That feeling of stepping onto a train for the first time (maybe some folks had taken trains abroad), but few Nigerians can claim to have been on a train or have any memories of trains in the last 30 years. Domestic investors still retained dominance of trading activities on the local bourse as their share of total transactions in October stood at 66.6% (YTD; 62.56%) while foreign investors’ share of total transactions was 33.4% (YTD; 37.4%). Moniya Station is technically on the other side of the main Ibadan at least for me and navigating back to the center of town was a big challenge. Great read ! Nigeria will be investing taxpayers’ cash on infrastructure that creates jobs in the very states and reflates local economies. In the interim, there is a need to adjust the times for the trip to allow people arriving in Ibadan ample time to get home before it gets dark. The benchmark All Share Index gained for the sixth consecutive month, up higher by 14.0%. Move back the traders along the train’s route. Full disclosure before I proceed, I am a ‘Man-Chelor’ one of many scattered all over the nation and thriving so it seems. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Newly elected for a third presidential term, Alassane Ouattara has asked Rothschild bank to furnish the country with the financial instrument it is lacking. Yes, the SWF can support the budget; not to pay salaries or imports but rather to fund education, health, etc. To measure cheap, I will relate DCP market price to earnings or the PE Ratio, DCP is trading at PE of 16, its competition WAPCO is trading at 17, the overall Nigeran Stock market is trading at 14.66. Allow all 36 governors bring capital projects that meet guidelines and are already budgeted for and passed from their State Assembly into the fund with buy-ins and annual cash contributions. This was December 23rd, 2 days to Christmas and I did not fancy facing a mini rebellion from 3 young kids (with the tacit support of their mum of course), and so the decision was made to find my way to Ibadan unfailingly that. Errors are noted below: Thanks for reaching out. I had read about the commencement of the Lagos-Ibadan rail and I quickly looked up the schedule seen on social media and the train departs Lagos by 4pm. There have been two Sovereign Wealth Funds in Nigeria. I could take the train! Apparently, the Mainland bound lane on Third Mainland Bridge has not yet been open and we were all stuck while waiting for it to open. Norway Government Pension Fund Global. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. We quickly found a willing driver and agreed on a fare which we would split. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. This he said was disclosed to them by the NRC Staff who gave them the figures to allow them get adequate number of cars and taxis to the station to pick passengers as they arrive. In Nigeria, there are two Sovereign Wealth Funds: the Excess Crude Account (ECA) and the Nigeria Sovereign Investment Authority (NSIA). Dangote says these shares bought back will be held as Treasury Shares and subsequently canceled. SWFs are also “investment funds” operated by governments to achieve various objectives. Next, we had to wait while another Staff called out our names and you had to indicate and approach the gate for your temperature to be taken before you were allowed to approach the ticketing booths (only cash payments are allowed for now and a few folks had to scurry down to the nearest ATM to withdraw cash). SWFs provide a benefit for a … One take I had from the different views the train provided was that Lagos was environmentally flawed and was swimming under a sea of sachet water nylon and styrofoam packs used for food takeaway at various celebrations. She sells crude oil, makes billions of dollars in USD earnings; why just $2 billion savings? It is called a Share Buy-Back (SBB). It can be very lonely e.g. READ ALSO Tony Blair to deliver 2020 Kofi Annan Speakers’ Lecture. The SBB does this by decreasing the number of shares on the stock markets, which then boost reported earnings per share. I joined the crowd and discovered we all had to put down our names and show a valid I.D Card before we could be allowed to purchase our tickets. He brings a wealth of global experience in the financial services sector to his role as MD/CEO. The rest of us had to scramble for the 8 cabs/charter taxis that were on ground. Its investment returns supplement the country’s annual budget in areas such as education, R&D, health care and physical environment. It was evident in the eyes of the passengers  and in their lively conversations all through the train ride. CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. An announcement came on asking all the passengers to wait until the train hostesses (at least I hoped that’s what they are called) come to show us in which direction to alight from. All material subject to strictly enforced copyright laws. The company believes her share price is too cheap. A share buyback improves the financial statements of the company by boosting Shareholder Equity and Return on Assets. As a sharp Lagos boy, I quickly assessed the situation and found 2 other passengers who were heading in the same direction as I was, a kind of carpool. Sovereign wealth funds in the Gulf, where governments are struggling to absorb the impact of lower oil prices, have been making adjustments to generate higher yields. Nigeria will soon join the economies of the world that have used their foreign reserve to set up sovereign wealth funds to create more assets for the country with foreign reserves. Daniel Olika September 16, 2019 August/September 2019. Dangote Cement made headlines recently with news of its share buyback, but how well do you understand the concept? And to think that for most of our history, those earnings have been privatized by a select few…very sad. This really clears things up. The Political Economy of Nigeria’s Sovereign Wealth Fund. I lived in Akoka on the Mainland and I could get home on time, pack and get to the station at the Alagomeji end of Muritala Muhammed Way on time to board the Train. That is why SBB tends to make the market share price go up because investors can project a bump in share prices, again note, even if revenues stay the same. Nigeria’s debt service is projected at N6.7 billion a day! There was an error. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Since the Super Eagles had abdicated their God-given mandate to awaken our patriotic zeal, many Nigerians had forgotten what it feels like to feel that patriotic zeal. No affiliation or endorsement, express or implied, is provided by their use. This fund will also attract diaspora forex inflows and other Private Equity and International Development partners who can come in as equity investors. ABUJA, April 20 (Reuters) - Nigeria’s Acting President Goodluck Jonathan wants a sovereign wealth fund for sub-Saharan Africa’s biggest energy producer established within … He joined NSIA as CEO in October 2012, from Switzerland’s largest bank, UBS Securities, where he was Managing Director in the New York branch of its Equities Division. The public-spirited Laide called the local Taxi Union Chairman in Ojoo park to let him know, so he could send more cabs. Excess Crude Account: A Nigerian government account used to save oil revenues above a base amount derived from a defined benchmark price. Due to social distancing requirements, only 2 passengers were allowed to sit in the rows of 3 and 1 passenger sat alone in the rows for 2. Another key reason for a company to do a share buyback is if it has sufficient reserves or cash and can see no other viable options. A mild drama ensued amongst most of the passengers due to the numbers on the ticket and how it relates to who sits where. So just to be clear, from 1960 to 2019, Nigeria has saved only $2.15 billion i.e., N752 billion. The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria's excess oil reserves is deposited. The sight of the train with its gleaming colours and exterior under the bright Lagos Sun made me proud and some sort of patriotic zeal briefly ran through me. Screening involved checks with a hand-held scanner and you were met at the entrance by a NSCDC Official, who was courteous and firm as he told you what carriage your ticket belonged to. Also, instead of the company buying new tires for 5 cars, it will only buy tires for 4 cars, this cost reduction improves Earnings per Share and the Price Earnings Ratio. [READ MORE: Buhari meets Economic Advisory Council, as devaluation concerns loom). Nigeria has not saved her oil wealth, as the foreign reserves of Nigeria are not savings. First, Nigeria needs to build fiscal buffers, but also make any saving vehicle legal and constitutional. The Nigeria Sovereign Investment Authority is the manager of Nigeria’s Sovereign Wealth Fund. One major challenge that has confronted most countries with natural resources is the 'oil curse' or in its causative form the 'Dutch disease'. You can just see lush green land mixed with Rivers and Streams in all directions and very few passengers could resist the urge to take pictures on both approaches. With those words, my 11-year-old daughter made my mind up for me. The setting of the benchmark price is also a contentious annual event, consisting of debates between the Executive and the National Assembly (NASS). I was kind of relieved my name was not called out, it felt a lot like being a kid in school all over again, but being able to buy a ticket without our names being tied to any particular ticket sort of defeated the purpose of providing identification in the first place. The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. The private contractor knows the SWF counterpart funding is available as equity and repayment. So, the issue was who got to sit in the aisle and who sat near the coveted window seat. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Dangote Cement Plc (DCP), Nigeria’s most capitalized stock, announced it will buy back up to 10% of her issued 10.04billion ordinary shares on December 30. It was established as independent agency by an Act of the National Assembly in May 2011. So why does Nigeria not have significantly higher savings? bill into law, creating the NSIA and authorizing the establishment of the three ring-fenced funds which are jointly owned by the three tiers of Government. I walked up to one of the Ticketing Counters and promptly purchased a ticket for the economy carriage for N2,500 and off I went to the platform. Look at it this way, a company that has five company cars bought with a loan must buy gas every month, budget is N50,000 or N10,000 per car. Sovereign Wealth Fund Institute® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Dangote EPS (TTM) is about 14.94 and easily beats WAPCO her nearest competitor that posts an EPS of 1.28 (TTM). Yet Albayrak still held on to his post as deputy head of the sovereign wealth fund, which was created in 2016 and now manages state assets officially valued at $22.6 billion. The fx reserves represent, amongst other things, the import claims on Nigeria. They are not even owned by the Nigerian Federation but by the Central Bank of Nigeria, almost 70% of it is. Once the homes or road is built by the developer, the SWF can then exit the investment by selling its equity stake to the State or Market. This is an economic stimulus package to develop infrastructure, rather than a bailout to pay salaries. Learn how your comment data is processed. READ: ABC Transport to raise N1.4 billion through rights issue. Again Dangote does well. Approaching the Agege Station, the elevated view provides a panoramic view of the entire area. In this instance, Dangote does carry far more debt on her books than WAPCO. The taxpayer makes a profit. This is revealed in the Fiscal Monitor Report released today by the International Monetary Fund.According to the report, Qatar is the only country worse than Nigeria … I engaged Laide, the cab guy who agreed to take us to Ring Road on the other side of town and according to him we were 220 passengers on the train. Origin On 27 May 2011, the President signed the Nigeria Sovereign Investment Authority (Establishment etc.) googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. That is ofc, given our 40 year old stellar(world class) production levels. They are seeded  by allocating funds intended for long-term investments. This means, when Nigeria earns income, she simply invests a fixed percentage of the earnings. Nigeria Sovereign Investment Authority (NSIA) is a Sovereign Wealth Fund located in Abuja Nigeria, Africa, and was founded in 2012. Foreign outflows rose to N56.4bn (US$146.2m) in October compared with N26.1bn (US$67.8m) in September. 03/01/2019. SWFI is a minority-owned organization. This is the difference between NSIA and ECA. ), has given approval for the withdrawal of $150m from the Sovereign Wealth Fund … The company’s cash position will reduce because it took cash from her bank account to pay off the loan. The President, Major-General Muhamadu Buhari (retd. However, no Federal law set up the ECA. The view is breath-taking and no words can describe it. Ifeanyi Onuba, Abuja. (Technically, Nigeria has $2.15 billion in her Sovereign Wealth Fund). The Bill to move Sovereign Wealth Fund (SWF) and the Nigeria Sovereign Investment Authority (NSIA) to first line charge on the federation account has scaled second reading at the Senate. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed. It’s been seven whole years since Nigeria set up its $1.5bn Sovereign Wealth Fund in search of better ways to manage its oil earnings. I had to leave Lagos that Wednesday back to Ibadan or else I would face some sort of revolt whenever I got home. Currently without a sovereign fund, for several years Ivory Coast has been using various pension funds for its strategic investments. Europe. Ahead, I could see other Passengers as they formed a very orderly queue to be screened before boarding the train. So I set off from Lekki at 11:45 am, got to Obalende to take a bus to Yaba, and if all goes well I could be home, freshen up and be at the station ahead of schedule. We will be in touch soon. It’s a finance mechanism to “sterilize” the revenues streams. There are also the traders that line most of the route that passes through a market and just appear to shift just enough for the train to pass. Again, Nigeria can do better. While many of the SWFs in existence are based on earnings from natural resources, they also include non-resources endowed nations like Singapore. It is just the first few weeks of the test run, so we cannot be too harsh on the Operators. It is intend… The process of an SBB involves the company buying back her issued shares from shareholders at market prices, in effect the company is investing in itself. NSIA was established by an act of the National Assembly in May 2011. There will only be four cars, which means the N50,000 will be divided by 4 not 5, meaning each car gets 12,500 not 10,000. All Rights Reserved. Introduction. $1,122,110,000,000. “Daddy when are you coming back home? The company accomplishes this by utilizing her assets to exchange for shares from investors. The developer will build with own cash, knowing the SWF Fund stands as an equity partner/guarantor for the project, thereby removing repayment risk. Nigeria cannot fund the deficit from the fx reserves, as they are mostly already spoken for. Urgent action needs to be taken to prevent what is an accident waiting to happen (except it’s some kind of social experiment to know Lagosians’ threshold for pain and disaster). For those that live outside Lagos, we have had to endure a partial closure of the Third Mainland Bridge for months now and the Mainland bound lane is closed to traffic till noon each day on paper; In reality, the traffic officials have to ensure all the traffic diverted from the Island-bound lane is completely off the lane before it is opened. We all alighted into a station under construction like all the others and bathed in flood lights. A Sovereign Wealth Fund (SWF) is a savings account created by nations to save money for the rainy day. The platform like most of the imposing new station was still under construction and workers could be seen hard at work as you approached the train. attorney leads with email and phone numbers, The Clan Place, 4th floor, Plot 1386A, Tigris Crescent, Maitama, Abuja, Nigeria, Segment percentages and amounts available on swfi.com. Construct some kind of a barrier to maintain the rail’s right of way. Going forward, we expect the domestic investors to continue to dominate activities in the domestic bourse as foreign investors remain cautious. The fund was established by the Nigeria Sovereign Investment Authority Act, signed in May 2011, and commenced operations in October 2018 . The argument can be made as to why DCP cannot utilize the cash for the buyback to pay off debt. This aspect of the trip sort of dampened the excitement but all in all, it’s a ride I would encourage everyone to undertake, at least for the bragging rights of experiencing the much talked about Lagos-Ibadan Train ride. Well, the constitution of Nigeria is very clear: all revenues shall be paid into the Consolidated Revenue Fund then shared horizontally and vertically accruing to a formula specified by the Revenue Mobilization and Fiscal Commission. Thus, if she earns $100, transfer 10% or $10 to the SWF. Based on the tone in my daughter’s voice, it was a question of how to get to Ibadan in one piece and in the right state of mind which is not something that the ever-busy Lagos-Ibadan Expressway can be said to give to any sane human being. The legal framework for the Nigeria Sovereign Investment Authority (NSIA) is the NSIA Act 2011. CSLS is a member of the Nigerian Stock Exchange. The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. That patriotic zeal I described earlier ran through me and this time it was unmistakable. The NSIA operations are professional and transparent. DCP Debt to Equity Is 0.56 compared to 0.15 for WAPCO, Dangote Debt is about N271.33b. Nigeria earns 80% of her Foreign Exchange earnings from one commodity, crude oil, with a significant budget deficit of over 2 trillion. Restrict the spend to capital expenditure and infrastructure projects. The CBN can spend the fx reserves to defend the Naira without approval or appropriation from the Executive or the National Assembly, and they have. So a few points: Let’s save money before we pay NASS allocation. Thus, drop the benchmark system and convert to a percentage-based method. I was in Lekki and this was 9am on Wednesday morning and I had my eureka moment. A company can also wish to improve its financial ratios. However, unlike fellow oil exporter Saudi Araba, which is financing a huge part of her deficit from her SAMA Foreign Reserves Holding, Nigeria is funding her budget deficit by record borrowings. Current Assets for NSIA is $1,781,510,000 and SWFI has 7 periods of historical assets, 18 subsidiaries, 75 transactions, 4 Opportunities/RFPs, 41 personal contacts available for CSV Export. The solution to low savings is to save more, but how? Nigeria has so far invested in the SWF $1 billion, then $500 million, and a further $650 million. Nigeria is an “oil” economy, earning 80% of her Foreign Exchange earnings from one commodity, crude oil, with a significant budget deficit of over 2 trillion. [READ ALSO: President Buhari finally signs 2019 finance bill into law). For Nigeria, he said IMF’s reference to sovereign wealth fund focuses on the excess crude account, which requires greater transparency on the rules governing deposits, withdrawals, and investment. Essentially, a limp appendage to what should otherwise be an impressive profile under normal circumstances. A sovereign wealth fund is a state-owned investment fund comprised of money generated by the government, often derived from a country's surplus reserves. No other bank in the world was asked to tender for this profitable work. Nigeria’s quest to build a pool of wealth as savings for future generation and enhanced economic development has received a major boost from the Nigerian Sovereign … Current Assets for NSIA is $1,781,510,000 and SWFI has 7 periods of historical assets, 18 subsidiaries, 75 transactions, 4 Opportunities/RFPs, 41 personal contacts available for CSV Export. He urged Federal Government to urgently consider funding the East-West road from the Sovereign Wealth Fund to guarantee its completion by 2022 as being taunted by the Minister of the Niger Delta. Restrict the spend to capital expenditure and infrastructure projects funds seeking long term infrastructure projects invest! 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