#OshiomoleLied: $700 Million Was Not Withdrawn For 2nd Niger Bridge – NSIA

#OshiomoleLied: $700 Million Was Not Withdrawn For 2nd Niger Bridge – NSIA

By News Desk | The Trent on September 21, 2015
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Governor Adams Oshiomole of Edo State

The Nigeria Sovereign Investment Authority (NSIA), which manages the sovereign wealth fund (SWF), has debunked claims by Edo State Governor, Adams Oshiomole that former President Goodluck Jonathan in connivance with his Minister of Works, Mike Onolememen withdrew $700 million from the SWF for the second Niger bridge.

Debunking the rumours via a statement , the NSIA 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 NSIA also availed that its “accounts are audited quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, using the International Financial Reporting Standard (IFRS)”.

The NSIA further availed that it had not yet been invited by the National Economic Council (NEC), headed by Vice President Yemi Osinbajo to defend its operations, disclosing that: “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, 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.”

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