NewsExpress advert FCMB 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: 2,887

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 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
INEC clears the air on Jega’s fate

Niger Gov’nor moves to tackle insecurity, presents 29...

CSCEOS tasks police to re-open Bola Ige, Olagbaju...

Tribunal orders repeat inspection of Katsina governorship election...

Popular Lagos journalist docked for urinating in public,...

Nigeria needs 237,000 medical doctors, says Chairman, Association...

Importation of mercenaries: Taraba lawyers to storm ECOWAS...

APC accuses PDP of plot to sabotage anti-corruption...

Air Force extends aerial patrol to Abuja-Kaduna Railway...

Borno indigenes in FCT visit Clark, vow to...

Controversy deepens; Question mark over Buhari’s certificate released...

False prophecies cause of Nigeria’s numerous problems —Akpabio...


Latest News Neither Coalition nor Third Force, but restructured mind, By Jerome-Mario Utomi Increasing operational efficiency in the Nigerian workplace: ‘African Time’ and other matters, By Omatseye Oti Zuckerberg loses $5b as Facebook shares crash Cult killings rock UNICAL •11 suspected cultists arrested, 2 on the run 2 Arik aircraft grounded shortly before departure Strange disease kills 8 Katsina students CBN injects fresh $210m into Forex Market ‘Apo 6’ Police Officer promoted and decorated AIG Ogun partners MainOne for internet service South African authorities ordered to pay $15m over death of 144 patients Dapchi Girls Abduction: Police deploys 2,000 personnel to 300 public schools in Northeast Kano Govt. trains 3,500 vigilance members, distributes uniforms worth N200m


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,405 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,058 views) Shameless Genevieve Nnaji exposes breasts in public (260,808 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,346 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (197,995 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,402 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,675 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,399 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,146 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,229 views) Lagos plane crash: Journalist releases victims’ names (132,596 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,874 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,973) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (455) Features (554) Global Business Monitor (239) International (1,856) Interview (146) Live Commentary (28) Love Matters (114) News (33,741) Opinion (896) Pidgin (10) Politics (4,626) Religion (701) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




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

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera