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Sovereign Wealth Fund assets intact – NSIA

By on September 22, 2015

The Nigeria Sovereign Investment Authority has said all funds and assets managed by it are intact and fully accounted for as detailed in its audited financial statement for the year ended 2014.

The organisation, which manages the country’s Sovereign Wealth Fund, said in a statement on Sunday that funds in its custody had been invested profitably, realising a net comprehensive income of N15.8bn in the year ended December 31, 2014, compared with N505m recorded in the 15 months ended December 31, 2013.

In addition to the audited annual reports of 2013 and 2014, the NSIA stated that it had also made available its quarterly audited accounts until March 2015 on its website, adding that the accounts were being audited quarterly and annually by PricewaterhouseCoopers, an international firm of auditors, using the International Financial Reporting Standard.

According to the NSIA, the seed capital of $1bn provided in 2012 has been managed in three different ring-fenced funds of 20 per cent in the Stabilisation Fund; 40 per cent in the Future Generation Fund; and 40 per cent in the Nigeria Infrastructure Fund.

It added, “The NSIA states categorically that it has never been invited by the Adhoc Committee on the Management of the Excess Crude Account proceeds and accruals of the National Economic Council to make a submission on its operations in the first instance.