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Sovereign Wealth Fund Invests $760m in 2nd Niger Bridge in 2017

Published

8 years ago

on

second niger bridge
  • Sovereign Wealth Fund Invests $760m in 2nd Niger Bridge in 2017

The Nigeria, Sovereign Investment Agency (NSIA), operators of the Nigerian Sovereign Wealth Fund (SWF), has disclosed that this year alone, a whopping $760 million is to be invested in the 2nd Niger Bridge in continuation of Federal Government’s investment being undertaken under a Public Private Partnership (PPP).

German construction giant, Julius Berger, is a major stakeholder of the consortium in the partnership deal in the bridge, which was initiated by former President Goodluck Jonathan’s administration.

The second Niger Bridge has remained a key issue in the socio-economic life of the people of the South east and even some South south states, as the existing bridge has become too inadequate to carry the traffic from these regions to other parts of the country. This has resulted in wastage in man hours spent in very long traffic jam as vehicles get stuck driving through the bridge due to its limited capacity.

To fast track economic and social growth in the country, the Fund will be diversified into foreign investments as well as in social infrastructure.

The Managing Director and Chief Executive Officer of the Fund, Uche Orji, made the investment plan for the year known at an interaction in Abuja.

He said: “The NSIA will invest $760 million in the second Niger Bridge project being built in conjunction with Julius Berger.

“The privatisation of the Nigeria Commodity Exchange between Bureau of Public Enterprises (BPE) and the NSIA is expected to be concluded this year at a cost of $10 million.

“We will also directly invest in Customs National Single Window project to improve the technology platform of customs to increase revenue collection and enhance efficiency.

“Also, NSIA and Old Mutual, will commit $500 million for investment in commercial and retail assets. We will also invest in the middle market industralisation projects to stimulate the economy,” he said.

Other areas of investment, he said, included communications, aviation, rail, waste and sewage, gas pipeline, ports, industrial parks, mining and refining.

“On Agriculture, he said the NSIA had also pledged to partly fund 100 million dollars Agricultural Finance in Nigeria (FAFIN) initiative in collaboration with German Development Bank and the Ministry of Agriculture.

He said another 25 million dollars was invested in a $200 million Nigeria Agriculture Fund in partnership with a South Africa firm which had already committed $25 million.

“The NSIA has also invested 286.4 million dollars in a fertilizer blending project in partnership with FEPSAN.

“The objective is to deliver fertilizer to farmers on time and at a reasonable price of N5,500 per 50kg bag of NPK 20:10:10 down from 30 to 40 per cent from current price.

“Our strategy is to import only the ingredients that cannot be sourced locally and blend it with other available ingredients that makes up a fertiliser.

“For the wet season, we are targeting 1 million metric tons in five batches of 200,000 tonnes each starting in this February. Our target is to eliminate subsidy on fertiliser,” he said.

To this effect, Orji said that there were presently 10 blending plants with the total capacity of 1.94 million metric tonnes with the hope of establishing more plants.

Orji said the agency have also helped in the creation of institutions such as the Development Bank of Nigeria to support infrastructure development.

He said the Infrastructure Credit Guarantee Company (InfraCredit), which the agency helped establish last year would make it possible for pension funds and insurance companies to invest in infrastructure through the bond market.

He said the NSIA financial involvement in the Nigeria Mortgage Refinancing Company and the Family Homes Fund in collaboration with the Ministry of Finance will lower cost and improve access to mortgage.

Orji said the additional funding of the agency beyond the 1.25 billion assets under its management is critical to set the pace for higher levels of infrastructure investment, providing buffers against macro-economic shocks.

He welcomed the approval of additional $250 million to the NSIA by the National Executive Committee, saying the agency would strategise on areas to invest the fund pending its arrival.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economic Alliance: Governors Eno and Sanwo-Olu Flag Off Ibom Towers in Victoria Island

Published

1 week ago

on

October 31, 2024

By

General Economy In Nigeria's Capital

The Governor of Akwa Ibom State, Umo Eno, and his Lagos State counterpart, Babajide Sanwo-Olu, have flagged off an 18-storey Ibom Towers project in the Victoria Island area of Lagos State.

Governor Eno announced this via a post on his official X handle on Wednesday, October 30.

Speaking after the Ibom Towers project ceremony in Lagos, Governor Eno stated that the project will drive revenue growth and strengthen economic ties between Akwa Ibom and Lagos States.

Eno commended Lagos State Governor Sanwo-Olu for leading the ceremony, adding that the project is set for completion in 24 months.

He detailed that the Ibom Towers, located at Plot 868A, Bishop Aboyade Cole, Victoria Island, Lagos, will feature luxury apartments, gyms, pools, and smart building technology.

Governor Eno said, “Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States.

“We are grateful to Governor Babajide Sanwo-Olu for leading the groundbreaking ceremony and to former Governors Udom Emmanuel, CON, and Obong Victor Attah for their support.

“Ibom Towers represents a bold step toward economic innovation, featuring luxury apartments, gyms, pools, and smart building technology.

“It’s designed to attract urban professionals and generate revenue through property leases and tourism, boosting GDP for both states. Thanks to everyone who joined us today, including the Oba of Oniru, HRM Oba Abdulwasiu Omogbolahan Lawal, His Eminence Ntenyin Solomon Etuk, Speaker Udeme Otong, AKICORP MD Imo-Abasi Jacob, and numerous traditional rulers for their support in bringing this vision to life. Together, we’re paving the way for a prosperous future!”

Governor Sanwo-Olu, who described the project as a symbol of inter-state collaboration, commended Umo Eno for recognizing Lagos as a prime investment opportunity.

The Lagos State Governor expressed his full support for Governor Eno and the Ibom Towers project.

He said, “Today, I joined Governor Umo Eno of Akwa Ibom State for the groundbreaking ceremony of Ibom Towers in Victoria Island, Lagos.

“I commend Governor Eno for recognizing Lagos as a prime investment opportunity, as this project is a symbol of inter-state collaboration. It represents not only physical growth but also our commitment to strengthening economic ties and fostering new opportunities.

“As Ibom Tower rises, it will serve as a beacon for business and community engagement, reflecting our shared vision for Nigeria’s growth through creativity and collaboration.

“On behalf of Lagos State, I extend our support to Governor Eno and all involved in this endeavor.”

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FG Warns Property Owners: Settle Ground Rent in 60 Days or Lose Certificates of Occupancy

Published

2 weeks ago

on

October 24, 2024

By

Housing - Investors King

The Federal Ministry of Housing and Urban Development has announced plans to revoke the Certificates of Occupancy (C of O) of property owners who continue to refuse payment of ground rent and other statutory charges owed to the Ministry.

This development was disclosed by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the 29th Conference of Directors of Lands held in Abuja on Wednesday.

Dangiwa stated that the Federal Government is giving C of O holders a 60-day ultimatum to clear their outstanding debts.

At the conference, themed “Equitable Land Stewardship: Challenges of Land Administration and Its Impact on Climate Change and Community Rights,” Dangiwa revealed that property owners’ refusal to pay their dues has resulted in a loss of trillions of naira in revenue for the government.

According to him, President Bola Tinubu’s administration will not tolerate non-compliance, as the revenue is critical to delivering on the president’s agenda.

He said, “The Federal Ministry of Housing and Urban Development is aware that several owners of titled properties have failed to pay ground rent and other statutory charges to the Ministry for several years.

“This non-compliance has resulted in the loss of trillions of naira in revenue to the Federal Government. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, this cannot be tolerated, as this revenue is much needed to deliver the Renewed Hope Agenda.”

“As such all Federal C of O title owners are hereby given a 60-day notice to settle all outstanding ground rent and statutory charges. Failure to make payment within this period will result in the revocation of their C of Os.”

“Failure to adhere to these requirements will attract the appropriate penalties and sanctions,” Dangiwa warned.

The announcement comes amidst the economic hardship ravaging the country as a result of the fuel subsidy removal of President Bola Tinubu government’s.

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Deji Adeleke Boasts of Generating 15% of Nigeria’s Electricity, to Unveil $2bn Worth of Power Plant Next Year

Published

3 weeks ago

on

October 16, 2024

By

power project

A billionaire businessman and father of popular music star David Adeleke, also known as Davido, Dr. Adedeji Adeleke has disclosed that he has a firm that generates about 15 per cent of Nigeria’s electricity.

He disclosed this while speaking at the Seventh-Day Adventist Church’s General Conference Annual Council 2024.

Adeleke revealed that he is in the process of constructing a 1,250-megawatt power plant worth $2billion, saying that upon completion, is expected to be the largest in the country and that it would be operational in January, 2025.

He said as a businessman in electricity, he owns power plants and generate presently about 15 percent of the electricity needs of Nigeria.

The elder brother of the Osun State Governor, Ademola Adeleke, said he has Chinese engineering companies that work for him, adding that his tenth new power plant will be the biggest thermal power plant in the country.

Adeleke disclosed that while preparations for the project were underway, an unnamed government official threatened to prevent its completion.

Despite this challenge, Adeleke credited the near-completion of the project to the mercies of God, stating that it is a testament to divine intervention that the venture has progressed this far.

Adeleke noted that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done.

He affirmed that prayer did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.

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