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

I think say na nairabet

Where are all these huge money going please?

God help us.

;

I thought they wanted to do nairabet with money....fear cash me

Is this the same company that own NSIA insurance

so FG don dey play bet? issokay

Bet9ja?

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

[quote author=dennisworld1 post=70228390]I think say na nairabet [/quote
Lol Me too bro

Who else thought it was another betting company

dennisworld1:
I think say na nairabet

Me too.

I was thinking NBET = NairaBet

Where did they invest the money that generated such huge profit within four years? Iam interested Abeg.

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%]

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.

FG got ripped off $400 million hot money called bond

Gealman:
Is this the same company that own NSIA insurance

no, is a federal govt agency, supervised by CBN.

[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

I thought it was Naira Bet.

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.

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.

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.

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.

NBET....... I thought is Naira Bet.