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NSIA Sustains Growth with Interests, Infrastructure, Mgt Fees

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The key growth drivers for the Nigeria Sovereign Investment Authority (NSIA) are interest income, infrastructure business revenue, and fiduciary activities’ management fees, which went up by 34.5 percent, amounting to N15.7 billion year-on-year.

Managing Director/Chief Executive Officer, NSIA, Aminu Umar-Sadiq made the disclosure in Abuja on Thursday, when he tabled the 2022 Audited Financial Statements to media.

According to Umar-Sadiq, the NSIA attracted $500m foreign direct investments into Nigeria and invested $500m in domestic infrastructure.

In summary, the NSIA grew its net assets from N919.73 billion in 2021, to N1.02 trillion in 2022, which translates to 10.5 percent.

He said, “It is however noteworthy that earnings from interest income, infrastructure business revenue, and fiduciary activities’ management fees increased by 34.5 percent (N15.7bn) year on year.

“These returns provided the needed diversification of the Group’s revenue base and cushioned the effect of the decline in the earnings from the market-facing assets.”

On the progress made under his administration, Umar-Sadiq pointed out that, “We recorded 10th straight year of continuous positive earnings despite volatility and headwinds across global markets; Net asset grew by 10.5 percent to N1.02tn in 2022 (2021: N919.73bn).’’

Stating that the NSIA developed or co-developed over 10 institutions and platforms to improve the financial market ecosystem.

Umar-Sadiq affirmed that the Authority also invested in over 80 percent of locally owned and run private equity funds.

He explained that the NSIA’s total comprehensive income closed at N96.96bn for 2022, a decline of 34.0 percent relative to N147. 98bn in 2021.

The MD declared that the sovereign wealth manager recorded the 10th straight year of continuous positive earnings despite volatility and headwinds across global markets.

According to him, the 2022 financial statements indicate a continuity of the performance trajectory from the pioneer team to the current one, assuring the nation of continued high-quality and steady leadership for the Authority.

The NSIA is an investment institution of the federation set up to manage funds in excess of budgeted hydrocarbon revenues and as part of its mandate operates the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

The 2022 Annual Returns are the first under the new management of the Authority, led by Umar-Sadiq.

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State Police Bill: FG Extends Deadline for Nigerians to Submit Memoranda

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The Presidential Working Group on the National Policing Bill has extended the deadline for the submission of memoranda and position papers on the proposed legislation to Friday, August 21, 2026.

The extension, announced on Thursday, is aimed at giving Nigerians, institutions and other stakeholders more time to prepare and submit substantive contributions to the proposed reform of the country’s policing architecture.

SEE ALSO: Tinubu Pushes State Police, Sends Constitutional Amendment Bill to Reps

Chairman of the Working Group and Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, said the additional time was necessary to ensure broad consultation and enable stakeholders to make well-considered and technically sound contributions.

“The Presidential Working Group is committed to ensuring that the process of developing the National Policing Bill benefits from broad consultation and the informed perspectives of Nigerians and relevant stakeholders.

“The proposed legislation is intended to provide the operational, administrative, institutional and funding framework necessary for an effective policing architecture that responds to Nigeria’s evolving security needs while providing appropriate safeguards for accountability, professionalism and the protection of citizens’ rights,” Gbajabiamila said.

The Working Group had initially set August 13 as the deadline for public submissions but has now shifted it to 5:00 p.m. WAT on August 21.

Gbajabiamila urged legal practitioners, civil society organisations, security sector professionals, state governments, professional bodies, academics, experts and other interested members of the public to take advantage of the extension.

“All submissions must be made on or before 5:00 p.m. WAT on Friday, August 21, 2026, exclusively through the official National Policing Bill portal, nationalpolicingbill.com,” he stated.

According to the Working Group, the proposed legislation will address critical areas including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

Gbajabiamila said these issues make extensive stakeholder engagement essential to producing a policing framework that is effective, accountable, sustainable and responsive to the security needs of communities across the federation.

“The Working Group recognises that developing an effective policing framework requires careful consideration of critical issues, including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

“These considerations underscore the importance of robust stakeholder engagement in developing a framework that is effective, accountable, sustainable and responsive to the peculiar security needs of communities across the Federation,” he said.

The Working Group, inaugurated by President Tinubu to develop the legal framework for the implementation of state police, is expected to present a final, implementation-ready draft of the National Policing Bill for onward legislative processing.

The proposed bill is being developed alongside the constitutional amendment process required to establish state police, with the legislation expected to provide the detailed operational framework for federal and state policing.

 

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Cabinet Shake-Up: Okpebholo Redeploys Suspended Commissioner, Names New Portfolios

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Edo State Governor, Senator Monday Okpebholo, has reshuffled his cabinet, redeploying the suspended Commissioner for Livestock Development, Prof. Omorodion Ikponmwosa, to the Ministry of Oil and Gas.

The minor cabinet shake-up also saw two newly sworn-in commissioners assigned portfolios, while two other serving commissioners were redeployed.

SEE MORE: JUST IN: Abducted Kebbi Judge Finally Regains Freedom, Returns Home Safely

Ikponmwosa was suspended on July 19, 2026, alongside the State Project Coordinator of the Livestock Productivity and Resilience Support (LPRES) Project, Mrs. Ikpikhumi Betsy Aghaku, over what the state government described as an “official infraction.”

The government did not provide further details on the nature of the alleged infraction during his suspension.

The latest changes were contained in a statement issued by the Secretary to the State Government, Umar Ikhilor, who said the exercise was aimed at strengthening governance, enhancing efficiency and improving service delivery across the state.

Under the new arrangement, Mr. Iriabekhai Kayode Jeffery, one of the newly sworn-in commissioners, was deployed to the Ministry of Mining, while Mr. Martin Anayochukwu Oli was assigned to the newly created Ministry of Inter-Ethnic Relations.

The Commissioner for Communications, Mr. Ohimai Ehijimetor, was redeployed to the Ministry of Livestock Development.

Ikponmwosa, who previously headed Livestock Development, was moved to the Ministry of Oil and Gas, while Mr. Andrew Momodu, the former Commissioner for Oil and Gas, was redeployed to the Ministry of Communications.

The state government said the changes were made to better align responsibilities with the “respective skills, experience and competencies” of members of the State Executive Council.

Explaining the creation of the Ministry of Inter-Ethnic Relations, the government said it was established to “promote inter-ethnic and inter-community harmony, strengthen peaceful coexistence, and harness the rich and ever-evolving diversity of Edo citizens as an asset for the development and unity of the state.”

All the deployments and redeployments take immediate effect, with the affected commissioners directed to ensure seamless handover and assumption of duties.

Governor Okpebholo also urged members of the State Executive Council to bring “renewed vigour, professionalism and commitment” to their respective assignments.

According to the government, the governor expects the cabinet members to support his administration’s determination to deliver “efficient, responsive and people-centred governance” to the people of Edo State.

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N2bn Cannabis Bust: Customs Intercepts 6,035 Wraps in Ogun

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The Nigeria Customs Service (NCS), Ogun 1 Area Command, Idiroko, has intercepted and seized 6,035 wraps of cannabis sativa with a total Duty Paid Value (DPV) of N2,087,603,186.76 across different locations in Ogun State.

The Area Comptroller of the command, Olukayode Afeni, disclosed this on Thursday while handing over the seized drugs to the National Drug Law Enforcement Agency (NDLEA), Idiroko Special Area Command.

READ ALSO: Shock in Abia as NDLEA Arrests Two Grandfathers for Selling Drugs to Secondary Students

Afeni said the handover was carried out in line with standard operating procedures and the legal framework for further investigation.

He raised concern over the circulation of potent cannabis strains, particularly Ghana Loud and Colorado, warning that their smuggling could pose serious risks to young people and communities.

According to Afeni, Ghana Loud has been linked to acute psychosis, severe cardiovascular distress, rapid addiction and long-term mental health challenges.

“The high profit margin of Ghana Loud is also linked to violent criminal networks, human trafficking, and illegal proliferation of arms across the borders,” he said.

The comptroller further warned that the smuggling of cannabis and other dangerous variants to young demographics could destabilise schools and local communities.

Afeni disclosed that from January to date, the Ogun 1 Area Command had handed over 32,412 parcels of hard drugs and 92 sacks of raw cannabis sativa to the NDLEA Idiroko Special Command.

He described the fight against drug smuggling as a collective responsibility and reaffirmed the Customs Service’s commitment to securing Nigeria’s borders and protecting the future of young Nigerians.

Afeni also warned drug traffickers to desist from the illicit trade, stressing that the command would continue to intercept illegal consignments and bring those involved to justice.

Speaking on the development, the NDLEA commander, represented by Adewale Fagbohun, a Director in Narcotics, commended the Customs Service for its efforts.

He said the seizure demonstrated the diligence and resilience of Customs personnel in securing the nation’s borders and protecting society.

The NDLEA also reaffirmed its commitment to strengthening collaboration with the Customs Service and other relevant agencies to disrupt the activities of drug smugglers.

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