NSIA achieves 33% growth in net assets to N772.7B
Announcing its 2020 audited financial reports in a virtual platform, Managing Director of NSIA Mr. Uche Orji said NSIA had a strong year due to the strong performance of its investments in international capital markets, improved contribution from subsidiaries and affiliates, and exchange gain from foreign currency positions.
The NSIA income came from devaluation gain of N51billion, and core income of N109billion compared to N33.07 billion in 2019.
The company achieved 33 percent growth in Net Assets to N772.75 billion compared to the previous year’s performance of N579.54 billion
The authority received additional contribution of $250 million; and provided first stabilisation support to the Federal Government of $150 million withdrawn from Stabilisation Fund last year.
The same year, the NSIA received $311 million from funds recovered from the late General Abacha from the United States Department of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway, and Second Niger Bridge.
In response to COVID-19, Orji said: “NSIA partnered the global Citizen, a not-for-profit group, to form the Nigeria Solidarity Support Fund. Separately NSIA acquired and distributed oxygen concentrators to the 21-teaching hospital as part of corporate social responsibility; in addition to staffing support to the Presidential taskforce on COVID-19.”
In 2020, the NSIA “invested additional capital into NG Clearing, the first derivative clearing house in Nigeria to maintain NSIA’s shareholding at 16.5 per cent following the company’s rights issue of 2020″ Orji said.
The NSIA admitted InfraCo Africa, a Private Infrastructure Development Group (PIDG) company based in the UK as 33 per cent shareholder in InfraCredit, reducing NSIA’s stake from 50 per cent in 2019 to 33 per cent in 2021. NSIA, Orji said, is in discussions with additional investors into InfraCredit