed and resettled community situated along Bama-Banki road in Borno Central is over 100 km, while
Monguno is approximately a 136 km drive from Maiduguri, the state capital, and is located in the heart of the Northern Borno Senatorial District.

In a press statement signed by Ndume, a copy of which was made available to our Correspondent on Sunday, expressed shock over the unabated renewed attacks and killings in some parts of the state.

He sympathized with the Government and the people of Borno, especially the families of the victims, including those of the soldiers and Immigration officers, and prayed to Allah (God) to grant all souls of the deceased Aljannatul Firdaus.

The Senator also called on the federal government to prioritise the security, safety and welfare of all Nigerians in this trying moment.

He, however, commended the troops of ‘Operation Hadin Kai’ and other security agencies for their sacrifices in making Borno safe and peaceful, but lamented that, in the past few months, several communities in Borno South, North and Central Senatorial Districts have been under siege by Boko Haram attacks. A situation he described as worrisome.

Ndume advocated for Armed Community Defence to continue in complementing efforts of the military, stressing that men of the Civilian Joint Task Force (CJTF), hunters and vigilantes have been doing their best, but they have limitations, as they only carry den guns, sticks, which makes it very difficult to confront the terrorists.

The Southern Borno Senator, who was one time Chairman Senate Committee on Amry also reiterated his call on the federal government and the Nigerian Military to deploy drowns, Attack Helicopters to be stationed in the Theatre Command, Technology, Equipment, Arms and Ammunition, Motivation (TEAAM), which is the only way to end the over decade Boko Haram atrocities in Borno, North East and other parts of the country.

” In the past few months, several communities in Borno South, North and Central Senatorial Districts remained under siege by Boko Haram/ISWAP. The situation is worrisome.

“Let me therefore use this opportunity to advocate for the setting up of Armed Community Defence to complement the efforts of the military. This is because men of the Civilian Joint Task Force (CJTF), hunters and vigilantes have been doing their best, but they have limitations, as they only carry den guns, sticks, which they find very difficult to confront the terrorists.

“More so, I want to reiterate my calls on the federal government and the Nigerian Military to deploy Technology, Equipment, Arms and Ammunition, Motivation (TEAAM), which is the only way to end the over decade Boko Haram atrocities in Borno, North East and other parts of the country”. Senator Ndume stated.

He also called on the people of the state to continue to cooperate with the military and other security agencies, particularly in information sharing on the modus operandi of terrorists.