By Anthony Otaru, Abuja
The Nigeria Sovereign Investment Authority (NSIA) has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74trn at the end of 2024.
This was contained in a report made available to Journalists yesterday in Abuja.
According to the report, total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17trn in 2023 to ₦1.86trn in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
Also, total Comprehensive Income (TCI), including share of profits from associates and JV entities, reached ₦1.89trn in 2024, reflecting a 59 per cent increase from ₦1.18trn in 2023. Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to ₦407.9bn in 2024 (2023: ₦164.7bn), supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange -Traded Funds (ETFs).
The report indicates that Net Assets nearly doubled, increasing by 96 per cent to ₦4.35trn as of December 2024, compared to ₦2.22tn in December 2023.
In his remarks, the Managing Director and Chief Executive Officer, Mr Aminu Umar-Sadiq, said, “The Authority’s outstanding financial performance in 2024 reflects the strength of our strategic vision, disciplined execution, and unwavering commitment to sustainable socio-economic advancement.
“By leveraging innovation, strategic partnerships and sound risk management, we have delivered strong returns and created value for our stakeholders.
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.
”Governance In the 2024 financial year, a new Board led by Mr. Olusegun Ogunsanya as Chairman was appointed by the President by the provisions of the NSIA Act.
“The new Board will provide strategic direction and oversight and play a pivotal role in critical decision making. Under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
He assured that the NSIA remains committed to prudently managing and investing Nigeria’s sovereign wealth.
He stressed, “In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties. Looking Forward Commitment
He added that the Authority remains focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act.
“The NSIA is poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes in Nigeria.
