Wednesday, 13 November 2013

Reps Probes Sovereign Wealth Fund

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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