Nigeria’s Nat’l Sovereign Investment Authority reports N26.28 billion profit

Nigeria’s Nat’l Sovereign Investment Authority reports N26.28 billion profit

In his own briefing, Delta State Governor, Dr. Ifeanyi Okowa, said the council received the annual reports and accounts of National Sovereign Investment Authority (NSIA) for the year ended 2016 and an update on 2017 activities.

According to him, the agency reported the profit of about N26.28 billion ($88 million) in 2016 with the total profit of about $1.25 billion on management for most part of the year, while it received an extra $250 million in the third quarter of 2017.

Okowa also said the agency reported that the returns on assets within the period were up to 6.6 per cent in dollar terms, adding that the NSIA has now shifted its focus to infrastructure and direct local investment in the country.

He said: “The 2017 activities of the NSIA also include the implementation of Presidential Fertilizer Initiative (PFI) in 2017. They commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State. They continued with the work, the funding of the work on the Second Niger Bridge in which they had been involved in the past.

The National Economic Council (NEC) Thursday in Abuja threw its weight behind the Federation Account Allocation Committee’s (FAAC) decision to reject the remittance by the Nigeria National Petroleum Corporation (NNPC) into the Federation Account in May.

Watch Also: In a country of darkness, you gave us hope, says OSIWA to #NotTooYoungToRun Movement

The Wednesday meeting of the committee had ended in a stalemate as the NNPC failed to show up after failing to respond to the request of the committee to be more forthcoming with its operational accounts and remittances.

The corporation, in a statement Thursday, had also defended itself over alleged shadowy accounting, contending that the obstinacy of the nation’s 36 state governors was responsible for the prevailing stalemate.

But briefing journalists in the State House Thursday at the end of the monthly NEC meeting, the Minister of Finance, Mrs. Kemi Adeosun, said NNPC’s remittance fell below expectation and was consequently rejected by FAAC.

“They also did invest and own 13 per cent of Bridge Academy Ltd, a network of schools that delivers high quality affordable primary education to lower income earners and it is hoped that they will do that too in other states of the federation.”

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

2 Comments