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Sovereign Wealth Funds Briefing - Categorized | Market, Trends

Post-Davos summit: Nobody believes anybody anymore…

Posted on 09 February 2011

From Independentngonline.com: Last year, President Goodluck Jonathan emptied the Excess Crude Account, illegally, from $21 billion to $3 million. Only $1 billion capital for the Sovereign Wealth Fund was accounted for. Foreign reserves also plummeted from $51.3bn to 27.0bn, this time, legally.
CBN blamed $1.21 billion increase to $6.857bn expenses on JVC cash calls, $1.235bn decrease to $24,836.65 on forex support and petroleum imports funding, as necessitating the drawdown……………………………………….Full Article: Source


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