| The Nigeria Sovereign Investment Authority (NSIA), operators of the country’s $1.5 billion Sovereign Wealth Fund (SWF) has declared a N15.77 billion turnover for its 2014 operating year. The result is a huge improvement on the 2013 business year result of N525 million turnover, just as the Fund for the first time also netted a profit of over N5.17 billion as operation cost and taxes alone gulped the sum of N1.9 billion.
The Managing Director and Chief Executive Officer of the fund, Mr. Uche Orji revealed these figures in Abuja while shedding light on the status of the fund, which fully came into operation in 2013. He revealed that so far, the Fund has partnered with DFID, IFC, GE, Islamic Development Bank, Proparco and other private equity funds for co-investment opportunities and has equally within the period been admitted as a full member of the International Forum of Sovereign Wealth Funds (IFSWF) where it is currently ranked in global joint-second category for transparency in 2014/15 by the U.S.-based Sovereign Wealth Fund...............................................Full Article: Source
|