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NSIA Annual Report 2018 Nigeria Sovereign Investment Authority Investment Nigeria Sovereign Annual ReportAnnual 2018 & Accounts Enabling Sustainable Growth: making an impact on Nigeria’s future Nigeria Sovereign Investment Authority Annual Report & Accounts 2018 The Clan Place, 4th Floor Plot 1386A, Tigris Crescent Maitama, Abuja Nigeria Tel: +234 (0)9 461 0400 Email: [email protected] www.nsla.com.ng The Nigeria Sovereign Introduction Investment Authority manages Nigeria’s Sovereign Wealth Fund. It was established as an independent investment institution by an Act of Management Funds the National Assembly in May 2011. Corporate Governance Corporate Contents Risk Management Introduction 01 Risk Management 42 About NSIA 02 Risk Overview 43 The Mandate Funds 02 Risk Management Approach 49 Corporate Philosophy 03 Objectives of Risk Management 49 Better road infrastructure helps in achieving Chairman’s Statement 04 Risk Management Governance Structure 49 Making an Impact: Chief Executive Officer’s Review 06 Risk Appetite 50 speedier deliveries and getting more products to Investment Milestones 10 Risk Universe 51 the market quicker. This has the effect of generating better roads mean greater profits for business, taxes for government Funds Management 12 Financial highlights 56 better connections, and real, sustainable economic growth. Further, it Market Overview 13 General Information 57 Highlights Financial means the populace has access to affordable high- The Future Generations Fund 16 Directors’ Report 58 The Stabilisation Fund 19 Statement of Directors’ Responsibilities 59 quality produce and more of them. speedier deliveries The Nigeria Infrastructure Fund 20 Independent Auditor’s Report 60 Third-Party Managed Funds 24 Statement of Comprehensive Income 63 and getting products NSIA received US$650 million from the National Statement of Financial Position 64 Economic Council (NEC) as contribution for the Corporate Governance 26 Statement of Changes in Equity 65 to market quicker Presidential Infrastructure Development Fund (PIDF) Our People, Culture, Diversity Statement of Cash Flows 67 and Technology 27 Notes to the Consolidated and commenced capital deployment across three of Governance 32 Financial Statements 69 the major road projects under the PIDF, including Governance Framework 33 2nd Niger Bridge, Lagos-Ibadan Expressway, and Governing Council 33 Other Disclosures 156 Abuja-Zaria-Kaduna-Kano Road. Board of Directors 36 Value Added Statement 157 Other Disclosures Board Committees 40 Five-Year Financial Summary 158 Corporate Information 164 ANNUAL REPORT & ACCOUNTS 2018 1 About NSIA Our Corporate Philosophy Introduction Nigeria Sovereign Investment Authority (NSIA or the NSIA was appointed as the fund manager by the government Authority) is a globally-focused Nigerian investment in 2017. NSIA is also the fund manager for the Presidential Fertiliser institution. NSIA was established by an Act of Parliament – Initiative (PFI) and also manages other third-party funds on behalf Our Mission Nigeria Sovereign Investment Authority (Establishment, etc) of other government agencies. Act 2011 – to receive, manage and invest Nigeria’s Sovereign NSIA’s mission is to play a leading role in driving Wealth Fund (SWF) through three ring-fenced funds on The Authority's total Assets Under Management (AUM), which sustained economic development for the benefit of all behalf of the three tiers of government of the Federation. includes its core capital, the funding for PIDF and third-party The three funds are the Stabilisation Fund (SF), the Future funds being managed by NSIA, increased to US$2.44 billion at the Nigerians through: Generations Fund (FGF) and the Nigeria Infrastructure Fund end of 2018. Management Funds (NIF). • building a savings base for the Nigerian people; NSIA invests in a diversified portfolio of medium and long-term The SF is intended to provide fiscal stability support for the assets and aims to catalyse co-investment with strategic investors. • enhancing the development of Nigeria’s infrastructure; and country, serving as a reserve fund from which government The Authority has developed strategic investment partnerships may make withdrawals to meet budgetary shortfalls. The FGF with multilateral development finance institutions, national • providing stabilisation support in times of economic stress. seeks to accumulate savings for future generations of Nigerians development banks and private sector institutions. These include by investing in long-term assets. The NIF seeks to generate a the United Kingdom’s Department of International Development portfolio of critical infrastructure investments in Nigeria that will (DfID), World Bank (WB), International Finance Corporation (IFC), attract foreign investment, support economic diversification, and African Development Bank (AfDB), Africa Finance Corporation boost the long-term growth of the economy. (AFC) and the German Development Bank (KfW Bankengruppe). Corporate Governance Corporate NSIA started operations in October 2012 and commenced NSIA also invests directly in Nigeria’s domestic infrastructure and investment activities with its US$1 billion seed capital in 2013. co-invests with project developers and financiers. Its areas of Vision The Funds’ positive performance, and his confidence in the focus in domestic infrastructure investment cover agriculture, Management of NSIA, encouraged President Muhammadu gas industrialisation, healthcare, motorways and power. NSIA To establish NSIA as a leading sovereign wealth fund Buhari to approve additional contributions of US$500 million to has closed and executed key projects in these critical sectors, globally; playing a role in promoting investments for the Authority between 2016 and 2017. and hopes to expand to other areas of needs and investment opportunities. Nigeria’s economic development. From inception, NSIA’s capital was allocated across its three funds in the ratio of 20:40:40 to the Stabilisation Fund, the NSIA’s strong corporate governance culture has been validated Future Generations Fund, and the Nigeria Infrastructure Fund, by its successful investments and various recognitions. NSIA is respectively. In 2018, the Board approved a new ratio that ranked within the top quartile for transparency and governance allocates 20% of future capital contributions to the SF, 30% to FGF, by the Sovereign Wealth Fund Institute (SWFI). The transparency Risk Management and 50% to NIF. Whereas no additional contributions have been index rates over 70 SWFs and the Authority has remained the made to NSIA’s capital since then, the Authority is working on a highest-ranked SWF in Africa since 2015. Values strategic framework for receiving contributions on a regular and sustainable basis. NSIA is a member of the International Forum of Sovereign Wealth The Authority’s fundamental beliefs and culture are driven Funds (‘IFSWF’) and subscribes to the Santiago Principles on best The Authority received US$650 million from the government practices for managing Sovereign Wealth Funds. by three guiding principles, which are: in 2018 as the first tranche of funding for the US$8.1 billion Presidential Infrastructure Development Fund (PIDF), for which • Integrity: we are uncompromising in our adherence to the tenets of probity, character and accountability in all our The Mandate Funds endeavours. Financial Highlights Financial The Stabilisation Fund • Discipline: within the ambit of our enabling Act, we The Stabilisation Fund is intended to safeguard against budgetary deficits. It would be a last resort conscientiously apply ourselves in all we do. from which government may withdraw annually to meet shortfalls in the budget brought about by falls in oil prices or other budgetary constraints. • Transparency: our activities are clear and consistent with The Future Generations Fund best practices. The Future Generations Fund is a savings fund that seeks investment in long-term investments and assets These are the ideals against which we evaluate all actions, to provide savings for future generations of Nigerians. relationships and investments. The Nigeria Infrastructure Fund The Nigeria Infrastructure Fund invests in domestic infrastructures that align with national priorities, Other Disclosures have potential for attractive commercial returns and high social impact, create opportunities for co-investment with NSIA, and promote environmental sustainability. 2 NIGERIA SOVEREIGN INVESTMENT AUTHORITY ANNUAL REPORT & ACCOUNTS 2018 3 Chairman’s Statement Introduction I am delighted to introduce the 2018 Annual Report and Accounts of Nigeria Governance Sovereign Investment Authority (NSIA or the Authority). The adoption and entrenchment of sound corporate governance practices continues to be a priority for the Board. In 2018, NSIA implemented two important initiatives to 2018 was a year marked by solid financial results and strategic progress for NSIA. Our improve our investment and risk management processes. overall profitability increased and each of the three funds was profitable. NSIA also achieved important milestones in 2018, including NSIA’s appointment as manager of The Board operationalised its 2017 decision to subsume its Risk Committee into the the Presidential Infrastructure Development Fund (PIDF) and the closing of our first existing Investment Committee and divide the latter into two committees: (1) Externally investments in tertiary healthcare services operations. Managed Investments and (2) Direct Investments. This reorganisation enhanced NSIA’s risk Management
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