Sovereign wealth: NSIA to pay states, LGAs dividends next year

Nigeria Sovereign and Investment Authority, (NSIA) is to begin payment of dividends to states and local government areas from next year for their investments in the Sovereign Wealth Fund (SWF).
‎The fund, which was established in 2012 with a take off seed of $1 billion from the excess crude account, according to the NSIA Managing Director, Uche Orji would begin payment of dividends to its contributors after five years of existence, in accordance with the law.
Orji disclosed this Monday in Abuja when the Minister of Information and Culture, Alhaji Lai Mohammed paid a facility visit to the agency.
The Federal Government as well as the 36 states of the country and the local councils are major contributors to the scheme.
The managing director who further disclosed that total comprehensive investment ‎in the fund has risen to N149. 83 billion as at 2016, said the agency has been able to make some gains in the last few years and also contributed significantly to the economy.