Managing Director and Chief Executive Office of Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq has said that the authority would spend $500 million on infrastructure.
During the House of Representatives Ad Hoc Committee probing of NSIA on Tuesday, Umar-Sadiq reiterated that NSIA has a robust investment portfolio in critical sectors such as agriculture, healthcare, finance, tech, innovation, and power.
In addition, he said NSIA developed institutions and platforms to improve the financial market ecosystem, and a 10-MW solar power project is expected to facilitate over 500 direct and indirect jobs.
Umar- Sadiq noted net assets of NSIA grew from N156 billion in 2013, to N1. 017 trillion ends of 2022, and remained profitable in its 10 years, and net contribution grew from $1 billion to $2.27 billion as of December 2022.
Representative of director general of Nigeria Governors Forum (NGF), Lateef Shittu said local governments were stakeholders with states, and represent a significant holding.
Shittu affirmed the collaboration of the forum with NSIA, saying they were satisfied with the interactions and clear about the objectives of the authority.
He said in 2022, the governors requested a presentation on operations of NSIA from the management, adding “We are satisfied with the presentation and what was being done”.
He reiterated that, “every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects.”
The Chairman of the Committee, Hon. Ademorin Kuye, said the objective of the investigation was to ensure that the statutory provisions of the law establishing the Authority were adhered to.
He stated that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee would visit sites of projects being handled by the Authority to ensure value for money.
The Committee commended management and staff for the detailed responses that were provided which alludes to its high level of governance and transparency.
