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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Profile/New Launches

Nigeria: Sovereign wealth fund is illegal

Posted on 23 August 2010

From 234next.com: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the Sovereign Wealth Fund being proposed by the Federal Government is illegal, as its foundations are not rooted in the provisions of the country’s constitution.

The Fund is for the accumulation of excess revenue from trade and crude oil exports for investments and development of critical infrastructure that would benefit both the country’s economy and the citizenry in general…………………………………….Full Article: Source


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