Orji defends controversial recruitment of CoS’ daughter as NSIA income hits N57.73 billion

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The Nigeria Sovereign Investment Authority (NSIA) recorded an income growth of N57.73 billion in 2018 compared to the N30.62 billion it realied the previous year.

Addressing reporters at the presentation of its financial performance in 2018, its Managing Director, Mr. Uche Orji said total income grew by 88.5 per cent, rising from N30.62 billion in 2017 to N57.73 billion in 2018.

On the controversial recruitment of the daughter of the Chief of Staff to the President as an Assistant Vice President, Orji said the process that led to her recruitment was transparent and due process followed.

He said her position is equivalent to an Assistant Manager in a bank and that the position does not come with a car as alleged, adding that the Authority remained committed to hiring the right people to help it sustain its impressive performance.

He said NSIA did well in spite of the volatile global and challenging local investment environment, pointing out that this growth reflected the strength and capability of portfolio and risk management within the institution.

During the period under review, interest income-N23.82 billion (a component of total income) earned represents a nine per cent year-on-year increase from the N21.77 billion in 2017. Orji said the performance “underscores our commitment to generate fixed income returns from low-risk securities that generate predictable interest and steady returns, including Eurobonds, Treasury Bills and other secured deposits.”

Orji also said the Authority rebased its foreign denominated balances to N325/$ from N305/$, to reflect its foreign exchange transactions appropriately in line with its market. “Therefore, the Group recognised a foreign exchange gain of N18.05 billion.”

On Return on Capital Employed (RoCE) on the core funds (in naira), Orji said Stabilisation Fund (with 100 per cent funds deployment) recorded 7.2 per cent growth: Future Generations Fund (with 81 per cent fund deployment) recorded 8.3 per cent growth while, the Nigeria Infrastructure Fund (with 17 per cent fund deployment) registered 7.7 per cent growth.

Speaking on key projects this year, Orji said there will be increased focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.

Under healthcare, Orji said the Authority reached financial closure on three healthcare projects last year “including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH). “We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical operations,” he said.

Under the Presidential Fertiliser Initiative which is an inveatment initiative of President Muhammadu Buhari to subsidise fertilizer, Orji said there was “increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants. Participants in the Presidential Infrastructure Development Fund (PIDF) he said received $650million and commenced capital deployment across three of the major road projects under PIDF including seconnd Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.

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  1. Orji defends controversial recruitment of CoS' daughter as NSIA income hits N57.73 billion - Naija247news - Nigeria Cancer Blog

    […] Orji defends controversial recruitment of CoS’ daughter as NSIA income hits N57.73 billion  Naija247news […]

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