Connect with us

General

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

Published

on

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.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Court Acquits Abba Kyari of 23-Count Asset Declaration Charge

Published

on

Abba Kyari created

By Adedapo Adesanya

Justice James Omotosho of the Federal High Court in Abuja has discharged and acquitted the suspended Deputy Commissioner of Police Abba Kyari of a 23-count charge of alleged non-declaration of assets filed against him by the National Drug Law Enforcement Agency (NDLEA).

Mr Kyari is being charged alongside his two brothers, who were accused of swearing to false affidavits to conceal the origin of some properties.

The court in its judgment held that the NDLEA failed to provide sufficient evidence to prove its case against the defendants, which is mostly the non-declaration of land properties.

Justice Omotosho noted that proving ownership of landed properties can be done through traditional history, title, acts of possession and possession by connection.

The prosecution did not provide any of these documents to show that the said properties located in Fountain Estate, Kasana, which belong to Ramatu Kyari, are truly owned by the police officer.

Also, the court held that the prosecution did not provide the same material evidence linking Mr Kyari to properties in Linda Choko Road, Asokoro and also Maiduguri in Borno State.

Mr Kyari, in his defense said the properties in Borno belonged to his father, which he left for him and his siblings.

It was judged that the prosecution did not prove otherwise, adding that the prosecution charged Mr Kyari’s brothers in bad faith for alleged conspiracy, which they failed to prove.

Continue Reading

General

NCC Arraigns Netnaija’s Emma Analike Over Alleged Copyright Infringement

Published

on

netnaija

By Modupe Gbadeyanka

The chief executive of Netnaija Media Enterprises, Mr Emmanuel Analike, has been arraigned before a Federal High Court sitting in Abuja by the Nigerian Copyright Commission (NCC).

The suspect appeared before Justice Suleiman Liman on Wednesday over allegations bordering on copyright infringement.

He was accused by the NCC of using his online platform to make movies and others not belonging to him available for users to download on the internet.

According to the agency, Mr Analike has infringed copies of audio-visual materials distributed online via his website for online users. Netnaija is an online movie and music download site.

The prosecution counsel, Ms Gladys Isaac-Ojo, who works with the NCC, told the court that the defendant committed an offence contrary to and punishable under Section 44 (1) (a) of the Copyright Act, 2022.

However, Mr Analike pleaded not guilty to the charges preferred against him, prompting his counsel, Nnemeka Ejiofor, seek his bail.

The lawyer informed the court that the application was filed on Monday and supported by 23 paragraphs of affidavits and a written address.

But the judge refused to give a bench ruling and adjourned the ruling of the bail application to Monday, March 9, 2026, ordering the remand of the Netnaija chief in Kuje Correctional Centre.

Continue Reading

General

Entries Open for ClimateLaunchpad Green Business Ideas Competition

Published

on

ClimateLaunchpad

By Modupe Gbadeyanka

Entries for the 2026 edition of the world’s largest green business ideas competition, ClimateLaunchpad, have opened.

In 2025, the programme, organised by Climate KIC, received over 2,700 applications from 40 countries. The winning ventures gain prize money, investor connections, and access to a global cleantech network.

This year’s edition is expected to be bigger and better, with climate innovators, green venture builders, and entrepreneurs from around the world given the opportunity to apply.

Since its inception in 2014, the programme has supported nearly 5,000 ideas across 97 countries, and this year, it is expanding its presence in Asia with Singapore hosting both the regional final and global grand final for the first time.

Participants move through several stages, including an initial mini-course to refine the concept, an intensive multi-day Boot Camp led by expert trainers, targeted coaching to perfect value propositions and investor pitches, national and regional finals, and a place at the global grand final, with prizes and access to a global climate network.

“Strengthening ClimateLaunchpad’s presence in Asia marks a profound new chapter for this programme and for the climate innovation movement more broadly. Asia is where so much of the world’s climate and nature future will be shaped, through business leadership, public-private partnerships and long-term strategic thinking,” the chief executive of Climate KIC, Kirsten Dunlop, stated.

“We look forward to supporting this momentum with new business ideas and innovation ecosystem collaborations across more than a dozen countries.

“This expansion opens space for deeper cross-cultural connections and for first-time founders to turn sparks of imagination into solutions that serve both people and planet,” Dunlop added.

Also commenting, the chief executive of Better Earth Ventures, Ms Rebecca Sharpe, said, “We are proud to host ClimateLaunchpad’s regional and global grand final in Singapore and to convene an international group of climate entrepreneurs from more than 50 countries.

“Climate solutions are emerging from every corner of the world, and bringing them together creates the kind of cross-border exchange and collaboration this moment demands. Our focus is to ensure early-stage founders have the structure, ecosystem access and support needed to move from idea to credible impact.”

Continue Reading

Trending