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

Fashola reiterates opposition to sovereign wealth fund

Posted on 30 October 2013

Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday reiterated his opposition to the operation of the Nigeria Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), noting that the federal government under the 1999 Constitution lacked the powers to save on behalf of the state governments.
The governor added that the SWF, which the NSIA was set up to manage on behalf of state and local governments, was a flagrant violation of the section 162 of the 1999 Constitution. He utterly differed on the establishment of the fund and NSIA while addressing the authority’s Chairman, Mr. Mahey Rasheed and Managing Director, Mr. Uche Kalu during a visit to the governor at the State House, Ikeja, to handover the state’s share certificate showing its ownership of the fund…………………………………….Full Article: Source


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