A Review of the Nigerian Energy Industry

SWF posts N505.6m income in 15 months

Ngozi Okonjo-Iweala
Dr. Ngozi Okonjo-Iweala, Finance Minister

01 April 2014, Abuja – The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.

According to the results audited by PricewaterhouseCoopers and made available to THISDAY, NSIA recorded a gross operating income of N1.466 billion and non-operating income of N495 million, bringing the total gross income to N1.961billion.

It spent N21.905 million on investments, management and custodian fees, while N1.414 billion was spent on operating and administrative expenses.
There was N19.464 million provided for change in net fair value, bringing the total comprehensive income for the 15 months to N505.694 million.

NSIA ended the period with total assets of N157.595 billion. An analysis of the authority’s equity and reserves showed that government made a contribution of N155.250 billion, while retained earnings stood at N525.158 million, amounting to N157.755 billion.

The NSIA is a savings fund sponsored by the federal government and created by an Act of the National Assembly, Nigeria Sovereign Investment Authority (Establishment, etc.) Act, 2011.

Its mission is to build a savings base for future generations of Nigerians, enhance the development of Nigerian infrastructure and promote fiscal stability for the country in times of economic stress.

This, according to the Chief Executive Officer of NSIA, Mr. Uche Orji, will be achieved through the running of three separate funds: the Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

NSIA had in February, through its subsidiary, NSIA Motorways Investment Company (NMIC), signed an agreement with Julius Berger Investments Limited (JBI) for NMIC to act as financial partner to Design, Build, Finance, Operate and Transfer (DBFOT) the Second Niger Bridge Project in a public-private partnership (PPP) with the federal government.
While JBI is expected to provide some of the project equity, the federal government has committed to providing N30 billion in return for non-voting shares in the project.

In the agreement, the NMIC will lead a financing consortium to raise the outstanding funding required for the execution of the project.


– This Day

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