NIGERIA Sovereign Investment Authority (NSIA) on Thursday said it has fully paid the gross sum of US$417.46 million to the Nigeria Bulk Energy Trading Company Plc (NBET) following the expiration of the four years investment term.

In a statement from its spokesperson, Titilope Olubiyi, NSIA  transferred the funds in three tranches as follows; US$8 million in May 2016, US$5.5 million in August 2016 and the last tranche of US$403.96 million last month.

“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.

The statement quoted Managing Director and Chief Executive Officer, NSIA, Mr Uche Orji of saying that the Authority 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.”

Managing director of NBET, Dr Marilyn Amobi, was also quoted on the development to have said “NBET is pleased with the management of the fund over the last four years.

“NSIA as a competent fund manager preserved the capital; thus, helped to promote NBET’s creditworthiness as an off-taker for grid injected electric energy in the Nigerian Electricity Supply Industry (“NESI”).”

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