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NSIA Commits $500m to Infrastructure, Enables $1bn Third-Party Investments

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Aminu Umar-Sadiq NSIA

The Managing Director & Chief Executive Office of the Nigeria Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, has disclosed that the Authority has committed $500 million to domestic infrastructure whilst also enabling third-party investments of over $1 billion.

He said this at an investigative hearing held on Tuesday, August 22, 2023, at the Ad hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since its inception.

He explained that the NSIA belongs to the three tiers of government consisting of the federal government, state government, and local government, including the FCT and its Area Councils.

He further reiterated that the NSIA has a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Additionally, he disclosed that the Authority has also developed institutions and platforms to improve the financial market ecosystem within the country.

He said the Authority developed a 10 MW solar power project which was expected to facilitate the creation of over 500 direct and indirect jobs.

Furthermore, through its participation in the housing sector, over 13,000 affordable housing units were under construction in different states of the Federation.

The NSIA has supported over 236,000 farmers in different Agric projects within the agricultural sector.  Under the Presidential Fertiliser Initiative (PFI), he added that the Authority had facilitated the production of 3.8 million Metric Tons of fertiliser to farmers nationwide, with 72 blending plants currently in operation across Nigeria.

Umar-Sadiq also stated that the net assets of the Authority grew from N156 billion in 2013 to N1.017 trillion at the end of 2022 and has remained profitable over the last 10 years of operation, with yearly audits performed by Independent Auditors.

He also mentioned that the net contribution has grown from the initial $1 billion to the current Net asset value of $2.27 billion as of December 2022.

Also speaking, Lateef Shittu, the representative of the Director General of the Nigeria Governors Forum (NGF), said that local governments were notable stakeholders who were accounted for together with the State Government and represented a significant holding of the fund.

Shittu affirmed the collaboration of the Governors Forum with the NSIA, saying they were satisfied with the level of interactions and were clear about the objectives of the Authority in relation to its projects and impact on the nation.

He disclosed that in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that “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, 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 will 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.

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Egbin Power Tasks Women to Remain Bold in Pursuit of Excellence

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Egbin Power international women's day

By Modupe Gbadeyanka

The need for increased participation of women in every facets of life for a sustainable future has again been emphasised by a leading power generation company in Nigeria, Egbin Power Plc.

At an event to commemorate 2025 International Women’s Day, the organisation underscored the invaluable contributions of women in the power sector and other sectors.

The chief executive of the GenCo, Mr Mokhtar Bounour, reaffirmed Egbin Power’s commitment to fostering gender equality, diversity, and inclusion, urging women to remain bold in the pursuit of excellence and confident in their various endeavours.

“At Egbin Power, we believe that diversity is not just a goal but a necessity for innovation and growth. Women play a vital role in society and the industry, and their contributions continue to drive our success.

“Today, we celebrate their achievements and reaffirm our pledge to create a workplace where every woman can thrive,” he stated.

Mr Bounour also commended women all over the world, and Nigerian women, particularly for their immense role in various fields and at the home front, noting that their significant impact is meaningful and has contributed to the development of the sector at large.

Part of Egbin Power’s initiative to mark the 2025 International Women’s Day included presentations, mentorship sessions, and an interactive workshop where two guest speakers engaged female employees in activities designed to broaden their horizons and empower women to thrive in their personal and professional lives.

One of the highlights was a presentation titled Accelerate Action: A Call to Do More, delivered by a guest speaker, the Managing Director of MML Consulting Ltd, Ms Ijeoma Nwakuche.

While providing insights on overcoming challenges, especially in a male-dominated industry, Ms Nwakuche noted that “women still need equality and equity in the world today; hence it is important to reinforce the call for women to rise up, to be seen, heard, and recognised for the things they deserve, particularly in the workplace.”

According to her, International Women’s Day provides organisations, governments, and individuals the opportunity to encourage women to believe in themselves, think boldly, and act decisively.

She commended the board and management of Egbin Power for their robust support of women in the organisation through various platforms, stressing these initiatives demonstrate that the company encourages women and provides an enabling environment for them to succeed.

The Managing Director of CECCY Health, Dr. Yomi Jaye, who was also a guest speaker, spoke on Mental Health and Lifestyle Approaches for Women.

He emphasised the need for women to prioritise their health to enable them actively play their roles in every field of life and at home, stating the importance of a healthy diet, quality sleep, and exercise in contributing to emotional and mental well-being.

To inspire women to utilise their unique skills and talents, the Chief Corporate Service Officer of Egbin Power, Mr Emmanuel Udu, spoke on Turning Your Passion into a Side Hustle, emphasizing that passion can be a powerful catalyst for entrepreneurship.

“By identifying what they love to do and the skills they have, women can transform their interests into viable business ventures that not only provide personal fulfilment but also financial independence,” Mr Udu noted.

At the event, the CEO of Egbin Power recognized some outstanding women for their contributions to the organization and the sector.

The CEO’s Special Awards were presented to recipients including Jadesola Ogundipe in Electrical Department; Endurance Otaru in Business Operations Department and Engr. Temitope Abdulsalam, a Senior Manager, TCN–Egbin Sub-Region.

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El-Rufai Leaves APC, Joins SDP

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El-Rufai on Channels TV

By Modupe Gbadeyanka

The immediate past Governor of Kaduna State, Mr Nasir El-Rufai, has resigned from the ruling All Progressives Congress (APC) after falling out with the party.

In a statement on Monday, the founding member of the APC said he was leaving the fold for the Social Democratic Party (SDP), submitting his membership card of his erstwhile party to his ward in Kaduna State.

He described his new party as the platform for his future political engagements, urging his supporters and other concerned Nigerians to join him in the SDP, emphasizing the need for a unified democratic platform to challenge the APC.

Recall that last month, in an interview with Arise TV, Mr El-Rufai ruled out pitching tenth with the People’s Democratic Party (PDP).

He claimed the APC was not following the tenets of its founding fathers, also attributing his rejection as a minister in the current administration to President Bola Tinubu, who he said earlier publicly begged him to join his government.

In the statement announcing his defection today, the politician said he was disappointed with the party’s leadership, saying he cannot remain with a group straying from the progressive ideals.

“Developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation of the party.

“At this point in my political journey, I have come to the conclusion that I must seek another political platform for the pursuit of the progressive values I cherish,” he said.

“My eight-year tenure in Kaduna State was devoted to implementing progressive policies to advance human development. These records count for little in the current APC that has castrated its organs and treated its membership with contempt in the last two years. I find this no longer acceptable,” the former governor stated.

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SERAP Gives Akpabio 48 Hours to Rescind Akpoti-Uduaghan’s Suspension

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Godwills Akpabio life pensions

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President, Mr Godswill Akpabio, to immediately reverse the suspension of Senator Natasha Akpoti-Uduaghan.

The Kogi senator was suspended for six months last week following allegations of “speaking without permission” and refusing to occupy her new seat in the Senate chamber.

SERAP described it as “patently unlawful” and a violation of her right to freedom of expression.

Her salary and allowances have also been withheld for the duration of the suspension, and she has been barred from identifying herself as a senator.

In an open letter dated March 8, 2025, signed by SERAP’s Deputy Director, Mr Kolawole Oluwadare, the organisation warned that it would pursue legal action if the Senate President fails to comply within 48 hours.

The letter emphasised that “no one should ever be punished for ‘speaking without permission’. Being a senator does not deprive Mrs Akpoti-Uduaghan of her fundamental human rights.”

The organisation argued that the suspension infringes on Akpoti-Uduaghan’s constitutionally and internationally recognised right to freedom of expression. Citing Section 39 of the Nigerian Constitution and Article 9 of the African Charter on Human and Peoples’ Rights, the organisation maintained that the Senate’s action is both “unlawful and disproportionate.”

“The Senate should be setting an example by upholding the rule of law and promoting and protecting fundamental human rights, not stamping them out,” Mr Oluwadare stated.

The organisation also criticised the Senate for undermining the right of the people of Kogi Central Senatorial District to effective political representation.

“The suspension of Senator Akpoti-Uduaghan has restricted and seriously undermined the ability of the residents of her constituency to participate in their own government,” the letter read.

SERAP urged the Senate to reinstate Mrs Akpoti-Uduaghan and amend its standing orders to prevent undue restrictions on freedom of expression.

The organisation warned that failure to act promptly would leave it with no option but to seek judicial intervention.

“The Senate Standing Orders 2023 should not and cannot set aside Mrs Akpoti-Uduaghan’s right to express herself,” SERAP argued, stressing that any restrictions on free speech must be lawful, necessary, and proportionate.

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