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

APC Reps question management of $200mln sovereign funds by foreigners

Posted on 19 September 2013

The All Progressives Congress (APC) lawmakers in the House of Representatives said Federal Government’s farming out the management of $200 million Sovereign Wealth Fund (SWF) to foreign firms contravenes Section 1, Part 1 of the Fifth Schedule of the 1999 Constitution.
The Federal Government, on August 28, appointed Credit Suisse and Goldman and Sach and UBS to manage the $200 million, or 20 per cent of the country’s $1 billion SWF. The progressives’ lawmakers have vowed to challenge the legality of the action………………………………………..Full Article: Source


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