Fidelity bank banner Bayelsa State banner
Better days coming —FG

By News Express, Abuja on 29/08/2012

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 3,031

Nigerians have been told to expect better days following the actualisation of the Sovereign Wealth Fund (SWF) programme by the Federal Government.

Dr. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Minister of Finance, gave the hope-raising message while announcing the composition of the board and management team of the fund.

Speaking in Abuja at a well-attended media briefing held at one of the conference rooms of the Ministry of Finance, Okonjo-Iweala said that the Sovereign Wealth Fund “demonstrates the determination of the Federal Government to improve the lives of Nigerians through far-sighted policies and initiatives.”

According to her, “The establishment of an institutional foundation for the Sovereign Wealth Fund is a victory for all Nigerians and a credit to the President who assented to the Bill in May last year.”

Quoting from the Act establishing the Nigerian Sovereign Investment Authority (NSIA), Okonjo-Iweala described the SWF as an independent statutory corporation with a mandate to do the following:

  1. Build a savings base for future generations of Nigerians;
  2. Enhance development of Nigerian infrastructure;
  3. Promote fiscal stability for the country in times of economic stress; and
  4. Carry out such other matters as may be necessary in furtherance of these objectives.

The minister assured that the launch of SWF “will make our country to be seen as a more attractive destination by both local and foreign investors.”

“We have started putting together a quality team to ensure that we realise the objectives that inspired the establishment of the SWF. I am sure the team realises what is at stake and is ready to do the necessary work so that the country can start enjoying the benefits as soon as possible,” the Okonjo-Iweala said.

She disclosed that a billion dollars has been set aside as initial funding for the SWF, adding that the fund will for now co-exist with the Excess Crude Account, upon which the SWF concept is anchored, but which “will eventually fold into the SAF.”

The minister announced the appointment of Alhaji Mahey Rasheed, a former Deputy Governor of the Central Bank of Nigeria (CBN), as Chairman of the NSIA and Mr. Uche Orji, a former Managing Director of JP Morgan and currently Co-Head of the U.S. Technical Sector Research at a prominent global investment bank, UBS, as Managing Director and Chief Executive Officer of the SWF for a term of five years.

Orji, who emerged through a very competitive international selection process, is expected to start work on October 2.

*Photo: Okonjo-Iweala

Source News Express

Posted 29/08/2012 10:50:17 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Ahead Africa Cup of Nations: Eagles shine in...

Akeredolu bans logging in Ondo State

NLC threatens Aregbesola over 50% salary cut

Troops swoop on militants, arrest 10

Britons joining Boko Haram? Fears spread as Cameroon...

Ebola scare: Security men foil attempt to remove...

Buhari moves to roll back poverty, By Garba...

NLC asks Cross River Governor to account for...

BREAKING NEWS: Buhari extends vacation due to sickness...

57m people in Nigeria lack access to safe...

Chief Justice, others guzzle N33.47bn in 1 year...

Stock Exchange suspends trading on Seven-Up shares


Latest News Umeh threatens to expose Okorocha Heads to roll as panel submits report on alleged NSITF N6.2b fraud Archbishop of Canterbury (Buhari’s ally) laments attacks on Nigerian Christians, Anglican Archbishop Amaechi seeks public opinion on performance, speaks of desire to serve Nigerians better Niger Delta leaders reject PIGB, insist on PIB Senate approves Buhari’s N348bn subsidy fund Governors meet over FAAC deadlock, minimum wage Pay us off for new carrier to succeed - Ex-Airways chief FG must domesticate Stockholm Convention, Rome statute on Environment to attract foreign direct investment — Dogara Benue APC publicity secretary quits, accuses party of neglect HIV: Nigeria accounts for half of new infections in West Africa – UN EU slams Google with $5b fine


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (362,546 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,668 views) Shameless Genevieve Nnaji exposes breasts in public (287,076 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,519 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,827 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,681 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,710 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,645 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,380 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,894 views) Lagos plane crash: Journalist releases victims’ names (147,746 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,962 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,355) Business Verdict (45) Columnists (888) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (285) International (2,141) Interview (157) Live Commentary (28) Love Matters (127) News (37,258) Opinion (1,024) Pidgin (10) Politics (5,608) Religion (785) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




FRANCE vs CROATIA 4-2 Highlights & Goals 2018


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera