NSIA grows assets to N649.84bn, records N36.15bn profit

Uche Orji

The Nigeria Sovereign Investment Authority has disclosed that it grew its total assets from N617.7billion in 2018 to N649.84billion in 2019.

Nigeria’s sovereign wealth fund manager, Mr. Uche Orji, disclosed this in its 2019 audited financial statement, which was released during a webinar press conference in Abuja.

The authority also declared that it deployed N182billion on three major road projects across the country.

It outlined the projects to include Second Niger Bridge, Lagos-Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.

It stated that the road projects were captured under the Presidential Infrastructure Development Fund, as a total of N181.9billion had been deployed so far.

It also disclosed that the Federal government had released the $311million recovered as part of the monies stolen by the late Head of State, Gen Sani Abacha to the authority in order to help fund the activities of the agency, as the cash was domiciled in NSIA’s account in the Central Bank of Nigeria.

In its audited financial statement, the agency said it recorded a total comprehensive income of N36.15billion in 2019, while in the previous year it posted N44.34billion.

“Excluding foreign exchange gain of N18billion in 2018 and N1.28billion in 2019, the net income in 2019 was N34.87billion, compared to N26.28billion in 2018,” the Managing Director, NSIA, Uche Orji, explained.

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Alex Okoronkwo Ezumah

Engr. Alex Okoronkwo Ezumah

Civil engineer and retired civil servant, clocked 62 on the 16th of October. A native of Amuvi village, Ugwu Aro was educated at Government College, ...