SWFI First Read, November 1, 2015

AGAIN: Nigeria Looks to Form Bigger Infrastructure Fund Shifting economic tactics, the government of Nigeria has plans to form a US$ 25 billion infrastructure fund to navigate capital into the energy and transportation sectors. The fund could attract institutional investors both locally and internationally, even from the Nigerian Sovereign Investment Authority (NSIA) and Nigerian domestic [...]

Investors Back Sub-Saharan Africa Telecom Infrastructure Fund

Johannesburg-based Convergence Partners raised one of the biggest communication technology infrastructure funds in sub-Saharan Africa – hitting more than US$ 200 million in commitments. Most of the backers were Western development institutions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Friday SWFI News Roundup, February 20, 2015

NAMA Awards Cushman & Wakefield Corporate Finance NPL Sales Mandate Ireland’s National Asset Management Agency (NAMA) has awarded Cushman & Wakefield Corporate Finance the mandate to sell a portfolio of non-performing loans with a face value of €8.4 billion. The portfolio of non-performing loans consists of approximately 500 borrowers in both residential and commercial properties. [...]

GROW: Nigeria Sovereign Investment Authority Seeks to Manage up to $5 Billion

Officials from the Nigerian Federal Government are contemplating the addition of more capital to total US$ 5 billion for the Nigeria Sovereign Investment Authority (NSIA) to manage, the entity that manages three of Nigeria’s sovereign funds. Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance Minister, briefed members on the sidelines of last week’s IMF/World Bank Annual Meeting in [...]

NSIA and Seven Energy Ink Deal

The Nigeria Sovereign Investment Authority (NSIA), through its gas and power funds managed on behalf of Nigeria’s Debt Management Office, has signed a commitment letter to invest at least US$ 100 million in senior secured notes issued by Nigeria-based Seven Energy International Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]

Dangote Transaction: Dubai Money Flows Into West Africa

Nigeria-based Dangote Cement is a publicly-traded company on the Nigeria Stock Exchange, with a market capitalization of approximately US$ 24.5 billion (largest company in Nigeria by market capitalization). Founded by businessman Aliko Dangote, Dangote Cement received a US$ 300 million investment from the Investment Corporation of Dubai (ICD). In return, ICD received a minority stake [...]

Friday SWFI News Roundup, August 15, 2014

Malaysian Airlines to be Fully Acquired by Khazanah Nasional The plagued Asian airlines, Malaysia Airlines, is going to be taken private by Khazanah Nasional, the country’s sovereign wealth fund. The carrier has suffered tremendously after two key disasters in a four month span. Khazanah is currently the largest shareholder in the airlines with a 69% [...]

Nigerian Sovereign Wealth to Work With GuarantCo to Assist Infrastructure Shortfall

The Nigeria Sovereign Investment Authority (NSIA) has entered into an arrangement to explore the possible creation of a Nigerian Credit Enhancement Facility (NCEF). By partnering with GuarantCo, a local currency development finance fund, the facility would provide credit enhancement for domestic infrastructure projects by improving their credits ratings toward investment grade. [ Content protected for [...]

Singapore’s Temasek Takes Sub-Saharan Africa Energy Bet

Singapore’s Temasek Holdings is moving into the sub-Saharan African natural resource market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

3 Things to Watch in NSIA Allocation to Infrastructure

The Nigerian Sovereign Investment Authority (NSIA) has made historic moves into domestic infrastructure. The infrastructure fund constitutes 40% of the allocation of the NSIA. On February 26, 2013, the NSIA’s sovereign wealth enterprise, NSIA Motorways Investment Company (NMIC) signed a deal with Julius Berger Investments Ltd. for the NMIC to act as an investment partner [...]

Uche Orji

Nigerian Sovereign Wealth Commits 10 Million to Ag-Fund

The Nigerian Sovereign Investment Authority (NSIA), through its infrastructure fund, has committed US$ 10 million to an agriculture-focused financing vehicle known as FAFIN, or Fund for Agricultural Financing in Nigeria. Partners in the deal include Kreditanstalt für Wiederaufbau (KfW), a German-owned development bank based in Frankfurt, and the Nigerian Federal Ministry of Agriculture and Rural [...]

Nigeria’s Sovereign Funds and IFC to Support Nigerian Infrastructure Development

The Nigerian Sovereign Investment Authority (NSIA) is partnering with the International Finance Corporation (IFC) to develop, finance and implement infrastructure projects that will stimulate job creation, economic growth and social development in Nigeria. This occurred through the signing of a Memorandum of Understanding (MoU) between the IFC and NSIA. The NSIA and IFC want to [...]

Q&A with Uche Orji, CEO of the Nigeria Sovereign Investment Authority

This interview will appear in the 3Q Y2013 (October 2013) issue of the Sovereign Wealth Quarterly. This is a Q&A with Uche Orji, the Managing Director/CEO of the Nigeria Sovereign Investment Authority (NSIA). 1. How can Nigeria’s sovereign wealth funds act as a catalyst and channel foreign investment to Nigeria? The NSIA seeks to be [...]

Public Investment Corporation Buys Stake in Dangote Cement

South Africa’s Public Investment Corporation (PIC) acquired a 1.5% stake in Dangote Cement Plc. The deal was worth about US$ 289.3 million. Dangote Cement is the biggest listed company in Nigeria. As the Johannesburg Exchange’s largest institutional investor, the PIC is keen on expanding investments within Africa. This is not the first transaction for the [...]

Nigeria Targets 5 Billion for SWFs, Playing Catch up to Angola

The Nigerian Ministry of Finance plans to augment the size of Nigeria’s sovereign wealth funds to US$ 5 billion within the next three years. Currently, the Nigerian Sovereign Investment Authority (NISA) manages US$ 1 billion. The authority will start making investments in March 2013 after board approval. Investments from the infrastructure fund of the NISA [...]

Nigeria’s Sovereign Wealth Chugs Forward

Nigeria’s sovereign wealth funds have been a contentious political issue for the country. The direction of natural resource revenue has pitted the Nigerian Governors Forum against the Nigerian federal government. Nigeria is sub-Saharan Africa’s largest crude oil exporter. The one billion dollar authority plans to start operations in the coming months. The Nigerian Sovereign Investment [...]

Nigerian Sovereign Wealth Funds and the Future

Last year, Nigeria, the biggest oil producer in sub-Saharan Africa, replaced its Excess Crude Account (ECA) with three sovereign wealth funds, Future Generations Fund, Nigerian Infrastructure Fund and Stabilization Fund, under the management of the Nigerian Sovereign Investment Authority (NSIA). The future generations fund will focus on providing and generating income for the country’s citizens. [...]

Nigeria Sovereign Investment Authority is Hiring

Despite all the political arguments on the validity of the Nigerian sovereign wealth funds, the authority is moving forward in developing operations and selecting candidates for executive positions. The Nigerian Sovereign Investment Authority (NSIA) is hiring. This advertisement appeared off the website of the Federal Ministry of Finance (Nigeria). Interesting to note, “All positions will [...]

Nigerian Foreign Exchange Reserves Drop Around $1 Billion in a Week

High world oil prices greatly contribute to Nigeria’s currency reserves. Nigeria’s foreign exchange reserves slightly moved down from $34.57 billion on July 13, 2011, to $33.54 billion on July 22. This amounts to around a $1 billion drop. At the same time last year reserves were at $37.86 billion. Even though the United States is [...]

Nigerian President Goodluck Jonathan Signs SWF Bill

According to the press release, “President Goodluck Ebele Jonathan has said that his Administration was fully committed to making Nigeria’s oil assets a vehicle for wealth creation, economic diversification and development. In his remarks after signing the 2011 Appropriation (Amendment) Bill and the Nigerian Sovereign Investment Authority (NSIA) Bill into law at the Presidential Villa, [...]