Nation
NSIA Records N160bn Income
The Nigeria Sovereign Investment Authority (NSIA) says it had a strong year in 2020, recording N160.06billion in total comprehensive income amounting to 343 per cent growth compared to N36.15billion in 2019.
The Managing Director, Mr Uche Orji, revealed this in a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review, yesterday, in Abuja.
Orji attributed the growth, in spite of the challenges of Covid-19, to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.
He added that the authority achieved 33 per cent growth in net assets amounting to N772.75billion as against N579.54billion in the previous year.
He also said that the NSIA received additional contribution of $250million and provided first stabilisation support of $150million from the Stabilisation Fund to the Federal Government.
According to him, the authority also received $311million from funds recovered from late Gen Sani Abacha from the US Department of Justice and Island of Jersey.
He said that the funds were deployed towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos-Ibadan Expressway and the Second Niger Bridge.
“The 2020 fiscal year was characterised by high volatility and global market uncertainty on account of Covid-19 in the first half.
“However, the authority’s strategic investments generated respectable returns in spite of the impact of Covid-19.
“Notably, NSIA has invested in various private equity and venture capital investment funds to tap into the high-growth sectors.
“NSIA expects that the outlook for 2021 would be positive, however, we expect bouts of volatility as global markets adjust and recover from the impact of the pandemic.”
Speaking on some of the projects and interventions the organisation was involved in; he said that it entered a strategic collaboration with BBVGH for cancer treatments.
Orji said that the group was helping in training personnel and bringing in lower costs cancer medicine for those who were in the NSIA-Lagos University Teaching Hospital Cancer Centre.
He also said it had operationalised the NSIA-Kano Diagnostic Centre and the NSIA-Umuahia Diagnostic Centre which were developed as first-rate diagnostic centres with individual investments of $5.5million each.
For the power sector, Orji said that the NSIA was building a 10 megawatts solar power plant in Kano, which presently was the single largest in Nigeria.
“Expected to be completed at the end of 2022 at a cost of about $15million, the plant would link industrial customers to an additional source of power supply,” he said.
He said it was also setting up a platform with International Development Finance Institutions (DFIs) to allow it spread across various parts of the country.
In agriculture, through the Presidential Fertiliser Initiative (PFI), it produced 12million 50 kilogram bags of NPK 20:10:10 equivalent in 2020.
This, he said, brought the total production since inception to over 30 million 50kg bags equivalent, while the number of participating blending plants increased to 44 from less than seven at inception.
Orji added that the NSIA completed construction of 3,000 hectares Panda Agric Farm in Nasarawa, the first project of the UFF-NSIA partnership.
He said that the NSIA launched Nigeria’s Innovation Fund to address investment opportunities within Nigeria in Information technology.
According to him, with immediate pipeline it includes data networking, data centres, software and services as well as Agri-tech and Bio-tech.
Speaking on gas industrialisation, he said significant progress had been made on developing the Ammonia and Diammonium phosphate production plants in partnership with OCP.
For 2021, he said the organisation was looking forward to completing the concession, capital raise and operationalisation of the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway.
“In the Future Generations Fund, we expect to allocate more capital to venture capital, global equity markets and an increasing exposure to European equities where we had been under exposed in 2020.
“NSIA believes that broad opening of the markets will provide a comprehensive lift to equities. Although NSIA believes the market is unlikely to repeat some of the performance of 2020.
“It is more likely that a broader market recovery will occur with economies opening unlike the case in 2020 in which technology stocks drove market performance.”
The NSIA was set up to manage funds in excess of budgeted hydrocarbon revenues.
Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians.
This would be through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress.
The Ogoni Dialogue Committee has assured the people of Tai communities in Tai Local Government Area of Rivers State that their opinions and concerns will be articulated in the effort to present a unified demand from the Ogoni people to the Federal Government.
Co-Chairman of the Committee, Archbishop Ignatius Kattey (Rtd), made the assurance on Saturday during a meeting with Tai LGA communities at the Council Secretariat in Saakpenwa.
He revealed that the dialogue offers Ogonis an opportunity to ensure their voices are heard, urging Tai Communities members to participate actively in the process.
Archbishop Kattey announced plans for the committee to engage with all stakeholders including youth and women of Ogoniland.
He stated that the Federal Government has commenced the confidence-building process requested by the Ogoni delegation by signing the bill for the establishment of the Federal University of Environment and Technology in Tai stressed that the university has the potential to unlock significant economic opportunities for the Ogoni people, representing a beacon of hope and progress for the area.
“As we move forward, I encourage every community within Tai LGA to submit their positions on the resumption of oil activities in Ogoni.
“Your voices are vital, and I assure you that all collated views will be integral to our demands as we negotiate with the Federal Government of Nigeria.
” This is our chance to ensure that our collective concerns are heard and addressed, so I urge you to seize this opportunity.
“Additionally, we plan to meet with critical stakeholders, including our Ogoni youth and women, in line with the Dialogue Committee’s workplan.
“Your participation and insights are essential as we work together for a brighter future” Kattey stated.
He expressed gratitude to President Bola Ahmed Tinubu for his visionary initiative in engaging in dialogue with the Ogoni people, calling it a crucial turning point in the quest for understanding, reconciliation, and progress.
He also thanked National Security Adviser Mallam Nuhu Ribadu for his diligent facilitation of the dialogue process.
The Co-Chairman further thanked Rivers State Governor Sir Siminialayi Fubara for his involvement and commitment, particularly for the prompt release of the Kira campus of the Rivers State University to enable the immediate establishment of the Federal University of Environment and Technology.
In his remarks,the Senator representing Rivers South East at the National Assembly, Senator Barry Mpigi noted that the Tai people are not opposed to the resumption of oil activities in Ogoniland .
He emphasized the importance of collaboration between the would-be operator and the communities for smooth operations.
“Tai people are not opposed to oil resumption in Ogoniland , but we want to see how it will be implemented.
” This is why we have submitted our memorandum to you.
“If the would-be operator listens to the terms of the Tai people, we can work together” Senator Mpigi stated.
Mpigi also thanked the Federal Government for assenting to the establishment of the Federal University of Environment and Technology in Tai, promising that the university will operate smoothly.
Meanwhile, the Chairman Community Development Committee (CDC), of Korokoro Community in Tai LGA Mr Young Kigbara presented resolution on behalf of the oil-bearing community, while other communities made submissions through the King of Tai Kingdom, HRM King Samuel Nnee
Kiadum Edookor
The people of Ekpeye Ethnic Nation in Ahoada East and Ahoada West Local Government Areas of Rivers State, have declared that the Ubeta Gas Project being proposed by TotalEnergies EP Nigeria Limited, must be located in their domain.
The company had proposed that gas from Ekpeye land would be piped to a treatment plant that would be located at Obite in Ogba/Egbema/Ndoni Local Government Area.
The declaration was contained in a communique signed by His Imperial Majesty, Eze (Dr) Kelvin Ngozi Anugwo, Eze Ekpeye Logbo III; Akalaka XII, His Royal Highness, Eze (Dr) Chigemerem David, Eze Emene Echi Ubie I, Secretary, Ekpeye Council of Traditional Rulers and Chiefs; and Dr. Michael U Nyemenim, President General, Uzugbani Ekpeye, on behalf of themselves and the entire Ekpeye people, after a meeting held on Tuesday, January 28, 2025 at the palace of Eze Ekpeye Logbo III in Ula Upata Community.
The communique, which anchored on six points stated that, “The Ubeta Gas Project shall be built at Ubeta Community or elsewhere in Ekpeye Ethnic Nation.
“That Ekpeye people will not allow TotalEnergies EP Nigeria Limited in conjunction with few persons in Ekpeye Ethnic Nation to pipe the gas to Obite Community in Ogba/Egbema/Ndoni Local Government Area of Rivers State.
“Ekpeye people have proscribed all groups or individuals discussing or dialoguing with TotalEnergies EP Nigeria Limited as regards to the Ubeta Gas Project.
All discussions on the Ubeta Gas Project shall be discussed by the people of Ekpeye Ethnic Nation.Igbu Ubie is a part in Ekpeye and all companies operating in Igbu Ubie, or any other parts of Ekpeye Ethnic Nation shall be answerable to the people of Ekpeye Ethnic Nation. TotalEnergies EP Nigeria Limited shall meet with the people of Ekpeye Ethnic Nation to discuss the issue bordering on the exploration of the gas in Ubeta Community.”
The declaration, according to the communique, was not foisted on the people but was taken after much deliberations that followed democratic process, in the presence of some Kings of the Kingdom , heads of important traditional, socio-cultural organs, women groups and youths from all the seven Kingdoms that make up the ethnic nation.
Some notable individuals that were present were the Eze Igbus such as HRM Eze Joshua Eyiba, Eze Igbu Igbuduya II, HRM Eze(Dr) Felix Enene Otuwarikpo; Eze Igbu Upata III, represented by HRH Nye Udu Nnodi Micheal; HRM Eze Anderson Egbuluka, Eze Igbu Ugbobi II; HRH Eze Prince Ike Ehie, Eze Igbu Orlukwor II.
Others were Uzugbani Ekpeye President General, Dr. Michael U. Nyemenim; Ekpeye Youth President, Senior Comrade Justice Ewoh; the National Chairman, Ekpeye Oil and Gas Pipelines Host Families Association (EOG), Comrade Dogini Chidi; Vice Chairman, Ekpeye Oil and Gas Contact Committee, High Chief (Engr.) Samuel Ekiye; and Ada Ekpeye, High Chief (Mrs) Patricia W. Ogbonnaya.
The statement acknowledged the indivisibility of the people, anchored on filial cultural heritage and further declared that; “Ekpeye Ethnic Nation is one and all parts of Ekpeye Ethnic Nation are what constitutes the people and the place known as Ekpeye! Ethnic Nation. All the stakeholders spoke for the unity of the Ekpeye Ethnic Nation.”
The Minister of Humanitarian Affairs and Poverty Reduction, Prof. Nentawe Yilwatda, has called for a more inclusive approach to tax reforms in Nigeria.
Yilwatda made the call in Abuja, yesterday at an Inclusive Tax Reform town hall meeting with leaders in the disability community.
The meeting was organised by The Albino Foundation (TAF) Africa, in collaboration with the Presidential Committee on Fiscal Policy and Tax Reforms.
Yilwatda emphasised the importance of providing better support for Persons With Disabilities (PWDs) and other vulnerable groups.
According to him, there should be specific tax relief measures that will address the unique challenges faced by them.
The minister proposed that tax relief be introduced for disability-related expenses such as medical care, assistive devices, and accessibility modifications to existing structures.
He also suggested reviewing Value Added Tax (VAT) policies to reduce or exempt taxes on assistive technologies, mobility aids, and specialised healthcare services.
These measures, he said, would help ease the financial burdens often faced by PWDs, allowing them to live more independently and participate fully in society.
“We need to explore the possibility of tax reductions for disability-related expenses.
“Assistive devices and healthcare services can be very costly, and these tax exemptions or reductions will significantly reduce the financial strain on PWDs,” Yilwatda said.
The minister also emphasised the need for corporate incentives to encourage businesses to employ PWDs.
He proposed offering tax breaks or holidays for companies that exceeded a certain threshold of employees with disabilities, encouraging inclusive hiring practices and improving the economic standing of PWDs.
Yilwatda further called for a portion of tax revenues to be allocated to a National Disability Fund, which could provide long-term financial support for social protection programmes aimed at PWDs.
The Chairperson of the House Committee on Disability Matters, Rep. Bashiru Dawodu, highlighted the importance of tax reforms in strengthening the rights and social protection of PWDs.
He also mentioned the potential role of the Vulnerable Trust Fund in supporting PWDs in the future.
Mr Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, reaffirmed the government’s commitment to a fair and inclusive tax system.
He stated that the ongoing tax reforms aimed to reduce economic burdens on vulnerable groups.
Additionally, the Founder of TAF Africa, Mr Jake Epelle, expressed support for the reforms and commended the government’s efforts to ensure accessible engagement platforms for PWDs.
The Tide source reports that the meeting aims to produce practical suggestions that will guarantee social justice, equity, and fairness in Nigeria’s tax policies.
