Managing Director of Nigeria Sovereign Investment Authority, NSIA, Mr Uche Orji said that the Federal Government has released $311 million Abacha loot to NSIA to fund its activities.
Orji stated this during a virtual meeting with the press to discuss the Authority’s 2019 financial Statement.
He said: “The Federal Government has transmitted $311 million Abacha loot to the NSIA. This was facilitated by the legal counsel of the NSIA.”
”The money is domiciled in cash with the Central bank of Nigeria in a special account.”
“Hopes to start using the money in the third quarter of the 2020” on some critical infrastructure projects like the Second Niger Bridge, Lagos Ibadan Expressway among others.”
Orji said the money will go a long way in funding some of its projects more so as the release of the money has now ensured that the NSIA will not go to the market to raise as much money as it had earlier wanted to raise.
