•N3.74 trillion in cumulative retained earnings, N1.89 trillion from associates, joint venture entities

•Umar-Sadiq: we have not only delivered strong returns but also created value for our stakeholders

James Emejo in Abuja

The Nigeria Sovereign Investment Authority (NSIA), yesterday, disclosed that its net assets increased by 96 per cent to N4.35 trillion in December 2024, nearly doubling the N2.22 trillion recorded 2023.

The authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.74 trillion in 2024.

NSIA made the revelations in a statement issued by Head, Corporate Communications, Joyce Onyegbula, highlighting its audited financial results for the 2024 fiscal year.

The results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment, the statement added.

Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.

In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.

Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, 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).

Managing Director/Chief Executive, NSIA, Mr. Aminu Umar-Sadiq, said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement”.

Umar-Sadiq stated, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also 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.”

Umar-Sadiq reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.

He said NSIA remained 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.

Umar-Sadiq also said NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.

He said, “In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.”

The statement added that in the year under review, a new board, led by Mr. Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.

The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.

It stated that 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.

NSIA is an investment institution of the federation set up to manage funds in excess of budgeted hydrocarbon revenues. Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic stress.

Essentially, NSIA operates three mandate funds, including the Stabilisation Fund, Future Generations Fund, and the Nigeria Infrastructure Fund.

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