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Redemption of NBET Fund

NSIA transfers $417.46 million to NBET Plc.


Today, the Management of the Nigeria Sovereign Investment Authority (“NSIA” or “the Authority”) announces the payment of the gross sum of US$417.46 million to the Nigeria Bulk Energy Trading Company Plc (“NBET” fund) following the expiration of the 4 years investment term.

NSIA transferred the funds in three tranches as follows; US$8 million (May 2016), US$5.5 million (August 2016) and lastly US$403.96 million (July 2018). 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.

Speaking on the development, the Managing Director and Chief Executive Officer, NSIA, Mr. Uche Orji stated, 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.”

Commenting on the transfer, Dr. Marilyn Amobi, Managing Director / Chief Executive Officer said “NBET is pleased with the management of the fund over the last 4 years. NSIA as a competent fund manager preserved the capital; thus, helped to promote NBET’s credit worthiness as an off- taker for grid injected electric energy in the Nigerian Electricity Supply Industry (“NESI”).”

About NSIA

NSIA  is  a  corporate  body  established  by  the  Nigeria  Sovereign  Investment  Authority (Establishment, etc.) Act 2011 and mandated to manage funds in excess of budgeted hydrocarbon revenues. Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress. NSIA operates three mandate funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.

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About NBET

NBET was incorporated on 29th July 2010 as a ’Special Trader’ licensed by the Nigerian Electricity Regulatory Commission (“NERC”), pursuant to the provisions of the Electric Power Sector Reform Act (“EPSRA”) of 2005. NBET buys electric energy and ancillary services from independent power producers including companies that were created out of the generation assets of the Power Holding Company of Nigeria (the former vertically integrated and wholly government owned electric utility); and resells to distribution network operators (‘DNOs’) as well as large general service (LGS) customers, who take electric energy from locations across the integrated transportation network”. To enable NBET fulfill its mandate and drive investment into Nigeria’s power sector, NBET must have a robust capitalization that provides comfort to investors that NBET is able to bear sovereign risks as well as prompt payment for power supplied by the generating companies (“GENCOs”) and independent power producers to the national grid.

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Redemption of NBET Fund