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NSIA Net Assets Hit N4.35trn in 2024

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By Tony Obiechina Abuja

The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.

Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.

74 trillion in 2024.

Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.

According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.

Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of

NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.

In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.

Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).

Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”

He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders

“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”

The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.

He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.

He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.

“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.

He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.

The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.

He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.

“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.

Agriculture

Olam Agri Partners with SCAAD to Empower Women in Benue, Nasarawa          

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From Attah Ede, Makurdi

Olam Agri, in partnership with Sustainable Collective Advocacy for Africa Development (SCAAD) Initiative, is to launch the Community Resilience Opportunities for Women and Youth (CROWY) in Benue and Nasarawa States.

A press release by Elizabeth Nnoko Communication Manager, Olam Agri, said the CROWY Project is aimed at creating lasting positive change for women and youth across Nigeria’s North-Central region.

The Project ground-breaking initiative is designed to empower grassroots women and youth farmers, aligning with national development and gender equality objectives.

The project also, aims to strengthen livelihoods during off-farming seasons by equipping beneficiaries with strategic leadership skills, entrepreneurship training, and increased awareness on inclusion, gender equality, and early warning signs and systems related to Gender-Based Violence (GBV).

Delivered in collaboration with Rich-Oak Life Initiative, Sahel International Support Foundation, and Elikizi Foundation for Women and Youth Advancement, the CROWY Project seeks to close critical economic gaps by providing inclusive livelihood opportunities, access to cooperative financing, and leadership support for emerging women and youth-led enterprises.

“We aim to create 10 Village Savings and Loan Associations and support 100 of women and youth entrepreneurs within the first year in the fields of tailoring, baking amongst others.

“This intervention will expand economic opportunities, promote self-employment, and build sustainable and resilient livelihoods across the targeted communities.

“Across Nigeria, women, youth, and persons with disabilities continue to face systemic barriers to education, livelihoods, and leadership pathways. Recent statistics highlight the urgency of this challenge.

“In 2023, women’s labour force participation stood at just over 52%, down from nearly 57% in 2010 (Statista, 2023). Youth unemployment remains critically high, with 53% of Nigerians aged 15–24 unemployed or underemployed (World Bank, 2024).

“According to Nigeria’s Minister of Women Affairs, as of October 2025, approximately 70% of Nigerian women live in extreme poverty, unable to meet basic needs or sustain livelihoods

“These figures paint a stark picture of structural inequalities that continue to undermine national development and social stability”, the statement said.

On the part of SCAAD initiative, a Statement by Frances Okeke, Executive Director, stated that “Every day, we meet women and young people with immense creativity and resilience, yet without the support they need to thrive truly. Nigeria’s overlapping crises have made survival even harder for them, especially in farming communities where off-season periods often deepen economic vulnerability.

Okeke maintained the through the support of Olam Agri, the CROWY Project is stepping into this gap, offering practical skills, livelihood opportunities, and hope to grassroots women and youth.

Said he, “Together, we are equipping individuals not only to earn a living during non-farming seasons but also to lead, innovate, and uplift their communities. When women and young people are given the tools to succeed, entire communities become more resilient and rise with them.”

While Anil Nair, Country Head Olam Agri Nigeria added, “Our partnership with SCAAD Initiative on the CROWY Project reinforces our shared vision of resilient, empowered, and economically active communities. Women and youth are central to the future of agriculture in Nigeria and supporting them through targeted skills development and inclusive financing is essential for long-term national growth.

“Olam Agri will continue to champion initiatives that uplift vulnerable groups and strengthen the fabric of our communities.”

“Olam Agri and SCAAD Initiative invite government agencies, community leaders, NGOs, and development partners to join in supporting inclusive livelihood strategies. Collaboration is vital to building resilient, equitable communities.

“The partnership is committed catalyze efforts to enhance economic opportunities, promote self-employment, and build sustainable livelihoods for women and youth in conflict-affected communities”.

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Agriculture

FG Tasks Africans on Sheep, Goat Plague Eradication

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The Federal Government said African countries must shift from reactive, event-driven responses to predictive, risk-based and analytics-driven surveillance to meet the global target of Peste des Petits Ruminants (PPR) disease eradication by 2030.

PPR is a viral disease caused by morbillivirus closely related to rinderpest virus which affects goats, sheep and wild relatives of domesticated small ruminants and camels.

Permanent Secretary, Federal Ministry of Livestock Development, Dr.

Chinyere Akujobi said this in Abuja on Wednesday at the Regional Training on Strengthening Animal Disease Surveillance, Building Capacities for PPR Eradication and Trans-boundary Animal Diseases.

The training was under the Framework of Implementation of the Pan-African PPR Eradication and other Sheep and Goat Disease Control Programme in West African Member Countries.

It was organised by the Food and Agriculture Organisation of the United Nations (FAO) in collaboration with the African Union-Interafrican Bureau for Animal Resources (AU-IBAR) with financial support from the European Union.

Akujobi urged every country to build surveillance systems that were smarter, faster and more collaborative.

She further urged strengthening coordination, adoption of modern tools and ensuring information-driven action.

“We must build stronger technical skills in participatory and risk-based surveillance; harmonise epidemiological procedures so that data generated across countries can be compared and acted upon.

“We must adopt modern tools for defining epi-systems, map high-risk zones and integrate these results into continental and global platforms and strengthen regional coordination structures and the Regional Veterinary Committee.

“These priorities speak directly to the core challenges of our region, uneven reporting, weak linkages between laboratories and field surveillance, fragmented information systems and gaps in cross-border coordination,” she said.

She said the presence of participants at the workshop demonstrated the collective commitment of the region in tackling diseases that continued to undermine livestock productivity, livelihoods and regional integration.

Akujobi urged the participants to approach the sessions with an evidence-driven mindset that reflected the complexity of today’s trans-boundary animal disease landscape.

“Our surveillance systems must be guided by real-time information and must incorporate digital tools that enable us to detect risks early and intervene quickly.

“At the same time, our countries must work in harmony, because a disease like PPR does not recognise administrative boundaries.

“It is essential that our systems speak to one another and that information flows seamlessly from community animal health workers to national databases and onward to regional and global systems.

“This gathering is more than a routine training session; it represents a strategic turning point for West Africa,” she said.

According to her, many African countries remain heavily affected by PPR, Foot and Mouth Disease, African Swine Fever, Anthrax, Highly Pathogenic Avien Influenza (HPAI) among other trans-boundary and zoonotic diseases that threaten food security.

“The small ruminant sector, in particular, supports millions of families, including women and youth whose livelihoods depend on healthy animals.

“Every outbreak that sweeps through our communities deepens vulnerability and disrupts social and economic stability,” she said.

She assured that Nigeria remained fully committed to regional solidarity and to the Pan-African PPR Eradication Programme.

Akujobi said the country was focused on strengthening the National Animal Disease Information System to improve reporting from across the federation, enhanced laboratory–field collaboration under the One Health approach.

According to her, Nigeria works closely with ECOWAS, AU-IBAR, FAO and World Organisation for Animal Health to align national actions with continental strategies.

The training targeted veterinarians, laboratory scientists, epidemiologists, wildlife experts, border authorities and pastoralist communities across West Africa.

Its goal was to strengthen national and regional systems to enable them to be better equipped to eradicate PPR.

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BUSINESS

OPay Triumphs at Nigeria Technology Awards 2025

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In a remarkable recognition of its commitment to innovation, trust, and customer service, OPay, Nigeria’s leading financial technology company, has been named Most Trusted Digital Bank of the Year and Customer Friendly Digital Bank of the Year at the Nigeria Technology Awards (NiTA) 2025.

The awards ceremony, held on Saturday, brought together top technology leaders, innovators, and organizations driving Nigeria’s digital transformation.

Now in its 11th edition, NiTA continues to recognize outstanding achievements across the country’s technology ecosystem, celebrating organizations that deliver measurable impact and set new benchmarks in digital innovation.

Speaking after receiving the awards, Ibukun Humphery Oluwagbenga, Head, IT Support and Operations at OPay, said: “Being named Most Trusted Digital Bank and Customer Friendly Digital Bank at NiTA 2025 is a testament to our unrivalled commitment to our customers. Every product, service and innovation we deliver is focused on building trust, simplifying digital banking, and ensuring that users can transact safely and confidently. This recognition belongs to our dedicated team and the millions of Nigerians who inspire us to continually raise the standard for digital banking.”

“We are proud to receive these two prestigious awards, which reinforce OPay’s mission to provide not only secure but highly accessible and customer-friendly digital banking services. These awards celebrate our ongoing dedication to trust and reliability.”

OPay’s dual wins at NiTA 2025 reflect the company’s sustained efforts in expanding digital financial inclusion across Nigeria. Beyond its technological innovations, OPay has actively promoted financial literacy, customer support excellence, and community engagement, ensuring that users are equipped with the knowledge and tools to transact safely. This approach has not only strengthened customer trust but also contributed to the company’s reputation as one of the most reliable and user-friendly digital banks in Nigeria.

About OPay

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, card service, airtime and data purchase, and merchant payments, among others.

Renowned for its fast and reliable network and strong security features that protect Customer’s funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

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