‘Only $2.2m disbursed for 2nd Niger bridge’

The Nigeria Sovereign Investment Authority (NSIA), managers of Nigeria’s sovereign wealth fund (SWF), says it is incorrect to say that $700m has been withdrawn from its account for the second Niger bridge.

Adams Oshiomhole, the governor of Edo state, had said former President Goodluck Jonathan in collusion with his minister of works, Mike Onolememen, had withdrawn $700m for the second Niger bridge project.

The authority said “all funds and assets managed by the Nigeria Sovereign Investment Authority (NSIA) are intact and fully accounted for as detailed in the Audited Financial Statement for the year ended 2014 published on March 28, 2015 (available at www.nsia.com.ng)”.

“The Annual Report was subsequently issued by the NSIA in September, 2015. NSIA’s funds have been invested profitably, realizing a net comprehensive income of N15.8billion in the year ended 31st December, 2014, compared with N505million recorded in the fifteen months ended December 31, 2013.”

The fund manager said its accounts are audited “quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, using the International Financial Reporting Standard (IFRS)”.

NSIA said it had not at any time been invited by the National Economic Council (NEC) to defend its operations.

The statement said: “The seed capital of $1billion provided in 2012 has been managed in three different ring-fenced funds: 20% in Stabilisation Fund; 40% in Future Generation Fund and 40% in Nigeria Infrastructure Fund respectively.

“The NSIA states categorically that it 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,” it said in a statement.

“Neither did it make any presentation or submission whatsoever to the ad-hoc committee. However, the management of NSIA remains open and available to provide details on its operations and accounts to all its stakeholders.”

“Furthermore, the 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 $2.2million has been disbursed for project development related consultancy costs.

“In addition, N10.3billion was disbursed on early construction works on behalf of the Federal Ministry of Works. This has been addressed in previous press releases and briefings by the NSIA.”

“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 NSIA is the only African Sovereign Wealth Fund to be rated nine on the Linaburg-Maduell transparency index, in the joint 2nd category overall along with other internationally respected Sovereign Wealth Funds.