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NSIA Reports 10% Net Assets Growth

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has grown its net assets by 10 percent from N919.73 billion in 2021 to N1.02 trillion in the 2022 financial year.

These are part of its audited results for the 2022 financial year, which was made public on Thursday.

According to the annual returns, this marks NSIA’s 10th year of continuous positive earnings in spite of volatility across markets.

For instance, in its 2022 report, the earnings of the NSIA Group stood at N96.96bn, which is a 34 percent dip compared to N146.98bn recorded in 2021.

The decrease, is traceable to the performance of its Future Generations and Stabilisation portfolios that are invested in emerging and developed financial market instruments.

On the other hand, its interest income, revenue from infrastructure business, and management fees earned from fiduciary activities increased by 34.5 per cent (N15.7bn) year-over-year.

Managing Director/Chief Executive Officer, NSIA, Aminu Umar-Sadiq, said the performance was recorded despite the challenges in the operating environment.

He said, “Against market expectations and internal forecast, NSIA closed the 2022 financial year with a respectable performance. This result underscores the robustness of our diversified portfolio, and the excellent commitment of the team.

“As we look to the future, NSIA is resolute in its commitment to delivering increased investments in critical sectors of the economy, driving growth across its funds, and attracting third-party capital into Nigeria’s infrastructure sector. In 2023, we will be resourcing our various platforms targeted at emerging sectors – renewable energy, sustainability, innovation, and healthcare – which will ensure the Authority achieves its dual objectives of delivering financial returns and impactful social outcomes.”

According to Nigeria’s sovereign wealth manager, the 2022 fiscal year was marked by unprecedented shocks, such as the COVID-19 lockdown in China, the Russia-Ukraine conflict, food and energy crises, supply-chain disruptions, soaring inflation, and monetary policy tightening, which impacted the financial markets.

In 2022, NSIA said that it reached a significant milestone in implementing its infrastructure strategy by delivering key projects.

These projects cut across core sectors of focus and the implementation of specialised federal government initiatives.

They include projects in the agriculture sector; the Presidential Fertiliser Initiative; the opening of the Pandagric Novum farm, a joint venture between NSIA and Signature Agri Investment for the cultivation of maize and soybeans and connected to a 147,000 metric tons per annum capacity poultry feed mill.

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Osun Govt Approves Six New Kings, Elevates Seven To Part Two Chiefs

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Four gang-killed two in Osun, destroy N8M properties

 

The Osun State Executive Council has approved the appointment of Prince Timileyin Oluyemi Ajayi, a United Kingdom based IT Engineer as the Olojudo of Ido Ajegunle in Obokun Local Government.

The Council also approved five other new kings and elevation of two others to part two chiefs.

This was detailed in a government house statement in Osogbo, on Thursday by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi.

The new king who studied Office and Information Management at Lead City University Ibadan, Nigeria before his sojourn abroad, is an entrepreneur and business owner who invested in the hospitality and the agricultural industry.

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Other approved new kings are Prince Emmanuel Adesokan Ayoola as the Oluwaro of Iwaro in Ife North Local Government Area and Prince Kazeem Deji Ogungbe as Oniwata of Iwata in Irewole Local Government.

In the same vein, the Council approved the elevation of Baale Owajigbo of Ejigbo-Orangun; Baale Owamagbon of Ila, Baale Owafaye of Obalogbo-Ila (Ila Traditional Council); Baale Osi Okero-Ife, Baale Mayowa Ifegunle-Ife; Olu of Apatalami-Ife; Baale Ayede Temidire Town; Baale Akingbade of Ayetutu Ipoye-Ife (Ife Traditional Council).

Other elevations include the Looyin of Olodo Okebode-Ijesa; Ologbese of Ogbese (Atakunmosa West); Alaye Daramola-Ijesa (Atakunmosa East); Baale of Ajitena (Ejigbo Traditional Council) and Olaota of Osunwoyin (Ayedire Local Government) to Part II (Recognized) Status of The Chief’s Law, Cap.25, Laws of The Osun State, 2002.

The Council, presided over by Governor Ademola Adeleke also approved the White Paper on the Report of a Judicial Panel of Inquiry into the Aragbiji of Iragbiji Chieftaincy Declaration.

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JAMB Suspends Law Programme Admissions At Eight Universities

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JAMB announces new textbooks for languages

The Joint Admissions and Matriculation Board (JAMB) has announced that it will not approve admissions for the Law programme at several Nigerian universities for the 2025/2026 academic session.

This follows a suspension order from the Council of Legal Education (CLE) regarding the Bachelor of Laws (LL.B) programme at the affected institutions.

In a statement released on Wednesday, JAMB’s Public Communications Advisor, Fabian Benjamin, confirmed that no admissions would be granted to candidates seeking to enroll in Law programmes at the universities listed below.

READ MORE: NLC Declares Nationwide Protest Over Telecom Tariff Hike

The suspension is part of ongoing measures to regulate and standardize legal education in the country.

Benjamin stated, JAMB will not approve any admissions for candidates seeking to enroll in the Law programme at the affected universities for the 2025/2026 academic session.”

The institutions impacted by the suspension include:

Kwara State University, Malete, Ilorin, Kwara State

  • Bingham University, Karu, Nasarawa State
  • Redeemers University, Ede, Osun State
  • Western Delta University, Oghara, Delta State
  • Taraba State University, Jalingo, Taraba State
  • Arthur Jarvis University, Akpabuyo, Cross River State
  • Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State
  • Nigerian Police Academy, Wudil, Kano State

Furthermore, the Nigerian Police Academy in Wudil, Kano State, will see its Law programme suspended for an extended period.

Benjamin further elaborated, Please note that the suspension of the Law programme at the Nigerian Police Academy, Wudil, Kano State, will last for two academic sessions: specifically, the 2025/2026 and 2026/2027 sessions.”

JAMB has urged prospective students to take note of these changes when making their application decisions for the upcoming academic year.

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NLC Declares Nationwide Protest Over Telecom Tariff Hike

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The Nigeria Labour Congress (NLC) has announced plans for a nationwide protest on Tuesday, February 4, 2025, in response to a recent telecommunications tariff hike.

The protest comes after the Federal Government approved a 50% increase, following telecom operators’ initial request for a 100% hike.

The announcement was made following an emergency National Administrative Council (NAC) meeting on Wednesday, where NLC President Joe Ajaero strongly criticized the hike.

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He called it “insensitive, unjustifiable, and a direct assault on Nigerian workers and the general populace, who are already burdened by worsening economic hardship.”

In a statement, Ajaero condemned the Nigerian Communications Commission’s (NCC) decision to approve the increase, calling it a harsh blow to citizens already grappling with the effects of rising costs across multiple sectors.

He emphasized that the 50% tariff hike was too much for the Nigerian people, particularly those earning the minimum wage of N70,000 per month.

Ajaero explained that the protest rally on February 4 would serve as a warning to the government, highlighting the growing dissatisfaction among Nigerians who have already faced high petrol prices, soaring food costs, electricity tariff hikes, and rising inflation.

“All NLC affiliates and state councils are directed to begin full mobilisation in preparation for the nationwide protest rally,” Ajaero said. He urged civil society groups to join the movement, calling on workers, the informal sector, and the general public to stand in solidarity against the tariff hike.

The NLC also issued a demand for the immediate suspension of the tariff hike and called for meaningful dialogue with the Federal Government, the Nigerian Communications Commission (NCC), and the National Assembly.

Ajaero warned that if the hike is not reversed, the NLC would consider escalating its actions, including a possible nationwide boycott of telecommunication services.

“The NLC remains committed to safeguarding the interests of Nigerian workers and citizens,” Ajaero asserted. “We will not relent in our struggle against policies that undermine the welfare and dignity of our people.”

 

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