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Tag: NSIA

  • NSIA grows income to N57.73b

    The Nigeria Sovereign Investment Authority (NSIA) recorded an income growth of N57.73 billion in 2018 compared to the N30.62 billion it realied the previous year.

    Addressing reporters at the presentation of its financial performance in 2018, its Managing Director, Mr. Uche Orji said total income grew by 88.5 per cent, rising from N30.62 billion in 2017 to N57.73 billion in 2018.

    On the controversial recruitment of the daughter of the Chief of Staff to the President as an Assistant Vice President, Orji said the process that led to her recruitment was transparent and due process followed.

    He said her position  is equivalent to an Assistant Manager in a bank and that the position does not come with a car as alleged, adding that the Authority remained committed to hiring the right people to help it sustain its impressive performance.

    He said  NSIA did well in spite of the volatile global and challenging local investment environment, pointing out that this growth reflected the strength and capability of portfolio and risk management within the institution.

    During the period under review, interest income-N23.82 billion (a component of total income) earned represents a nine per cent year-on-year increase from the N21.77 billion in 2017.   Orji said the performance “underscores our commitment to generate fixed income returns from low-risk securities that generate predictable interest and steady returns, including Eurobonds, Treasury Bills and other secured deposits.”

    Orji also said the Authority rebased its foreign denominated balances to N325/$ from N305/$, to reflect its foreign exchange transactions appropriately in line with its market. “Therefore, the Group recognised a foreign exchange gain of N18.05 billion.”

    On Return on Capital Employed (RoCE) on the core funds (in naira), Orji said Stabilisation Fund (with 100 per cent funds deployment) recorded 7.2 per cent growth: Future Generations Fund (with 81 per cent fund deployment) recorded 8.3 per cent growth while, the Nigeria Infrastructure Fund (with 17 per cent fund deployment) registered 7.7 per cent growth.

    Speaking on key projects this year, Orji said there will be increased focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.

    Under healthcare, Orji said the Authority reached financial closure on three healthcare projects last year “including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH). “We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical operations,” he said.

    Under the Presidential Fertiliser Initiative which is an inveatment initiative of President Muhammadu Buhari to subsidise fertilizer, Orji said there was “increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants. Participants in the Presidential Infrastructure Development Fund (PIDF) he said received $650million and commenced capital deployment across three of the major road projects under PIDF including seconnd Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.

  • NSIA grows income to N57.73 bn

    The Nigeria Sovereign Investment Authority (NSIA) has recorded an income growth of N57.73 billion in 2018 compared to the N30.62 billion in 2017 it realised in 2017.

    Addressing journalists at the presentation of the NSIA’s financial performance in 2018, Managing Director of the Sovereign fund managers Mr. Uche Orji, disclosed the “total income grew by 88.5%, rising from N30.62 billion in 2017 to N57.73 billion in 2018.”

    This, he said, is despite “the volatile global and generally challenging local investment environment.”

     This growth in income performance he said “reflects the strength and capability of Portfolio and risk management within the institution.”

    Also in the year 2018, interest income – N23.82 billion (a component of Total income) earned in 2018 represents a 9% year-on-year increase from the N21.77 billion in 2017.

    This performance, Orji said, “underscores our commitment to generate fixed income returns from low-risk securities that generate predictable interest, and steady returns including Eurobonds, Treasury bills and other secured deposits.”

    Orji also disclosed the Authority rebased its foreign denominated balances to N325/$ from N305/$ to reflect its foreign exchange transactions appropriately in line with its market.

    “Therefore, the Group recognized a foreign exchange gain of N18.05 billion.”

    With regards to Return on Capital Employed (ROCE) on the core funds (in Naira), Orji stated Stabilisation Fund (with 100% Funds deployment) recorded 7.2% growth: Future Generations Fund (with 81% fund deployment) recorded 8.3% growth while, the Nigeria Infrastructure Fund (with 17% fund deployment) registered 7.7% growth.

    Speaking on key projects in 2019, Orji noted that there will be increased focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.

    According to him, under Healthcare: the NSIA has reached financial close on three (3) healthcare projects in 2018 “including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH). “We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical operations” he said.

    Under the Presidential Fertiliser Initiative, which is an investment initiative of President Muhammadu Buhari to subsidize fertilizer, Orji noted that there was “increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants participating

    Presidential Infrastructure Development Fund (PIDF), he said, received US$ 650million and commenced capital deployment across three of the major road projects under PIDF including 2nd Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.

    At least two of these roads, the second Niger Bridge and the Lagos-Ibadan Expressway, he said, will be tolled.

    Assets under the management of the NSIA also performed well in 2018 with the NSIA’s core capital of US$1.5 billion. Other third party managed funds in 2018 comprised of PIDF – US$650 millionthe Debt Management Office (DMO) US$122.60 million (US$120.95 – Fair value 31 Dec 2017), the Nigeria Stabilization Fund managed on behalf of the federal government – ₦13.64 billion, Gross sum of US$417.46 million (US$350 million principal plus returns) repaid to the Nigeria Bulk Electricity Trading Company Plc (“NBET”) following the expiration of the 4-year investment term.

    While answering questions from journalists on the controversial recruitment of the daughter of the Chief of Staff to the President in the Authority as an Assistant Vice President, the Managing Director of NSIA, Uche Orji said the process that led to her recruitment was transparent and Due Process was followed.

    Orji said the position of Assistant Vice-president in the NSIA is equivalent to an Assistant Manager in a bank, which does not come with a car as alleged.

    The NSIA, he said, is committed to hiring the right people to help it sustain it impressive performance.

  • FEC approves N1.4b for DPR building design

    The Federal Executive Council (FEC)  meeting yesterday approved N1.4 billion for the design of 12 floor building design for the Department of Petroleum Resources (DPR).

    The Minister of State for Petroleum Resources, Ibe Kachikwu briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    He was with the Minister of Information, Lai Mohammed and Minister of Trade and Industry, Okechukwu Enelamah after six hours meeting.

    The contract, he said, is for the design of the head office of DPR in Abuja, which is currently situated in Lagos State.

    ‘Today we got the approval to begin the process to relocate them to Abuja.” he said

    When asked if the sum was not too much for designing the building, he said that it only represented about 2% of the proposed N35 billion cost of the building.

    He said: “FEC approved 1.4 billion for the design of DPR Head office in Abuja. The contract was awarded to Messers Arteck Practice Limited to design a 12 floor building at a plot which has already been allocated to by the FCT.

    “They are currently based in Lagos and are the regulatory and supervisory arm of the Ministry of Petroleum, and is instrumental in terms of income generation. It will enable DPR move to Abuja.” he said

    On the seeming high cost of the design, he said: “The contract was awarded to DPR tenders board, their bid was the lowest, the highest bid  was about N3 billion. The total projected potential cost for the building when it is done is about N35 billion.

    “So if you look at that as a percentage of the work, it is absolutely insignificant, in international terms it is very very justifiable, it is less than two per cent.”

    He added “The FCT did mention in our deliberation that because of the new zoning policies, the previous plan which was to build a car park of another five floors along with the 12 floors  have to be changed a little bit because they are taking possession of additional green area that were assigned to them.

    “So they will build a lot of parking … within the building. So I think because of the amount of work to be done and in line with international practice, it is quite frankly very reasonable.

    “Let me also say that part of the programmes we have pursued in the ministry, is how to get a lot of our parastatals to become independent and self financially generating agency and so get out of federal budget. …. has done that, DPR is the one to do that next.

    “So a lot of funding for this development is going to come out of DPR itself not out of federal budgeting.

    “The plan is that if we continue the way we are doing, a lot of federal agencies will be out of federal budgeting and be self-reliant. Be it PPPRA, DPR, PEF, that is the game plan. So far we have exited NCMB and we are near existing DPR and then PEF.” he stated

    Enelamah said that FEC also approved N1.55billion  consultancy contract for the Government Enterprise and Empowerment Programme (GEEP), which is part of the Federal Government social investment programs.

    Read also: FEC approves N1.3bn contracts to reposition NAN, NTA, FRCN

    He said: “We got an approval from the Federal Executive Council to award a contract to engage a Program Management Office Consultant and System Provider, for the GEEP at N1.556billion.

    According to him, the contract which is for providing services for 4.6 million people, is a viable contract.

    He also pointed out that the program has provided credit for over 1.5million Nigerians

    Enelamah also said that FEC approved the establishment of a Committee to come up with alternative ways to add to what government is doing in financing infrastructure.

    He said that it will be a committee of Ministers and ICRC, NSIA, Africa Finance Corporation and some private sector players.

    Stressing that he will Chair the committee, Enelamah said that other members include Minister of Finance, Minister of Power, Works and Housing, Minister of Budget and National Planning, Minister Transportation, Minister of Water Resources and Minister of State for Aviation.

  • Buhari appoints two Executive Directors to NSIA Board

    President Muhammadu Buhari has approved the appointment of two Executive Directors to the Nigerian Sovereign Investment Authority (NSIA) Board.

    Mrs. Stella Ojekwe-Onyejeli has been reappointed as Executive Director for a second term.

    She is also the Chief Operating officer of NSIA.

    Mr. Aminu Umar-Sadiq, who is NSIA’s Deputy Head of Direct Investments, has been appointed, for the first time, as Executive Director.

    A statement from The NSIA on Wednesday announced that the appointments “followed the realignment in 2018 of NSIA’s strategy with a pivot towards domestic infrastructure, as reflected in the allocation of 50% of future contributions to infrastructure investments.”

    Mr. Jide Zeitlin, Chairman, NSIA Board of Directors said: “These appointments strengthen the Authority’s executive team and are consistent with our focus on maintaining a broadly representative leadership team and workforce so as to ensure that the institution remains a key participant in Nigeria’s economic transformation.”

    He added: “Both appointees are committed professionals who, along with other talented colleagues, have been instrumental in NSIA’s development.”

    In 2018, the NSIA Board established for the first time a Direct Investment Committee for review and oversight of investments in core domestic infrastructure sectors such as motorways, agriculture, healthcare, power, and education.

    Recent NSIA initiatives that reflect this increased focus on domestic infrastructure include the Presidential Infrastructure Development Fund (PIDF), which will fast-track the completion of five infrastructure projects of national priority namely: Abuja-Kano Roadway, Second Niger Bridge, East-West Roadway, Lagos-Ibadan Expressway, and Mambilla Hydroelectric Power Plant.

    The NSIA said it is also galvanising investments in tertiary healthcare with the investment in the development of the LUTH Cancer Treatment Centre and is developing advanced diagnostic centres in AKTH, Kano and FMCU, Umuahia.

    The NSIA also co-sponsored the establishment of InfraCredit, a specialized financial guarantor that facilitates the financing of domestic infrastructure assets by domestic pension funds. The Authority remains committed to leading the development of strategic infrastructure initiatives in Nigeria.

    Mrs. Ojekwe-Onyejeli was first appointed an Executive Director in October 2012 and served as the Chief Risk Officer until 2017 when her role was expanded to that of Chief Operating Officer. She has a wealth of experience spanning nearly three decades. She joined the Authority from Barclays where she was Director and Head of Operational Risk and Control at the Bank, overseeing 15 countries across Africa, Middle East and Asia.

    Prior to Barclays, Mrs. Ojekwe-Onyejeli held senior roles at Citibank. Mrs. Ojekwe-Onyejeli received a degree in Chemistry from the University of Lagos, and an MBA from Cranfield School of Management in the UK. She is a Fellow of the Institute of Chartered Accountants of Nigeria and also a qualified Chartered Financial and Tax Accountant. She is an Alumna of both the Oxford and Wharton Executive Management Programs and has attended many director-level programmes in leading institutions globally.

    Mr. Umar-Sadiq has significant experience in investment banking, private equity and public finance, including his most recent role at the NSIA where he served as a Senior Vice-President and Deputy Head, Infrastructure. Since joining NSIA, Mr. Umar-Sadiq has led the development, execution and management of critical domestic infrastructure projects in the agriculture, healthcare, roads, real-estate and power sectors. Prior to joining the NSIA, he worked in mergers and acquisitions at Morgan Stanley focused on the Energy and Utilities sectors. He also worked with Denham Capital Management, an oil and gas, mining, and power focused private-equity fund.

    A Bauchi-State academic scholar, Aminu holds Bachelor’s and Master’s degrees in Engineering Sciences from the University of Oxford. Mr Umar-Sadiq is an Archbishop Desmond Tutu Fellow, a Nigeria Leadership Initiative Associate and a Mandela Washington Fellow.

    Speaking on behalf of both appointees, Mrs. Ojekwe-Onyejeli said they “look forward to continuing our work with the Board, Governing Council and employees in helping to lead the execution of NSIA’s strategy.”

  • NSIA launches Health Insurance

    NSIA Insurance has launched its new International Health Insurance product, NSIA Health Insurance into the Nigerian market.

    The Managing Director of NSIA Insurance, Ebelechukwu Nwachukwu, in a statement made available to reporters in Lagos, said to deliver on all that is expected from an international health insurance offering, NSIA has partnered with Cigna and Hollard.

    Cigna is a Fortune 500 company in the USA and one of the world’s leading providers of health benefits enabled through its 41,000 employees serving over 90 million customers all over the world.

    Hollard on the other, is South Africa’s largest independent insurance company, with an ever-growing African footprint making it known throughout the continent for its innovative approach and customer-centric brand.

    She stated that NSIA Health Insurance provides a robust health plan to local companies who want to provide their staff with access to quality healthcare in Nigeria and beyond as well as multinationals operating in Nigeria who desire to harmonise their health insurance plan across Africa.

    She said: “The staff of these companies once enrolled, are able to access the finest quality healthcare available all over Africa and the rest of the world whenever they need such services.

    “NSIA Health Insurance is one of a kind. Companies that purchase the product are rest assured that their staff will easily access the best medical services, wherever they are in the world, when the need arises.  This is a promise that is already being fulfilled by our technical partners in Nigeria and other parts of the world where they operate.  Already, a number of leading multinationals in Nigeria have signed on to NSIA Health Insurance with many other prospects in the pipeline.

    “NSIA Health Insurance will take into consideration the different health insurance needs of organisations, whether they operate in one African country or many, or whether they are looking to cover key local staff or expatriates or both. The product offers a combination of health plans that provide optimised coverage that can be aligned to a company’s budget.”

    She said NSIA is excited about this addition to its portfolio of products, which affords it the opportunity to meet more of the insurance needs of its increasing customer base.

    The company is one of the most progressive composite insurance companies in Nigeria, with its head office located in Lagos, a strong regional presence in Abuja and large network in every strategic state. The Solvency Capital of NSIA Insurance stands at N10.7 billion as at 2017 and total asset base is N15.5 billion. NSIA Insurance is one of the most capitalised companies in the insurance industry, she noted.

  • $650m for projects next year, says NSIA

    •Second Niger Bridge for completion in four years

    In line with the decision of the National Economic Council (NEC) headed by Vice President Yemi Osinbajo, the Nigeria Sovereign Investment Authority (NSIA) plans a $650 milion investment in infrastructure next year.

    The NSIA is to continue to maintain its diversified asset strategy to drive returns and mitigate market volatility, its Managing Director Uche Orji said yesterday in Abuja.

    Orji said: “The NSIA anticipates increased investment in infrastructure as more projects come up to financial close.

    “The deployment of the Presidential Infrastructure Development Fund is expected to drive 2018 infrastructure investment strategy as $650 million dollars has been voted by NEC to complete critical infrastructure projects across the country.”

    Orji added that the construction of the Second Niger Bridge, one of the major road projects being financed by the NSIA, would be completed in four years.

    The NSIA, the agency managing the Sovereign Wealth Fund, recorded a decline in its profit from N130.3 billion in 2016 to N22.5 billion in 2017.

    Presenting highlights of the financial performance of the fund, he said 2017 was a challenging year for the agency.

    He said the total income of the agency declined from N149.83 billion in 2016 to N27.93 billion in 2017.

    According to him, the agency also recorded a decline of N107.8billion in profit from N130.37 billion in 2016 to N22.55 billion in 2017.

    Orji blamed the Currency Management Policy of the Federal Government for the decline in profitability.

    “The decline of the net foreign exchange gains which accounted for the reduced net operating income recorded in 2017 was as a result of government’s Currency Management Policies, which were aimed at stabilising the Naira in 2016.

    “To this effect, the Naira weakened in value from N196 per dollar to N305 per dollar in 2016.

    “Considering that at the end of that year, about 80 cent of the Authority’s assets were denominated in the United States Dollars, the devaluation resulted in significant exchange gains in the Authority’s Naira books,” he said.

    Orji said dividend payment to its shareholders was discussed at the last board meeting but was stepped down till next year.

    The agency commenced operations in 2013 with 1.55 billion and there had been expectations that dividend to its shareholders would be paid at the end of the 2017 financial period.

    “The law said that we should show profits in each of the three funds consistently for five years after which we will start declaring dividend and this is the fifth year of showing profitability.

    “The dividend policy was considered by the board but we decided to step it down and consider it again next year,” he said.

    Orji said the delay in inaugurating the NSIA board led to a lag in re-investment of matured fund which affected profitability in the year under review.

    However, he said despite the drop in profitability, the NSIA had decided to increase its funding for infrastructure development.

    To achieve this objective, Orji said the asset allocation strategy of the NSIA was restructured to reflect an increased focus on domestic infrastructure investment.

    Orji said henceforth 50 per cent of future contributions would be dedicated to infrastructure as against the previous arrangement where 40 per cent of the fund was allocated.

    He gave the areas of priority for the agency as agriculture, healthcare, motorways, real estate and power.

  • NSIA okays N1.8b for agric

    The Nigeria Sovereign Investment Authority (NSIA) has approved about $5million (N1.8 billion) for Doreo Partners to train 50,000 farmers in the North through its Babangona Outgrower Farming Scheme.

    The agreement for the loan facility was signed in Lagos at the weekend between NSIA management and  Doreo Partners. NSIA manages the Nigeria Sovereign Wealth Fund.

    Doreo Partners Chairman, the Emir of Kano, Alhaji Sanusi Lamido, who spoke at the ceremony, said Babangona is a franchise model, which provides small holder farmers access to required investment capital. He added that it also provides comprehensive suite of agricultural and marketing services along the agricultural value. This, he sid, subsequently results in a dramatic increase in profitability and living standards.

    According to him, the  outgrower model has helped  farmers  increase maize, soybean, and rice production in their fields by providing access to low-cost and high-quality inputs and production materials and facilitating marketing of harvests.

    The scheme, he said, uses demonstration plots to share best practices with the broader communities where their farmers live, adding that it has streamlined service delivery by creating special service units responsible for managing distribution and post-harvest processes.

    The new system, according to him, is more convenient for farmers, reducing wait times for input and payment.

    He said the loan, which has a moratorium of two years, will assist the organisation in providing training and development to support farmers to graduate from subsistence to business-minded farmers.

     

     

    The scheme, according to him, is working with 16,000 farmers, adding that the goal is to reach 200,000 farmers by 2020. The scheme is in Kebbi, Niger, Kaduna, Kano and Katsina States.

    NSIA Managing Director /CEO, Mr Uche Orji said the discussion  to allocate the facility  to  the scheme had taken almost one year, adding that agriculture is  very important and the authority  will continue to assist farmers with sufficient assistance  to boost production.

    He adds that authority is looking at other support systems for farmers such as crop diversification and value adding.

     

  • NSIA okays $20m for three healthcare facilities

    The Nigerian Sovereign Investment Authority (NSIA) has set aside $20 million to develop three healthcare facilities in three states.

    The NSIA Healthcare Development and Investment Company (NHDIC), an NSIA company, in collaboration with Federal Ministry of Health yesterday announced the execution of joint venture and other project agreements for investments in three  federal healthcare institutions in Nigeria.

    The benefiting healthcare institutions are, the Lagos University Teaching Hospital (LUTH, Lagos), the Aminu Kano Teaching Hospital (AKTH, Kano) and the Federal Medical Centre Umuahia (FMCU, Abia).

    Following from these agreements, funds will be deployed to build, equip, maintain and operate a private cancer centre for advanced radiotherapy treatment at the Lagos University Teaching Hospital (LUTH) and to also build, equip, maintain and operate private modern medical diagnostic centres at the Aminu Kano Teaching Hospital (AKTH) and the Federal Medical Centre Umuahia (FMCU).

    Under the agreements, the cancer centre at LUTH will be upgraded to provide specialist care for cancer treatment while AKTH and FMCU will focus on diagnostics providing medical microbiology services, routine chemical pathology,  haematology tests and advanced radiography including MRI and CT services.

    The investment is expected to upgrade these institutions to modern medical centres and significantly enhance Nigeria’s ability to treat non-communicable diseases (NCDs).

    The NSIA said: ”The investments will assist in bridging the infrastructure gap in the healthcare sector and help reduce the burden of medical tourism which is estimated to drain over $1 billion in foreign exchange annually.

    “Similarly, the investment is intended to provide access to advanced healthcare services for the benefit of lower income families many of whom have limited access to care.”

    As part of the programme, NHDIC has procured the services of internationally renowned equipment vendors, including Varian (Switzerland), Siemens (Germany), JNC International (Nigeria) and Fuji Films (Japan) to provide turnkey services including civil works, design, equipment installation and maintenance services for the centres.

    Each centre will run as a joint venture between NSIA and the respective tertiary hospital to ensure timely and efficient delivery of services.

    Speaking at the agreement signing ceremony yesterday, Mr. Uche Orji, MD/CEO of NSIA stated that “Investing in healthcare remains a vital component of the Nigerian Infrastructure Fund strategy. The enhancement of healthcare infrastructure in these institutions will contribute towards raising the quality and standard of care in Nigeria with outcomes which are consistent with the 2030 agenda for sustainable development. In addition, it will demonstrate the economic potential of healthcare nvestments in Nigeria and catalyse private sector participation”

    The Chairman of NSIA, Mr. Jide Zeitlin said the NSIA’s pursuit ”in this phase of our healthcare strategy is to focus on non-communicable diseases and provide treatment for cardiovascular, renal, orthopedic and oncological conditions.

  • NSIA, UFF to invest $26mn in integrated farming

    The Nigeria Sovereign Investment Authority (NSIA) and UFF Agri Investment, is making an initial invest of $26 million in a farm which comprises a broad acreage of Maize and Soya beans farms integrated into a system of feed mills and storage silos.

    The additional capital when released will be deployed towards expanding the farm’s existing infrastructure, increasing installed capacity and enhancing the overall quality and quantity of output.

    With this investment, both NSIA and UFF will acquire and develop a 3,500 hectarages of land, of which 2,300 hectres are arable.The capital injection will be used to construct and install state of the art irrigation infrastructure, water reservoirs, grain storage and processing facilities.

  • Senate grills NSIA chief over $27.9m interest free loan

    Senate grills NSIA chief over $27.9m interest free loan

    The Senate Public Accounts Committee on Wednesday grilled the Executive Director of Nigeria Sovereign Investment Authority (NSIA), Mrs. Stella Ojekwe-Onyejeli, over a $27.9 million interest free loan granted the AFAM Fast Power project.

    The Committee said AFAM 3 Fast project belongs to the Ministry of Power, while the beneficiary is General Electric (GE) that is building the 450MW project.

    The Committee was considering the management of the $350 million stabilization fund out of $1 billion Euro bond secured by the Federal Government in 2014.

    The Permanent Secretary, Ministry of Power, Louis Edozien told the Committee that the total cost of the project is N186 billion with the federal government slated to provide 15 per cent of the fund while GE would pay the balance.

    The NSIA chief was asked why the $27.9 million was released to AFAM at zero interest rate especially when the beneficiary was clearly GE.

    Ojekwe-Onyejeli said that NSIA acted under specific instruction from the Ministry of Finance.

    She said: “NSIA was instructed to give the loan at zero interest rate. When we are instructed to provide a loan at zero interest rate we will do so. In this case we have a specific investment mandate which we followed.”

    She added that the stabilization fund was 100 per cent under the control of the Federal Ministry Finance.

    She said the money was not given directly to GE but to the Ministry of Power, adding that “the instruction we received from the Ministry of Finance was to release the loan to the Ministry of Power which we did.”