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The Nigeria Sovereign Investment Authority (NSIA) has stated that its funds realised a Net Comprehensive Income of N15.8 billion in the year ending 31st December, 2014, compared with N505 million recorded in the fifteen months ending December 31, 2013. This record is contained in its Audited Financial Statement for the year ending 2014.

The Authority’s seed capital of $1 billion, which was provided in 2012, has been managed under three different ring-fenced funds, namely, the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund. 20% of the seed capital is in the Stabilisation Fund; 40% in Future Generation Fund and 40% in Nigeria Infrastructure Fund. Details of the assets invested in each fund are contained in the Annual Report, which was published on March 28, 2015 and is available on www.nsia.com.ng. Also available at this portal is NSIA’s audited accounts for Q1 2015.

According to the Authority, its accounts are audited quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, which follows the International Financial Reporting Standard (IFRS).     

According to the report, out of the 15 sectors of interest for the Nigeria 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. The Stabilization Fund targets the preservation of capital.

In a statement issued by NSIA, the Authority said, “NSIA wishes to state that it has made no investment in the rail sector, even though it remains an area of interest. And, of 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 Federal Ministry of Works.”

The NSIA, whose mission is to play a leading role in driving sustained economic development and providing stabilisation support in times of economic stress, also stated that the agency 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.

NSIA further said that it did not make any presentation or submission to the Ad-hoc Committee. Nevertheless, the Authority stated that it remains open and available to provide details of its operations and accounts to all its stakeholders.