NSIA assets now N1tr, says MD

 

Representative of the Director-General, Nigeria Governors’ Forum, Abdullfatif Shittu (left); Director-General, Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq and Executive Director (Operations and Corporate Services), NSIA, Bisi Makoju during their meeting with House of Representatives Ad hoc Committee investigating NSIA since inception, at the National Assembly Complex, Abuja, Tuesday. 

 

Managing Director, Nigeria Sovereign Investment Authority (NSIA), Aminu Sadiq, has disclosed that net assets growth of the agency moved from N156 billion in 2013 to N1.017 trillion as of the end of 2022.

 

He also revealed that the agency invested over $500 million in domestic infrastructure, while also investing over one billion dollars in what he called third party investment.

The NSIA boss made the disclosure, yesterday, when he appeared before the House of Representatives’ ad hoc committee investigating activities of the NSIA since its inception.

According to Sadiq, the agency also carried out a robust infrastructure investment portfolio covering critical sectors, such as agriculture, healthcare and power, while also developing over 10 institutions and platforms to improve the financial market ecosystem.

He disclosed that the agency developed a solar panel project with over 500 jobs to be created, has 13,504 affordable housing units under construction, and supported over 236,000 farmers, among others.

Also speaking, the Director General, Nigeria Governors’ Forum (NGF), Asishana Okauru, said local councils in the country were mere appendages of states, not federating units; therefore, they could not technically be direct beneficiaries of funds from NSIA.

Represented by Executive Director, Strategy and Research, Lateef Shittu, Okauru said since states were satisfied with the operations of NSIA, local councils could not claim they were unaware of projects being carried out by the agency.

He said, technically, states are the real owners of NSIA since they control over 54 per cent of the agency’s shares, alongside councils.

He was responding to a presentation by National President of Association of Local Governments of Nigeria, Kolade David Alabi, that local councils were not aware of the activities of NSIA.

He disclosed that in 2022, governors requested a presentation on the operations of NSIA from the management, adding: “We were satisfied with the presentation and what they are doing.”