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NSIA Records N160bn Income
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.
The Katsina State Police Command has cautioned applicants for the upcoming police constable recruitment examination to adhere strictly to laid-down procedures and avoid falling victim to fraudsters.
The Commissioner of Police, Ali Umar-Fage, issued the warning in a statement released on Sunday by the command’s spokesperson, Abubakar Sadiq-Aliyu.
He disclosed that the nationwide examination is scheduled to take place from April 28 to April 30 in Katsina State and that the exercise will be conducted at Hassan Usman Katsina Polytechnic along Dutsin-Ma Road.
According to the commissioner, only candidates who successfully passed the recently concluded physical and credential screening will be eligible to sit for the examination.
Applicants have been directed to log on to the official recruitment portal from April 24 to print their coloured examination invitation slips, which contain details of their specific date, time, and venue.
Mr Umar-Fage stated that candidates must present a valid National Identification Number (NIN) slip issued by the National Identity Management Commission (NIMC), bearing a clear photograph, alongside their printed coloured invitation slip and a writing pen at the examination centre.
He added that the approved dress code for the exercise is a white T-shirt, white shorts, and white canvas shoes.
Reiterating that the recruitment process is entirely free of charge, the police chief warned applicants to be wary of individuals or groups seeking to extort money under the guise of facilitating recruitment.
The Rivers State Traditional Rulers Council has pledged to take decisive action to curb the rising cases of gender-based violence (GBV) across the state, in partnership with ActionAid and other relevant organisations.
The commitment was made during an event organised by ActionAid in collaboration with the Rivers State Ministry of Social Welfare and Rehabilitation in Port Harcourt. The programme, titled “Convening of Traditional Rulers for GBV Prevention,” carried the theme, “From Custodians to Champions: Redefining Culture for GBV Prevention and Community Protection.”
Speaking on behalf of the council, the Okilomuibe of Engenni Kingdom, HRM King Moore MacLean Ubuo, said traditional rulers are determined to move beyond mere responses to incidents of violence by adopting proactive strategies.
“We will establish and empower community-led structures, including traditional cabinets and women leaders, to identify early warning signs of violence and intervene before harm occurs,” he said.
King Ubuo added that traditional institutions are committed to enforcing the Violence Against Persons Prohibition (VAPP) Law within their domains, stressing that the longstanding culture of silence surrounding abuse would no longer be tolerated.
“We will ensure that our subjects understand their rights and that the law is respected as the ultimate standard for justice,” he added.
Also speaking, the Rivers State Government emphasised that tackling GBV requires more than policies and enforcement, noting that a transformation in societal attitudes is essential.
Permanent Secretary of the Ministry of Social Welfare and Rehabilitation, Mrs. Lauretta Dimkpa, who was represented by the Director of Child Welfare, Mrs. Fumilayo Adebayo, highlighted the critical role of traditional rulers in shaping societal values.
“As traditional rulers, your voices command respect, your decisions influence behaviour, and your institutions are trusted platforms for conflict resolution and social guidance,” she said.
She urged them to promote cultural norms that uphold dignity, respect, and equality, while also encouraging victims to report abuse without fear of stigma.
In his remarks, the Country Director of ActionAid Nigeria, Dr. Andrew Mamedu, described the gathering as timely, noting that GBV remains a widespread violation of human rights and a major obstacle to sustainable development.
Represented by Dr. Adedeji Ademefun, he cited data showing that 31 per cent of Nigerian women aged 15 to 49 have experienced physical violence, with many cases going unreported due to fear, stigma, and cultural silence.
“National surveys indicate that nearly three in ten women have experienced physical or sexual violence, underscoring the scale and urgency of this crisis,” he said.
Earlier, the Coordinator of the Rivers State Multi-Stakeholders Action Committee, Barrister Evelyn Asimie Membere, described GBV as one of the most persistent human rights violations, cutting across age, class, and geography.
According to her, traditional rulers are uniquely positioned to influence behaviour and drive meaningful change at the grassroots level.
“In many of our communities, your voice carries more weight than any policy or legislation,” she said.
The event brought together key stakeholders committed to strengthening community-based approaches to preventing GBV and protecting vulnerable groups across Rivers State.
A socio-political group, the Tinubu Youths Vanguard Organisation (TYVO), Rivers State chapter, has called on Nigerians to support the re-election of President Bola Ahmed Tinubu in 2027, citing the need to consolidate ongoing economic and infrastructural reforms.
The State Coordinator of the group, Hon. Emmanuel Fubara, made the appeal over the weekend in Port Harcourt on the sidelines of a meeting of the Southern Traditional Rulers Council.
He said granting the Tinubu administration a second term would enable it to fully implement its transformation agenda, particularly under the Renewed Hope initiative.
“It is important that the Tinubu administration is given another opportunity to complete its economic and developmental programmes for the benefit of the country,” he stated.
Fubara disclosed that the group is preparing for its formal inauguration in the State, along with the unveiling of its local government, ward and unit structures, including student and market women wings.
According to him, the organization will be fully mobilised to promote the policies and achievements of the current administration, with a focus on issue-based campaigns aimed at restoring public confidence in the nation’s economy.
He noted that the administration has made strides in revamping the economy and executing key infrastructure projects, including the ongoing coastal road development in parts of the country.
Fubara expressed confidence that the group’s campaign strategies would resonate with Nigerians, adding that opposition voices would be effectively countered through sustained grassroots engagement.
He also urged members of the group to intensify sensitisation efforts across communities, highlighting what he described as visible results of the administration’s reforms.
On security challenges facing the country, Fubara said the situation was inherited from previous administrations but maintained that the current government is taking decisive steps to address it.
He expressed optimism that ongoing efforts, including international collaborations, would significantly curb insecurity in the near future.
When asked whether the group would also campaign for Rivers State Governor, Sir Siminalayi Fubara, the TYVO coordinator said the organisation would take a position at the appropriate time, noting that directives from the All Progressives Congress (APC) would guide its activities.