Summary of Ongoing Projects

•  On 25th February 2018, His Excellency President Muhammadu Buhari (GCFR) (“President Buhari”) approved the establishment of the Presidential Infrastructure Development Fund (“PIDF”) to accelerate the execution of strategic infrastructure projects essential to the rapid growth and modernization of Nigeria’s economy.
  
•  The Nigeria Sovereign Investment Authority (“NSIA”) is currently acting as the Fund Manager for PIDF and is responsible for overseeing the development of the Ongoing Projects which include (i) Lagos-Ibadan Expressway (“LIE”), (ii) Second Niger Bridge Project (“2NB”), and (iii) Abuja-Kaduna-Zaria-Kano Road (“AKR”).
  
•  In May 2023, President Buhari commissioned 2NB and 200km of completed road sections along section II (Kaduna – Zaria) and section III (Zaria – Kano), following substantial completion on both AKR and 2NB.
  
•  Dar Al-Handasah Consultants Limited in consortium with TSL Engineering Limited (“Dar and TSL”) is currently serving as the Technical Adviser (“TA”) on 2NB and LIE. Likewise, Ondur Engineering Limited & Hancock Ogundiya & Partners Limited is currently serving as TA on AKR.
  
•  To date, the NSIA has received recovered funds totalling US$342.8 million which include the US$311.8 million recovered from the Abacha family, US$10.4 million recovered from UK and Ireland and $20.6 million Mecosta funds. The recovered funds are used for disbursements towards works done on the PIDF projects. Full details of all recovered funds can be found in the financial update section.