The Nigeria Sovereign Investment Authority, NSIA, managers of the Sovereign Wealth Fund, SWF, yesterday, insisted that all the assets it manages were intact, adding that it was never invited and had never made any presentations to the Adams Oshiomhole-led committee probing the Excess Crude Account.
Governor Adams Oshiomhole of Edo State had alleged that the administration of former President, Goodluck Jonathan, took $700 million of the $1 billion meant for the Sovereign Wealth Fund, SWF.
The NSIA stated that all funds and assets managed by it are intact and fully accounted for as detailed in the Audited Financial Statement for the year ended 2014 published on March 28, 2015.
The authority’s Communi-cations Adviser, Titilope Olubiyi, said in a statement in Abuja yesterday, that all the funds were profitably invested.
According to the NSIA, the funds have been invested profitably, realizing a Net Comprehensive Income of N15.8 billion in the year ended December 31, 2014, compared with N505 million recorded in the fifteen months ended December 31, 2013.
In addition to the Audited Annual Reports of 2013 and 2014, the NSIA further stated that it has made available its quarterly audited accounts until March 2015 on its website, adding that the accounts are audited quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, using the International Financial Reporting Standard, IFRS.
Olubiyi said: “NSIA’s funds have been invested profitably, realizing a net comprehensive income of N15.8 billion in the year ended December 31, 2014, compared with N505 million recorded in the 15 months ended December 31, 2013.
“The seed capital of $1 billion provided in 2012 has been managed in three different ring-fenced funds: 20 percent in Stabilization Fund; 40 percent in Future Generation Fund and 40 percent in Nigeria Infrastruc-ture Fund. The assets invested in each fund are detailed in the annual report.
“NSIA has never been invited by the ad hoc committee on the Management of Excess Crude Account proceeds and accruals of the National Economic Council, NEC, to make a submission on its operations in the first instance.
“Neither did it make any presentation or submission whatsoever to the committee”
Furthermore, the NSIA, the spokesman said, “has made no investment in the rail sector, even though it remains an area of interest” and that “its total commitment to the second Niger Bridge project, only $2.2 million, has been disbursed for project development related consultancy costs.
“In addition, N10.3 billion was disbursed on early construction works on behalf of the Ministry of Works.”
Out of the 15 sectors of interest for the Infrastructure Fund, the immediate areas of focus are motorways, power, agriculture, real estate and healthcare.
The Future Generations Fund invests in a diversified range of assets covering public and private equities, hedge funds and “other diversifiers” using the services of best-in-class investment managers and global fund custodians, while the Stabilization Fund targets the preservation of capital.
END
Be the first to comment