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 N772.75 billion as against N579.54 billion in the previous year. He also said that the NSIA received additional contribution of 250 million dollars and provided first stabilisation support of 150 million dollars from the Stabilisation Fund to the Federal Government. According to him, the authority also received 311 million dollars from funds recovered from late General Sani Abacha from the US Department of Justice and Island of Jersey.
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Sukuk is a
form of Islamic banking that comply with Sharia by paying profit not interest generally by involving a tangible asset such as land in the investment.
Orji said the NSIA also plans to inject $50 million equity into an innovation fund that develops technology infrastructure in the country, most especially in data centres, data networking, software, pharmaceutical manufacturing, and many others.
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“I believe we will be coming into the market this year most likely, we will be coming via the Sukuk programme, which is something to note for the road projects.”
Orji, however, did not disclose the amount the NSIA is planning to raise via Sukuk.
The Nigeria Sovereign Investment Authority (NSIA) says that it recorded a total of N160.06 billion in comprehensive income in 2020, representing a 343% growth compared to N36.15 billion recorded in 2019.
The growth was attributed to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange rate gain from foreign currency positions despite challenges of the coronavirus pandemic.
This disclosure was made by the Managing Director of NSIA, Mr Uche Orji, at a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review on Tuesday in Abuja.
Orji said that the authority achieved 33% growth in Net Assets amounting to N772.75 billion as against N579.54 billion in the previous year.
Babatunde Fashola
The Minister of Works and Housing, Mr Babatunde Fashola, has assured that the ongoing Lagos-Badagry Expressway rehabilitation/reconstruction project was not forgotten but on the 2021 Sukuk funding priority list.
Fashola gave the assurance in Lagos on Saturday during an inspection tour of road projects in the state.
He said that major drainage works were ongoing and progressing to upgrade the highway from its old status to ensure durable construction, saying that funding challenges were being resolved.
“Lagos-Badagry Expressway is the real challenge. Again it is funding.
“We are owing the contractor. That is why I said if we can expand the Sukuk this year, we are going to look at a few more roads to add into it.
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The Minister of Works and Housing, Babatunde Fashola, has assured that the ongoing Lagos-Badagry Expressway rehabilitation/reconstruction project was not forgotten but on the 2021 Sukuk funding priority list.
Mr Fashola gave the assurance in Lagos on Saturday during an inspection tour of road projects in the state.
He said that major drainage works were ongoing and progressing to upgrade the highway from its old status to ensure durable construction, saying that funding challenges were being resolved.
“Lagos-Badagry Expressway is the real challenge. Again it is funding.
“We are owing the contractor. That is why I said if we can expand the Sukuk this year, we are going to look at a few more roads to add into it.