ALGON at the Nigeria Sovereign Investment Authority Investigation Hearing

…ALGON President denies receiving update from NSIA, makes case for inclusion of LGAs/Councils

The House of Representatives Ad Hoc Committee Investigating Nigeria Sovereign Investment Authority, Sovereign Wealth Fund & Other Managed Funds on Tuesday grilled the Chief Executive Officer of Nigeria Sovereign Investment Authority, NSIA over alleged of establishment Act.

The Chairman of the ad hoc committee, Hon. (Barr) Ademorin Kuye during the probe panel investigative hearing on Tuesday said his committee was inaugurated following a motion during the plenary session which expressed concern over the activities of NSIA.

The committee is investigating the NSIA from 2013 to date.

During the hearing, the President, Association of Local Governments of Nigeria, Hon. Alabi Kolade David said NSIA has not been carrying the local government councils along in respect of its Act.

Hon. Kolade who is also the Chairman, Somolu Bariga Local Government Area of Lagos State said instead of NSIA updating them and forward the certificates of ownership directly to them, it did not.

He said the certificates were rather sent through the state government but they did not get to the local government councils which are also shareholders of NSIA.

The Managing Director of NSIA, Aminu Umar Sadiq who promised to furnish the committee with relevant details also stated that henceforth, his agency will send the certificate directly to the local government councils.

The representative of the Director General of the Nigerian Governor’s Forum, Dr. Abdulateef Shittu, Director of Strategy, NGF said the total share of both the state and local governments in NSIA is 54 percent.

The Chairman of the probe panel, Hon. Kuye said the Director General of Nigerian Governor’s Forum, Accountant General of the Federation, Auditor General of the Federation and acting Governor of Central Bank should be available during the committee’s next sitting.

Recall that the House of Representatives last month unveiled plans to investigate the activities of Nigerian Sovereign Investment Authority (NSIA) from inception to date.The resolution was passed sequel to the adoption of a motion sponsored by Hon. Yusuf Ahmed Doro, who underscored the need to assess the funds accrued into the agency’s coffers.

In his motion, Hon. Doro observed that the agency was empowered to receive, manage and invest the initial and future contribution on behalf of Nigeria in each of the future Generation Fund, the Nigeria Infrastructure Fund and Stabilization Fund pursuant to the allocation of contributions of the Federal Government, State Governments, Federal Capital Territory, and Local Government Area councils to prepare for the eventual depletion of Nigerians Hydrocarbon Resources for developing critical infrastructure in Nigeria.

“The House also notes that in compliance with the provision of the NSIA Act 2011signed in May, 2011 the fund was allocated an initial US$1 billion (Naira equivalent) in seed capital and other subsequent allocations to the funds by the federation.

“The House is aware that the NSIA Funds is composed of three distinct funds, (the Stabilization, future Generation and Nigeria Infrastructure funds respectively), each with specific investment and development objectives.

“The House is also aware that some of the managed funds by the Authority includes the Presidential Infrastructure Development Fund (PIDF) where US$1 billion was injected for the construction of Second Niger Bridge, Abuja-Kaduna-Kano Highway and Lagos Ibadan Expressway,” he said.

To this end, the House set up an Ad-hoc Committee to assess the agency in compliance with the Establishment Act of 2011.

The committee adjourned to Thursday 24th August, 2023.

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