The
management of the Nigeria's One Billion Dollar Sovereign Wealth Fund is now a
subject of investigation by the House of Representatives
The Fund,
deposited with the World Bank as a bond in 2011, was expected to lead to the
closure of the Excess Crude Account.
The Fund has
continued to Pitt the states against the Federal government as it's legitimacy
is also contested in Court.
Adopting a
motion by its Minority Leader, Femi
Gbajabiamila,the House alleged that the Fund is managed by Goldman Sachs, UBS and
Credit Swiss, all them being Foreign financial institutions, to the detriment
of Nigeria's economic sovereignty and security.
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