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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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FG Restates Commitment To Seafarers’ Welfare, Safety

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reaffirmed the Federal Government’s commitment to enhancing the safety of the seafaring profession and upgrading maritime institutions to international standards.
Speaking at the 2025 World Seafarers’ Day celebration in Port Harcourt on Wednesday, organised by NIMASA, with the theme, “My Harassment-Free Ship.
He said that this year’s theme “speaks to our collective duty to make every ship a safe and respectful workplace noting that harassment and bullying have no place in our maritime industry.
The Minister further emphasised the importance of continuous training and retraining to ensure seafarers remain competitive and employable.
Also speaking, the Minister of Labour and Employment, Muhammadu Maigari, emphasised that seafarers are the backbone of international trade, facilitating the smooth transportation of goods and services across the globe.
He stressed the need to eliminate all forms of violence, harassment, and bullying against seafarers.
In his welcome address, the Director-General of NIMASA, Dr. Dayo Mobereola, emphasised the need for the maritime community to prioritise the welfare, safety of seafarers and maintain zero tolerance for harassment.
According to the DG, “Today provides opportunity for the Maritime Community to honor seafarers globally for their immense contribution to both domestic and international trade, powering the blue economy and connecting nations across oceans”.
He said that this year’s theme was particularly apt, as it was a call to action to “ensure that our seafarers feel safe, are valued and protected while at sea because the ship is not just their place of work; it is their temporary home. It must therefore reflect the highest standards of dignity and professionalism fostering zero tolerance for harassment”.
He declared that NIMASA must continue to play its part in ensuring that Nigeria contributes effectively to regulations affecting seafarers, as Nigeria remains the highest contributor of seafarers in Africa. “Our men and women sail on vessels in our domestic waters and also globally. This will continue to grow through the Nigerian Seafarers Development Program (NSDP) and the effort of our Maritime Training Institutions.
‘At the recently concluded 113th session of the International Labour Conference held in Geneva, seven (7) amendments to the MLC 2006 code addressing a broad range of issues affecting seafarers, including the recognition of seafarers as key workers, improved protection against ship board violence and harassment, enhanced access to shore leave and repatriation and updated medical and occupational safety standards were approved by an overwhelming majority.
These seven (7) amendments reflect collective global effort to align maritime Labour standards with the evolving landscape of global shipping.
I, therefore, call on shipowners, operators and crewing agencies to begin to review their operational manuals to align with these amendments ahead of the expected entry into force in December 2027. Our seafarers must be able to report grievances without fear of retaliation, while also ensuring protection against vexations or malicious complaints.
He added that NIMASA will play its role by establishing clear policies and procedures for preventing and addressing harassment on Nigerian-flagged vessels, ensuring confidential reporting channels for incidents of harassment and that reports are thoroughly investigated and addressed.
“Today is a clear reminder to us all – government, employers, unions, shipowners, and civil society- that seafarers should not be left alone in their struggles. They look up to us to help them foster a culture of zero tolerance on ships to protect their dignity”, he stated.
He also assured that under his leadership, NIMASA will ensure compliance with regulatory requirements, particularly the renewal of entries into force by ship owners, operators, and relevant agencies come December 2027.

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Ogoni Stakeholders Hail Zabbey’s Performance

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Stakeholders drawn across the four local government areas of Ogoniland in Rivers State, have expressed delight over the excellent performance of the Project Coordinator of the Hydrocarbon Pollution Remediation Project (HYPREP), Prof Nenibarini Zabbey within the past two years, describing him as a true patriot, who has been showing leadership in delivering service to the people.
The stakeholders, who gave the indication in their separate goodwill messages during the mid-term stakeholders engagement and scorecard presentation organised by HYPREP in Port Harcourt, scored the Project Coordinator high on the Ogoni cleanup and the overall implementation of the recommendations of the UNEP Report on Ogoniland.
The President of KAGOTE and Board member of the Ogoni Trust Fund, Hon Emma Deeyah, particularly commended Zabbey for turning around the fortunes of the Ogoni people, as they are now having value for the money earmarked for the cleanup project, describing the Project Coordinator as “one of our best.”
He noted that Zabbey has done well on the saddle, working very hard, being an administrator and leader with listening ears, striving assiduously to meet the yearnings and expectations of the people.
He said the Ogoni cleanup is a journey that has just begun, stressing that he was happy that the Project Coordinator is not on the saddle to amass wealth but to deliver and achieve results, and appealed to the Ogoni people to continue to give him their support.
On his part, member representing Gokana/Khana Federal Constituency in the National Assembly and Chairman of the House of Representatives Committee on Host Communities, Rt Hon Dumnamene Dekor, said HYPREP under the watch of Zabbey is working with renewed vigour, and thanked the Project Coordinator for driving the Ogoni cleanup project with passion.
He noted that the funds dedicated and earmarked for the project are running out, disclosing that he was working on an Executive Bill, to facilitate the work of HYPREP.
While stressing the need for the people to take full responsibility of all the projects sited in their communities, Dekor regretted that some beneficiaries had sold the starter packs presented to them by HYPREP, while the water facility provided in his Bierra community has been vandalised.
The King of Tai Kingdom, King Samuel Nnee, said HYPREP under Zabbey as Project Coordinator has been delivering on its mandate, describing him as a square peg in a square hole, who has given hope to the Ogoni people.
The monarch urged the Ogoni people to give the Project Coordinator the necessary support.
The Paramount Ruler of Barako Community and member of the Governing Council of the University of Port Harcourt, Mene Kadilo Kabari, said Zabbey has always demonstrated that he is a true patriot by carrying along Ogoni people from all strata of the society, describing him as a performing Project Coordinator.
He noted that the bane of HYPREP before now had been the conflict between the Project Coordinator and the Minister of Environment, saying, under Zabbey, Ogoni people can now see what unity of purpose can achieve.
He expressed delight that the water facility which was the first commissioned by HYPREP in his community is functioning optimally following the solar-powered system installed by the Project.
The King of Eleme Kingdom, King(Dr) Philip Osaro Obelle thanked HYPREP’s management team for all that it is doing in Ogoniland, stressing that the Project was built on the graves, bellies and blood of Ogoni sons and daughters who lost their lives during the Ogoni struggle.
He, therefore, advised HYPREP “not to deviate from the expectations of our heroes but to do those things that would benefit Ogoni people for the betterment of Ogoniland.”
Former Nigerian Ambassador to Netherlands, Hon Oji Ngofa said HYPREP has been like the government of Ogoniland, and harped on the sustainability of all the projects.
According to him, Zabbey has been giving HYPREP a human face.
Former Vice Chancellor of the Rivers State University, Prof Barineme Fakae applauded Zabbey for the construction of the Centre of Excellence for Environmental Restoration, and stressed the need for the implementation of the recommendations of its technical committee which recently submitted its report.
According to him, if the project succeeds, Ogoni people are going to succeed.
Chief Priscillia Vikue, on her part, thanked Zabbey for his outstanding performance, saying, the women of Ogoni are very happy with what he is doing in Ogoniland.
While scoring the Project Coordinator highly on his performance, she said the women are happy because Zabbey knows what he is doing with HYPREP.
“You went to school.You did not cut corners.You are a square peg in a square hole.You have engaged women and the youths. We have seen what you have done. And we give you A1”, she said, and challenged Zabbey to see how more women would participate in the project and also how to sustain it.
In his remarks, the Project Coordinator, Prof Nenibarini Zabbey said the mid-term engagement is important because “it allows us to present tangible evidence of progress in the Ogoni cleanup effort, reinforce accountability, deepen transparency, and most importantly, enables HYPREP to interact directly with the communities and stakeholders who are the heartbeat of this project.”
He noted that the scorecard presentation is designed to show what HYPREP has achieved across key thematic areas, what challenges it is currently grappling with, and what the road ahead looks like, saying, “it is a moment for stocktaking and for re-affirming our shared commitment to the success of the Ogoni cleanup project”.
According to him, HYPREP has recorded commendable progress in the implementation of its core mandates in line with UNEP recommendations and the directives in the official gazette establishing HYPREP.

 

Donatus Ebi

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TETFunds’ South Rep Visits CEAPOLY …Unveils Mass Communication Dept Building

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The South-South representative of the Tertiary Education Trust Fund (TETFund) Board, Rt. Hon. Aboh Uduyok, has concluded his one-day official visit to Captain Elechi Amadi Polytechnic in Rumuola, Rivers State, with the unveiling of the Mass Communication Department classroom building. The project was executed under the 2021 TETFund intervention project.
During the unveiling of the project, Tuesday in Port Harcourt, Rt. Hon. Uduyok commended President Bola Ahmed Tinubu for his commitment to the educational sector and praised the polytechnic’s management for utilising TETFund resources judiciously.
He noted that the quality of ongoing projects met approved specifications, and expressed satisfaction with the institution’s progress.
The TETFund representative stated that his visit was aimed at familiarising himself with beneficiary schools, assess fund utilization, and identify challenges.
He assured the school management that he would convey their requests for constructing engineering works and hostel accommodations to the board and notify them of any approval.
Rt. Hon. Uduyok explained that the TETFund Board is not initiating new projects this year, except where necessary, due to presidential directives. However, he commended the institution for the commendable quality of both completed and ongoing projects.
In his welcome address, the Rector of Captain Elechi Amadi Polytechnic, Dr. Moses S. Neebee, thanked the TETFund representative for visiting, and highlighted the institution’s successes and challenges. He requested support for hostel accommodations and engineering works, emphasising that a higher institution without hostels is akin to a glorified secondary school.
Dr. Neebee while briefing the visitor on the institution’s progress, noted that it currently runs 21 National Diploma programme and five Higher National Diploma courses. He disclosed that the school accessed the 2021 TETFund release in full but faced challenges with the 2023 fund due to harsh economic conditions and bid process delays, which increased project costs. The Rector pleaded for assistance in securing additional funds for the 2023 intervention release.

Akujobi Amadi

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