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The Nigeria Sovereign Investment Authority or NSIA is being opaque about what made its operating and administrative expenses to soar by 52% year on year in the first quarter (Q1) of 2024.
Operating and administrative expenses for the NSIA which manages Nigeria’s Sovereign Wealth Fund (SWF), rose by 52 percent to N2.889 billion in just 1 quarter, compared to N1.897 billion in Q1, 2023.
There was no breakdown or explanation for the steep rise in operating and admin expenses in the NSIA’s Q1, 2024 financial statement seen by MoneyCentral, a signal that the NSIA is seeking to hide details of remuneration for its staff, travel and Directors expenses.
There was also no breakdown of the 257% increase in investment management fees of N1.779 billion, paid largely to foreign fund managers.
The lack of a breakdown of the most recent operating and admin expenses by the NSIA makes it impossible to know emoluments for Directors and employees of the small agency of about 57 staff (as at 2021).
NSIA reported operating and admin expenses of N8.73 billion for Full Year 2023, but did not report the number of staff at the agency.
MoneyCentral had earlier reported that employees of the NSIA on average earned N46.6 million ($104,000) per annum in 2021, even as efficiency fell.
Nigeria’s $2.3 billion (N3.55 trillion) sovereign wealth fund returned 1,764%, or $790 million, in the first quarter (Q1) of 2024 due largely to foreign currency gains as the naira continued its weakness in the period.
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