UBA ads
The Management of the Nigeria Sovereign Investment Authority (NSIA) has announced the payment of the gross sum of $417.46 million to the Nigeria Bulk Energy Trading Company Plc (NBET) following the expiration of the 4 years investment term.
NSIA in a statement said it transferred the funds in three tranches;
  • $8 million (May 2016)
  • $5.5 million (August 2016)
  • $403.96 million (July 2018).
The returned fund consists of the principal sum of US $350 million allocated to the NSIA from the proceeds of the $1 billion Eurobond issued by the Federal Government of Nigeria in July 2013 under a fund management agreement and the sum of US $67.46 million (net of fees) as interest and earnings over the investment period.
Speaking on the development, the Managing Director and  Chief Executive Officer, NSIA, Mr. Uche Orji stated, that the Authority had accomplished its goals of enhancing NBET’s liquidity position whilst enabling the company to focus on its principal function of developing the electricity market.
According to him, NSIA’s role as fund manager helped to safeguard NBET’s capital against market volatility and also conferred the agreed financial benefits on the company.
Commenting on the transfer, Dr. Marilyn Amobi, Managing Director / Chief Executive Officer said
“NBET is pleased with the management of the fund over the last 4 years. NSIA as a competent fund manager preserved the capital; thus, helped to promote NBET’s credit worthiness as an off-taker for grid injected electric energy in the Nigerian Electricity Supply Industry.”
NSIA is a corporate body established by the Nigeria Sovereign Investment Authority (Establishment, etc.) Act 2011 and mandated to manage funds in excess of budgeted
hydrocarbon revenues. It operates three mandate funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.