The Nigeria Sovereign Investment Authority (NSIA) has reported cumulative retained earnings of N3.74 trillion in 2024, marking over a decade of sustained profitability.
These retained earnings represent accumulated profits reinvested into the institution rather than being distributed as dividends.
A statement by Head of Corporate Communications at NSIA, Joyce Onyegbula, detailed the Authority’s financial performance for the 2024 fiscal year.
The report showed a notable increase in total operating profits, which rose from N1.17 trillion in 2023 to N1.86 trillion in 2024. This growth was attributed to the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, foreign exchange gains, and derivative valuations.
Total Comprehensive Income (TCI), which includes profits from associates and joint venture (JV) entities, reached N1.89 trillion in 2024, reflecting a 59 percent rise from N1.18 trillion recorded in the previous year.
Additionally, Core TCI, which excludes foreign exchange and derivative valuation gains, surged by 148 per cent to N407.9 billion in 2024 from N164.7 billion in 2023.
This performance Onyegbula said was bolstered by returns on financial assets, including collateralized securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).”
NSIA’s Net Assets also recorded substantial growth, nearly doubling to N4.35 trillion as of December 2024 from N2.22 trillion in December 2023.
Commenting on the financial performance, NSIA’s Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq, said: “The results reflect the strength of the institution’s strategic vision, execution, and commitment to sustainable socio-economic progress.”
He noted that through innovation, strategic partnerships, and sound risk management, NSIA has consistently delivered strong returns while creating value for its stakeholders.
Looking ahead, Umar-Sadiq declared said NSIA remains focused on driving economic transformation, expanding opportunities, and ensuring long-term prosperity for both current and future generations of Nigerians.
The statement added that during the financial year, a new Board of Directors was appointed by President Bola Tinubu in line with the provisions of the NSIA Act.
The Board is chaired by Mr. Olusegun Ogunsanya and is expected to provide strategic direction and oversight while playing a key role in decision-making.
Under this new Board, the Authority will maintain its commitment to corporate governance and its mandate to generate value for stakeholders.
NSIA reiterated its adherence to prudent management and investment of Nigeria’s sovereign wealth, insisting on transparency, disclosure, and effective communication with stakeholders.
The Authority said it remains dedicated to delivering risk-adjusted financial results, developing a diversified asset portfolio, and executing large-scale infrastructure projects to enhance economic and social outcomes in Nigeria.
Onyegbula noted that “the financial results demonstrate the resilience of NSIA’s investment strategy and revenue base despite a challenging global macroeconomic and geopolitical environment.”