Shell Energy Entrepreneurs banner Yudala banner
Better days coming —FG

By News Express, Abuja on 29/08/2012

Share on facebook Yahoo mail icon Gmail icon

Views: 2,741


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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Those against oil firms’ relocation to Niger Delta...

Electoral fraud: Resign or face impeachment, Kogi APC...

Seven oil thieves bag 84 years jail term...

Dokubo attacks Buhari, says he is “a rotten...

Pastor, 4 others nabbed for human trafficking

US-based philanthropic group boosts education in Abia

Jonathan setting traps for Buhari, says Rivers APC...

Police arrests 3,000 kidnappers nationwide

United Nations rewards SPDC JV Afam VI Power...

Breaking: APC over-rules Buhari on ban •Says all...

Top blogger Princess Linda Moses opens up on...

Politics should not be a do-or-die affair, says...

 

Latest News Ghost companies lift N1.1tr crude oil Court freezes Osun State Government accounts Service Chiefs, Amosun surprise President Buhari on his birthday Senate takes fight against drug abuse to Kano Calabar Christmas Village bubbles Ijaw Youths Council carpets Reps Committee over threat to close down polytechnic Army Chief visits wounded soldiers in hospital STRANGER THAN FICTION: Prime Minister goes swimming and vanishes forever Perish the toll gates idea Gas explosion kills Rotary Club President Manufacturers seek patent for generator that does not use fuel or gas UN Security Council may over-rule US on Jerusalem

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (302,095 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (286,922 views) Shameless Genevieve Nnaji exposes breasts in public (231,703 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (194,102 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,852 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (171,053 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,827 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,868 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (131,134 views) Lagos plane crash: Journalist releases victims’ names (119,560 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,897 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,777 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,825) Business Verdict (30) Columnists (780) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (422) Features (529) Global Business Monitor (198) International (1,694) Interviews (138) Live Commentary (28) Love Matters (93) News (31,094) Opinion (845) Pidgin (9) Politics (4,227) Religion (654) Sports (1,382) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!