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NSIA defends appointment of Abba Kyari’s daughter

The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, said the selection of Aisha Abba Kyari, the daughter of President Buhari’s…

The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, said the selection of Aisha Abba Kyari, the daughter of President Buhari’s Chief of Staff, as an Assistant Vice-President at the authority, was based on her academic qualifications, international and local work experiences.

Mr Orji made this known yesterday in Abuja while addressing the journalists on the financial performance of the agency in 2018.

Meanwhile, the NSIA, which manages Nigeria’s Sovereign Wealth Fund, said it made a profit of N46.5bn in 2018.

The NSIA presentation made by Orji showed that the profit of the authority had more than doubled when compared with the N22.55bn recorded in 2017 financial year.

Orji said: “Despite concerns over international trade flows, slow growth in key economic indicators and increased volatility across financial market, the Authority’s investment strategy proved robust.

“Total comprehensive income, including the impact of foreign exchange gains, was N44.34bn which shows an increase from the N27.93bn recorded in 2017.

“Also, total assets recorded a growth of 16 per cent to N617.7bn at year end, showing an increase when compared to the N533.88bn of 2017.

“The return on capital employed on the core funds of the NSIA is as follows; Stabilisation Fund, 7.2 per cent, Future Generation Fund, 8.3 per cent and Nigeria Infrastructure Fund, 7.7 per cent,” he said.

Giving a review of the Authority’s activities, Orji said the NSIA was helping to reduce input-induced food price inflation through the Presidential Fertiliser Initiative (PFI).

He said that under the PFI in 2018, an additional 5.5 million bags of NPK 20:10:10 fertiliser was produced and sold in Nigeria bringing the total project output from inception to date at over 12 million bags.

In addition, Orji said that the NSIA disbursed $650m for infrastructure construction projects under the Presidential Infrastructure Development Fund (PIDF)

Some of the projects include the Lagos-Ibadan Expressway, Second Niger Bridge; and the Abuja-Kaduna-Zaria-Kano Road.

Orji said that till date, the NSIA had disbursed N77.6 billion under the PIDF programme.

He said other projects being undertaken under PIDF included Mambilla Hydro-Power Project and East-West Road.

The NSIA boss also described as successful, the NSIA investment in the health sector, which had led to the establishment of a world class cancer center at Lagos University Teaching Hospital. (NAN)

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