NSIA transfers $417.46m to NBET Plc

The Management of the Nigeria Sovereign Investment Authorityn (NSIA), yesterday, announced the payment of the gross sum of $417.46 million to the Nigeria Bulk Energy Trading Company (NBET) following the expiration of the four years investment term.

NSIA transferred the funds in three tranches as follows; $8m (May 2016), $5.5m (August 2016) and lastly $403.96m (July 2018).

The returned funds consist of the principal sum of $350m allocated to the NSIA from the proceeds of the $1bn Eurobond issued by the Federal Government in July 2013 under a fund management agreement and the sum of $67.46m (net of fees) as interest and earnings over the investment period.

Speaking on the development, the Managing Director and Chief Executive Officer of NSIA, Mr. Uche Orji, stated that the authority had accomplished its goal of “enhancing NBET’s liquidity position while 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, Dr. Marilyn Amobi, Managing Director/ Chief Executive Officer of NBET said, “NBET is pleased with the management of the fund over the last four years.