Mambilla Project: NSIA denies alleged involvement in $200m debt fund
The Nigeria Sovereign Investment Authority (NSIA) has denied reports that it was instructed by the Federal Government to source $200million 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.
A report had alleged that NSIA is under instruction from the Federal Government to “source $200million for settlement of International Court of Arbitration in Paris award in favour of the Chinese firm, Sunrise Power and Transmission Company Limited,” in relation to the Mambilla Hydroelectric Power Project.
The Head of Communications, NSIA, Titilayo Olubiy described the report published by some media platforms as an unsubstantiated statement, explained that such claim differs from its mandate under the Presidential Infrastructure Development Fund (“PIDF”).
The statement stated, “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 $200million 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 PIDF is a fund under the Presidency that is designed to accelerate the completion of 4 strategic infrastructure projects of which the Mambilla Project is one. The other 3 projects are the Lagos Ibadan Express, Abuja-Kano Road and Second Niger Bridge.
