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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Nigerian governors to block oil wealth fund in court

Posted on 24 September 2012

Nigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund. Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.
The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money………………………………………..Full Article: Source

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