The Nigeria Sovereign Investment Authority (NSIA) says it was not instructed by the Federal Government to source $200 million for settlement of the International Court of Arbitration in Paris in favour of Sunrise Power and Transmission Company in relation to the Mambilla Hydroelectric Power Project as reported in the media.
Head of Communications, NSIA, Titilayo Olubiyi, in a statement on Wednesday, said sourcing money for the settlement was not part of its mandate under the Presidential Infrastructure Development Fund (PIDF).
“NSIA is not involved in debt settlement on the Mambilla Hydroelectric Power project in any shape of form, neither has any debt on the project been transferred to the NSIA nor is NSIA designed to manage or absorb debt under its mandate.
“There is no directive from the Presidency or the Federal Government for that matter, instructing the Authority to source US$200m for settlement of a judgement debt award in favour of any foreign firm connected to the Mambilla project.
“The Authority has made several disclosures on its role in the Mambilla project in its Annual Reports and also online. As a committed and forthright investment institution of the federation, the Authority periodically updates stakeholders on the state of affairs relating to all its projects given that they are of national priority. In the event that there are developments relating specifically to the Mambilla project, NSIA will make disclosures as it has always done using all the appropriate communication channels at its disposal,” the statement read.
The PIDF is a fund under the Presidency designed to accelerate the completion of four strategic infrastructure projects, namely; Mambilla Project, Lagos-Ibadan Expressway, Abuja-Kano expressway and the Second Niger Bridge.
