Welcome to Ebere Samuel's Blog: Niger Bridge

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The Nigerian Sovereign Investment Authority (NSIA) managers of the nation’s sovereign fund, will today release funds as part of its equity stake in the second Niger bridge, even as it revealed that it earned N2.5 billion in profits at the end of the half year 2014 period.<br /><br />“We are in the process of paying money to Julius Berger as part of early works for the bridge,” said Uche Orji, the managing director, NSIA, in a telephone interview with BusinessDay.<br /><br />“The SWF made net profits of N2.5 billion as at June, 2014, while our expenses were flattish to down,” Orji said.<br /><br />The profits are 370 percent higher than the N525 million profits realised by the NSIA in the 15 month period to December 2013.<br /><br />Half of the profits are realised gains, while the rest are unrealised gains from the investment portfolio, based on the market’s performance, according to Orji.<br /><br />The Julius Berger-NSIA Motorways Investment Company (JB-NMIC) Consortium is the preferred bidder for the development of the Second River Niger Bridge Project.<br /><br />The NSIA invests with three funds which are the Future Generations Fund to which it allocates 40 percent of its assets; Nigerian Infrastructure Fund (40 percent) and Stabilisation Fund (20 percent).<br /><br />The Nigeria Infrastructure Fund (NIF) focuses entirely on domestic investments in selected infrastructure sectors.<br /><br />“The Nigeria Infrastructure Fund (NIF), NSIA is focused on investing in critical infrastructure that would attract and support Foreign Direct Investment, promote economic diversification and enhance growth,” The NSIA said in a statement in its 2013 FY financial report.<br /><br />The NSIA has funded three commitments in the infrastructure fund namely: the Nigeria Mortgage Refinancing Company, in which it holds 22.7 per cent stake, fund for agriculture finance and the second Niger Bridge.<br /><br />Speaking on the future generations funds (FGF), Orji said four hedge fund managers were allocated 25 per cent of the agency’s assets, across various strategies including global, macro and long-short equities.<br /><br />The FGF has an investment horizon of about 20 years.<br /><br />Orji said the near term view is positive for the market in 2014, with 80 percent of the FGF asset allocation in growth assets, 15 percent in inflation hedge assets and 5 percent in deflation hedge assets.<br /><br />Within the growth asset category, the NSIA has allocated 25 percent to equities, split 15 percent to emerging markets and 10 percent to developed markets.<br /><br />‘‘We have also allocated 25 percent to absolute return funds, another 25 percent to private equity funds and 5 percent to other diversifiers. Within the inflation protection assets, we have allocated 10 percent to real assets and 5 percent to commodities. And finally we have retained 5 percent in cash as deflation protection for the portfolio,’’ he said.<br /><br />The Private Equity (PE) fund would also be fully allocated by December, according to Orji.<br /><br />While there was no direct exposure to Nigerian equities for the period, there was a little indirect exposure through investments in Emerging Markets (EM) fund managers with Nigerian assets in their portfolios.<br /><br />‘’We are not considering direct exposure to Nigerian equities for now,’’ Orji said.<br /><br />Source: <a href="http://businessdayonline.com/2014/08/nsia-releases-funds-today-for-2nd-niger-bridge-makes-n2-5bn-in-h1/#.U-padYCSzH1" style="text-decoration: none;">Businessday</a></span></div>
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Second Niger Bridge Funds Released

The Nigerian Sovereign Investment Authority (NSIA) managers of the nation’s sovereign fund, will today release funds as part of its...

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FG approves upgrade of work on 2nd Niger Bridge</h1>
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<b style="border: 0px; font-family: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">T</b>he Federal Government has approved the commencement of the upgrade of work at the second Niger Bridge to improve the economy of the people of Delta, Edo states and the South-South region in general.</div>
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Vice President Namadi Sambo stated this yesterday when he had audience with a delegation of elders from Delta and Edo states led by the Minister for Works, Mike Onolememen, in his office on behalf of President Goodluck Jonathan at the State House, Abuja.</div>
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According to Sambo, “the President’s approval for the commencement of the work also includes the upgrade of the arteries and connections to the bridge.”</div>
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He therefore directed the Minister of Works to ascertain the actual areas that need to be dualised, pointing out that the completion of the bridge project will likely attract an increased flow of traffic.</div>
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To this end, he further directed that designs must be presented for the future dualisation of the road since the work is scheduled to commence by 2015. He said, “the Federal Government is also planning to provide railways in all these areas to make for a more effective transportation system,” assuring that the transformation programme of President Jonathan’s administration will be faithfully implemented to benefit Nigerians.</div>
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The delegation, which comprised Ebu, Illah, Emu, Inyede and Igbedo, the host and immediate benefiting communities of the Utor River Bridge on the Asaba-Illah-Emu-Ahia-Uromi Road, was on a “thank you visit” to the Federal Government for the successful completion of the project. Earlier, the representative of the delegation, Andrew Omalu Okoja, expressed appreciation to the Federal Government for the completion of the Utor River Bridge project, which was abandoned by previous administrations and eventually resuscitated, approved and funded by President Jonathan.</div>
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Okoja conveyed the appreciation of the people to the government for the quick response to the recently collapsed Two Cell Box Culvert Bridge between Illah and Ebu on the Asaba-Ebu-Emu-Ahia-Uromi Road.</div>
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Upgrade of 2nd Niger Bridge Approved by Federal Government

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Second Niger Bridge Funds Released

Upgrade of 2nd Niger Bridge Approved by Federal Government

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