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From Ndubuisi Orji, Abuja
The House of Representatives has commenced a probe of the activities of the NigeriaSovereign Investment Authority (NSIA) from inception to date.
Chairman of the House Ad-hoc Committee, saddled with the probe, Ademorin Kuye, while speaking at an investigative hearing organised by the panel, said the probe is to ascertain if the agency has adhered to the extant laws.
Kuye noted that the parliament is interested in knowing how the funds of the agency has were being managed. He stated that panel will visit sites of the projects being handled by the agency, if there is need, so as to ensure that the government is getting value for money.
Managing Director, NSIA, Aminu Sadiq, while addressing the lawmakers said the agency has invested over $500 million dollars in domestic infrastructure, while $1 billion has been invested in “third party investment.”
According to him, the investment portfolio covered several critical sectors includinf agriculture, healthcare and power. He noted that the agency has also developed platforms to improve the financial market ecosystem.
” The institution from inception till today, the NSIA has received $1 billion in 2012 and three sets of $250 million, it has also drawdown of $150 has also occurred.
“We are a signatory to the Santiago Principle of the IMF and the ISFWF prioritising accountability, transparency and governance in the execution of our operations. By law, we have three separate and main flex bonds: the stabilization fund which during time of economic duress provides stabilization support, the law makes for 20 percent allocation as a minimum. We have the future generations fund, which is a diversified portfolio of growth investment managed for future generations of Nigerians.
“The first two funds are global in nature and are fond of funds, and then we have a Nigeria infrastructure fund which by law is to invest in the infrastructure sectors in Nigeria. In addition to that we also have third parties managed funds and there are five of them.”
