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Reps Begin Probe Of NSIA

Posted by Amarachi on Wed 23rd Aug, 2023 - tori.ng

The lawmakers are investigating the agency, which is saddled with the management of the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited.

Reps

An ongoing probe has been commenced on the Nigeria Sovereign Investment Authority (NSIA) by the House of Representatives, on Wednesday, August 23, 2023.
 
The lawmakers are investigating the agency, which is saddled with the management of the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited.

The agency was founded in 2011, and the Reps are now concerned with its running from inception to date.

While speaking today during an investigative hearing, Chairman of the House Ad-hoc Committee, Ademorin Kuye, said the probe is to ascertain if the agency has adhered to the extant laws over the years.

Kuye noted that the parliament is interested in knowing how the funds of the agency are being managed.

According to him, the panel would visit sites of the projects being handled by the agency if there is a need, so as to ensure that the government is getting value for money.

On his part, while addressing the lawmakers, the Managing Director of NSIA, Aminu Sadiq, noted that the agency has invested over $500 million dollars in domestic infrastructure, while $1 billion has been invested in “third party investment.”

He stated that the investment portfolio covered several critical sectors, including agriculture, healthcare and power. He noted that the agency has also developed platforms to improve the financial market ecosystem.

Sadiq said: “The institution from inception till today, the NSIA received $1 billion in 2012 and three sets of $250 million, it has also drawdown of $150 has also occurred.

“We are a signatory to the Santiago Principle of the IMF and the ISFWF, prioritising accountability, transparency and governance in the execution of our operations. By law, we have three separate and main flex bonds: the stabilization fund, which during times of economic duress provides stabilization support, and the law makes for 20 per cent allocation as a minimum. We have the future generations fund, which is a diversified portfolio of growth investment managed for future generations of Nigerians.

“The first two funds are global in nature and are fond of funds, and then we have a Nigeria infrastructure fund which by law is to invest in the infrastructure sectors in Nigeria. In addition to that, we also have third parties managed funds, and there are five of them.”



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