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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches

Nigeria announces board to manage proposed $1bln SWF fund from oil revenue

Posted on 29 August 2012

Officials say Nigeria will launch a $1 billion sovereign wealth fund in the coming months to invest some of the nation’s oil revenue. Nigeria’s Finance Ministry made the announcement Tuesday. It said the board managing the fund will be led by Mahey Rasheed, a board member at Nigeria’s First Bank PLC. Uche Orji of UBS will serve as the fund’s managing director and CEO.
Nations use sovereign wealth funds to invest in stocks or securities. Nigerian authorities pushed for the creation of a sovereign wealth fund as a means to better save the billions of dollars the nation annually earns annual from oil revenues. Opaque budgeting and corruption sees much of the money siphoned away………………………………………..Full Article: Source


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