SovereignWealthFunds.comBayelsa State Development and Investment Corporation
Bayelsa State Development and Investment Corporation: what it invests in
Geography Mainly domestic
Bayelsa State Development and Investment Corporation: how big it is, and on what basis
Bayelsa State Development and Investment Corporation: what it publishes
Published 1 · Partly 1 · Not published 8
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Bayelsa State Development and Investment Corporation is the investment arm of Bayelsa, an oil-producing state in Nigeria's Niger Delta. Created by a 2012 state law and launched in May 2013 with a 10 billion naira grant, it is meant to manage state assets for return and back commercial, farming and industrial ventures that diversify the economy away from oil and gas. S1 S2
Key points
- Authorised capital of 10 billion naira, fully subscribed by the state and raisable with the Governor's approval. S1
- May invest through loans, guarantees and share purchases. S1
- The law names refineries, petrochemicals, toll roads, water, waste, hospitals and real estate as possible ventures. S1
- The Governor can vest government assets in the corporation. S1
- Tasked with attracting local and foreign investors and drafting an economic blueprint for the state. S2
- Must audit accounts within six months and report to the Governor and Auditor-General within three months of year end. S1
Interesting facts
Mandate and goals
BDIC invests and manages assets the state vests in it for the best achievable return, and invests in profitable commercial, agricultural and industrial ventures to grow and diversify the Bayelsa economy. S1
How it invests
| Industries | Energy: oil and gas, Infrastructure and utilities, Agriculture and food security, Industrials and manufacturing, Healthcare and life sciences, Real estate S1 |
|---|---|
| Asset classes | Private equity, Private credit, Strategic state holdings S1 |
| Stages | Growth, Infrastructure, Credit S1 |
| Geography | Mainly domestic. Bayelsa State S1 |
| Direct / through funds / co-invest | Yes / No / Not published S1 |
| Ticket size | No ticket size is published. S1 |
| External managers | Not disclosed S1 |
| Co-investment programme | Mandated to attract local and foreign investors. S2 |
Past investments
| Year | Investment | Type | Sector | Amount |
|---|---|---|---|---|
| 2013 | Start-up grant from Bayelsa State. Take-off grant at inauguration. S2 | State asset transfer | Financial services | NGN 10B |
Case studies
Launching a state investment arm S2 S1
- What: Inaugurated with a 10 billion naira grant under the 2012 law.
- When: May 2013
- Size: NGN 10B
- Why: To diversify Bayelsa's economy from oil and gas and draw in investors.
- Outcome: The board was tasked with an economic blueprint for the state.
Investment process
A board runs the corporation under the 2012 law, supported by an advisory council; the state Ministry of Finance holds the shares in trust. S1
How to approach: No website or proposal route is published; the head office is in Yenagoa. S1
Size and returns
Leadership
| Name | Title |
|---|---|
| Seriake Dickson | Governor of Bayelsa State at launch (2013) S2 |
Governance and transparency
- Legal basis: Bayelsa State Development and Investment Corporation Law, 2012 S1 S4
- Oversight: Governor and state Auditor-General S1
Transparency score: 1.5 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
No investor programme is published; the law lets BDIC partner through loans, guarantees and shares. S1
Common questions
What is BDIC?
The investment corporation of Bayelsa State, Nigeria, created by a 2012 state law. S1
How big is it?
No current size is published; its authorised capital is 10 billion naira. S1
What can it invest in?
Commercial, farming and industrial ventures, including refineries, toll roads, hospitals and real estate. S1
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Sources
Disclaimer
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