04.06.2012 - Reps seek lodgment of SWF proceeds in local banks
The House of Representatives on Thursday called for the lodgment of proceeds from the Sovereign Wealth Fund (SWF) into viable commercial banks operating in the country. The sum of $1.1 billion has so far been realised from the excess crude account savings and domiciled with the Central Bank of Nigeria (CBN) for the take-off of the fund, according to Federal Ministry of Finance. Aminu Tambuwal, Speaker, House of Representatives, has directed the joint committees on Finance, Commerce and Industry and Banking and Currency to conduct a public hearing with a view to “guaranteeing the correct usage of the Sovereign Wealth Fund”..............................................Full Article: Source
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