The House of Representatives, also known as the Green Chamber of the National Assembly, has initiated an investigation into the activities of the Nigeria Sovereign Investment Authority (NSIA) on August 23, 2023.....KINDLY READ THE FULL STORY HERE▶

The NSIA is responsible for managing the Nigeria sovereign wealth fund, which accumulates surplus income generated from the country’s excess oil reserves….CONTINUE READING

Established in 2011, the agency’s operations from inception to the present are now under scrutiny by the lawmakers. The primary focus of this investigation is to determine if the agency has adhered to relevant laws throughout its existence.

During an investigative hearing, Chairman of the House Ad-hoc Committee, Ademorin Kuye, explained that the objective of the probe is to gain insight into the management of the agency’s funds. Kuye expressed the parliament’s interest in understanding how the NSIA’s resources have been utilized.

Kuye further indicated that the committee might undertake on-site visits to projects handled by the agency, if deemed necessary, to ensure that the government receives value for the investments.

Aminu Sadiq, the Managing Director of NSIA, addressed the lawmakers during the hearing, highlighting the agency’s financial activities.

He stated that NSIA had invested more than $500 million in domestic infrastructure projects, and an additional $1 billion in “third party investments.

” Sadiq noted that these investments encompassed crucial sectors such as agriculture, healthcare, and power. He also underlined the agency’s efforts in enhancing the financial market ecosystem.

Sadiq clarified, “Since its establishment, NSIA received $1 billion in 2012, followed by three tranches of $250 million. Additionally, a drawdown of $150 million has occurred.

” He emphasized the agency’s commitment to principles of accountability, transparency, and governance, aligning with the Santiago Principle of the IMF and the ISFWF.

The NSIA’s investment framework comprises three main funds: the stabilization fund, aimed at offering economic support during challenging times; the future generations fund, focused on diversified growth investments for upcoming generations of Nigerians; and the Nigeria infrastructure fund, mandated by law to invest in domestic infrastructure sectors. Furthermore, the agency manages five third-party managed funds in conjunction with these funds.