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”).
  
• 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.
  
•  Furthermore, NSIA received commitments of an additional £2.1 million from Useni/Miner repatriated funds (“Useni/Miner Funds”) and $8.9 million from funds recovered from Military Equipment Procurement (“Military Procurement Funds”) for the PIDF. The Useni/Miner Funds and Military Procurement Funds are still pending receipt by the PIDF.
  
•  On the 25th of March 2024, a press release by the State House announced the approval of the Renewed Hope Infrastructure Development Fund (“RHIDF”) by His Excellency, President Bola Tinubu, GCFR (“Mr President”). Additionally, the press release conveyed Mr. President’s approval of the absorption of the PIDF into the RHIDF, with a view to streamlining efforts towards comprehensive infrastructure advancement.
  
•  Consequently, NSIA has prepared a Comprehensive Handover Report for the PIDF (“the Handover Report”) and submitted to Mr. President.
  
•  To ensure compliance with the Trilateral Agreement regarding the Utilization of the Recovered Funds, NSIA has made it clear in the Handover report that:
  a) an amendment of the Trilateral Agreement may be necessary to ensure that the new implementation institution of the RHIDF replaces NSIA as the implementation institution under this Agreement,
  b) alternatively, to avoid the need for an amendment to the Trilateral Agreement, NSIA may retain the Recovered Assets and ensure disbursement of the balance thereof to the EPC Contractors upon presentation of valid ICs.