In a bid to drive large scale investments to drive Nigeria’s economic growth, the Nigeria Sovereign Investment Authority NSIA, has requeated for the sum N100 billion frrom the Federal Government.

The oficial request was presented by the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, and if approved, may decline monthly statutory allocation going to States of the Federation.

The NSIA said the fund would boost the nation’s residual funds with the support of N100bn monthly.

The NSIA DG made the request at the March revenue-sharing meeting of the Federation Account Allocation Committee held between April 14 and 15, 2025.

The copynof the documents was however obtained by journalists during a meeting on Friday.

Umar-Sadiq appealed to the committee, which includes state commissioners of finance, to consider and approve the request, with funding proposed to commence from the March FAAC allocation.

The presentation was titled, “Activating Residual Funding for the Nigeria Sovereign Investment Authority – Unlocking Opportunities for Large-Scale Investments to Drive Nigeria’s Economic Growth.”

According to the document, the NSIA is requesting a structured monthly disbursement of N100bn from Residual Funds—revenues in the Federation Account beyond projected hydrocarbon income—to establish a Naira-based investible capital pool.

The move, the authority says, will enhance its capacity to finance critical domestic infrastructure projects.

The MD said, “The funding would position the authority as a leading sovereign wealth fund globally, promoting responsible and strategic investments for Nigeria’s economic development and enhancing its threefold mandate to build a savings base for the country, enhance the development of infrastructure, and provide stabilisation support.”

He explained that residual funds are a legitimate source of funds transferred to the authority, provided that the derivation portion of the revenue allocation formula shall not be included as part of this funding.

A customer of First Bank of Nigeria, PLC, Izogie Evanni Akugbe has demanded for speedy investigation into illegal invasion by unknown person into his account number ( 3081431121).

In the letter dated 13th December, 2024, Mr Akugbe through his lawyer Ikeorha Kehinde expressed shocked over illegal invasion into his account by unknown person who worked in connivance with First Bank employees.

According to the petition written to First Bank, on 10th December, 2024, we were briefed by our client (Evans Akugbe) that one unknown person inform him that he got our client’s account number : 3081431121, Name : Izogie Evanni Akugbe and BVN from the first Bank employees . The unknown person has friends in first Bank who gave him our client’s account statement with account balance together with our client’s BVN details.

“Our client further informed us that CBN PLC has actually abuseed the confidence he reposed in them and his afraid of being kidnapped and this ugly incident has subjected his health to excruciating pains, mental stress, high blood pressure, heart attack, headache, sleepless night, truncating our client business activities.

” Our demands for urgent investigation into this illegal and corrupt act of First Bank employees with an immediate report of investigation to our firm. ”

However, First Bank PLC in a letter dated
January 28, 2025, acknowledged receipt of the petition and promised to investigate the issue raised.

According to First Bank in a letter signed by its legal officer in Abuja, Maria Atoyebi, ” We have taken into cognizance of your client ( Izogie Evanni Akugbe) request to the bank in the letter.

“We are currently investigating issue raised there in.

“The Bank will respond as appreciate based on the finds. ”

But, three months after response of the First Bank, Mr Evanni informed our correspondent that nothing has been done to unravel those involved in illegal invasion of his account by the first Bank employees.