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NSIA Transfers $417m To NBET - Business - Nairaland

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NSIA Transfers $417m To NBET by Mrakeli: 4:44am On Aug 13, 2018
The Nigeria Sovereign Investment Authority (NSIA) has announced the payment of US$417.46 million to the Nigeria Bulk Energy Trading Company Plc (NBET), being interest and earnings from US$350 million which it had managed on behalf of the bulk trader since 2014.

The money was managed by NSIA on behalf of NBET since 2014 and was returned following the expiration of the four years investment term.
A statement issued by the NSIA said it
transferred the funds to the NBET in three tranches as follows: US$8 million (May 2016), US$5.5 million (August 2016) and lastly US$403.96 million (July 2018).
The returned fund consists of the principal sum of US$350 million allocated to the NSIA from the proceeds of the US$1 billion Eurobond issued by the Federal Government of Nigeria in July 2013 under a fund management agreement and the sum of US$67.46 million (net of fees) as interest and earnings over the investment period.
Speaking on the development, the Managing Director and Chief Executive Officer, NSIA, Mr. Uche Orji stated, that the NSIA had accomplished its goals of “enhancing NBET’s liquidity position whilst enabling the company to focus on its principal function of developing the electricity market.


“NSIA’s role as fund manager helped to safeguard NBET’s capital against market volatility and also conferred the agreed financial benefits on the company,”
Commenting on the transfer, the NBET Managing Director / Chief Executive Officer, Dr. Marilyn Amobi, said NBET was pleased with the management of the fund over the last four years, adding that the NSIA as a competent fund manager preserved the capital, thereby helping to promote NBET’s credit worthiness as an off-taker for grid injected electric energy in the Nigerian Electricity Supply Industry (NESI).

https://www.akelicious.net/2018/08/nsia-transfers-417m-to-nbet.html

Re: NSIA Transfers $417m To NBET by dennisworld1(m): 7:31am On Aug 13, 2018
I think say na nairabet sad

37 Likes

Re: NSIA Transfers $417m To NBET by zeedof(m): 7:32am On Aug 13, 2018
Where are all these huge money going please?

2 Likes

Re: NSIA Transfers $417m To NBET by Fideo(m): 7:32am On Aug 13, 2018
God help us.
Re: NSIA Transfers $417m To NBET by HAkorehdeh(m): 7:32am On Aug 13, 2018
grin
Re: NSIA Transfers $417m To NBET by lockupnop: 7:32am On Aug 13, 2018
grin ;
Re: NSIA Transfers $417m To NBET by Olateef(m): 7:33am On Aug 13, 2018
I thought they wanted to do nairabet with money....fear cash me

7 Likes

Re: NSIA Transfers $417m To NBET by Gealman: 7:35am On Aug 13, 2018
Is this the same company that own NSIA insurance
Re: NSIA Transfers $417m To NBET by rastaLivity: 7:36am On Aug 13, 2018
so FG don dey play bet? issokay
Re: NSIA Transfers $417m To NBET by Psyrus(m): 7:37am On Aug 13, 2018
Bet9ja? grin
Re: NSIA Transfers $417m To NBET by blackpanda: 7:38am On Aug 13, 2018
zeedof:
Where are all these huge money going please?

Infrastructure

When u hear pmb commissioning trains and ports, its not paper he used to construct them

7 Likes

Re: NSIA Transfers $417m To NBET by manforgu: 7:46am On Aug 13, 2018
[quote author=dennisworld1 post=70228390]I think say na nairabet sad[/quote
Lol Me too bro
Re: NSIA Transfers $417m To NBET by Tokziby: 7:48am On Aug 13, 2018
Who else thought it was another betting company cheesy grin cheesy

2 Likes

Re: NSIA Transfers $417m To NBET by Corrinthians(m): 7:48am On Aug 13, 2018
dennisworld1:
I think say na nairabet sad
Me too. grin

2 Likes

Re: NSIA Transfers $417m To NBET by GlorifiedTunde(m): 7:49am On Aug 13, 2018
I was thinking NBET = NairaBet undecided undecided

2 Likes 2 Shares

Re: NSIA Transfers $417m To NBET by lastempero: 7:52am On Aug 13, 2018
Where did they invest the money that generated such huge profit within four years? Iam interested Abeg.

2 Likes

Re: NSIA Transfers $417m To NBET by gamaliel9: 7:53am On Aug 13, 2018
This NSIA would have become another NNPC if governors in 2013 had allowed GEJ to invest 5billion dollars in it...look at paltry 417 out of 350[though good because of more than 100%]
Re: NSIA Transfers $417m To NBET by igboamakaaa: 7:54am On Aug 13, 2018
Clearly, this huge investment plan was mapped out during GEJ's tenure. I don't think buhari's administration knows much about investment, they mostly borrow without plans on how to refinance the debt and no concrete evidence that the borrowed money was put to Good use.

7 Likes 1 Share

Re: NSIA Transfers $417m To NBET by PrinxArthur1(m): 8:02am On Aug 13, 2018
FG got ripped off $400 million hot money called bond
Re: NSIA Transfers $417m To NBET by henrymorebaba(m): 8:07am On Aug 13, 2018
Gealman:
Is this the same company that own NSIA insurance
no, is a federal govt agency, supervised by CBN.
Re: NSIA Transfers $417m To NBET by gamaliel9: 8:18am On Aug 13, 2018
[quote author=igboamakaaa post=70228995]Clearly, this huge investment plan was mapped out during GEJ's tenure. I don't think buhari's administration knows much about investment, they mostly borrow without plans on how to refinance the debt and no concrete evidence that the borrowed money was put to Good use.[/quo

Its so terrible. This would have been a massive cash cow...my worry is that haven seen the return from this..no one will think of investing more in it...instead they keep borrowing...my people suffer for lack of knowledge

1 Like

Re: NSIA Transfers $417m To NBET by solid3(m): 8:20am On Aug 13, 2018
I thought it was Naira Bet. cheesy

1 Like

Re: NSIA Transfers $417m To NBET by ithink7: 8:22am On Aug 13, 2018
Why are all these monies mot showing in the life of Nigerians.
Some people need only 0.001% of that money to finance a business that will feed a family of seven.
Re: NSIA Transfers $417m To NBET by maasoap(m): 8:40am On Aug 13, 2018
gamaliel9:
This NSIA would have become another NNPC if governors in 2013 had allowed GEJ to invest 5billion dollars in it...look at paltry 417 out of 350[though good because of more than 100%]

No no no! 67 million dollars was return on investment, 350 million dollars was the capital.

4 Likes

Re: NSIA Transfers $417m To NBET by shotuns: 8:43am On Aug 13, 2018
We don't need that history lesson, We all Knew it agency became operational in 2012. And there is no way Buhari regime won't know such exists , Where do you think the money for all these massive project going on came from. Atleast it helps in building infastructures. This regime isnt for wastage, you know that.





igboamakaaa:
Clearly, this huge investment plan was mapped out during GEJ's tenure. I don't think buhari's administration knows much about investment, they mostly borrow without plans on how to refinance the debt and no concrete evidence that the borrowed money was put to Good use.

3 Likes 1 Share

Re: NSIA Transfers $417m To NBET by maasoap(m): 8:50am On Aug 13, 2018
igboamakaaa:
Clearly, this huge investment plan was mapped out during GEJ's tenure. I don't think buhari's administration knows much about investment, they mostly borrow without plans on how to refinance the debt and no concrete evidence that the borrowed money was put to Good use.

Lol. The same Jonathan that started borrowing money to pay salaries of federal government workers three months to the end of his tenure! That was when crude oil was still selling above 60 dollars per barrel.
Buhari that you're now disparaging didn't borrow one naira to pay salaries even when crude oil price fell below 50 dollars per barrel.
Sometimes, I'm tempted to think that some Nigerians are cursed to love governments that mismanage their resources. During Jonathan’s administration, the more oil price rose, the more he borrowed with nothing to show for it.
Then you said that there no concrete evidence that the money borrowed by Buhari was put to Good use. Let me laugh a bit at your insincerity. There is hardly a region where construction works is not ongoing. The fact that the man believes in completing the abandoned projects is plus for us as Nigerians. That reminds of 2.1 billion dollars Dasuki distributed to PDP bigwigs under the instruction and order of your big hero.

2 Likes

Re: NSIA Transfers $417m To NBET by Bimpe29: 9:02am On Aug 13, 2018
You keep seeing and hearing figures but without a commensurate infrastructural development.
Re: NSIA Transfers $417m To NBET by Maket: 10:07am On Aug 13, 2018
NBET....... I thought is Naira Bet.
Re: NSIA Transfers $417m To NBET by CofOLandOfPeace(m): 3:04pm On Aug 13, 2018
Its the business world and the NSIA is playing the game well.
Please check signature below and get in touch!!!

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