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Nigeria Sovereign Wealth to Invest in Nigerian Fannie Mae

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Nigeria Sovereign Investment Authority

Uche Orji, CEO of the NSIA

The Nigeria Infrastructure Fund, one of the sovereign funds under the Nigeria Sovereign Investment Authority (NSIA), has received board approval to invest 1.6 billion NGN (US$ 9.92 million) in the Nigeria Mortgage Refinance Company Plc (NMRC). Uche Orji, the managing director and CEO of the NSIA, will join the board of the NMRC.

Nigeria Mortgage Refinance Company

Incorporated in June 2013, NMRC was created by the Nigerian Federal Ministry of Finance in cooperation with the Central Bank of Nigeria, Federal Ministry of Lands and Urban Development and Housing and the World Bank. The NMRC’s goal is to lower the funding cost of residential mortgages, augment the primary mortgage market and to allow more Nigerians home ownership opportunities.

In the press release, Uche Orji states, “Our investment in NMRC is one of the pillars of our investment strategy in the housing and real estate sector, which also includes investment in affordable and mass housing and other commercial real estate. This investment will provide a significant catalyst to expand access to financing for homeownership to Nigerians. We believe this is one of the fastest growing and profitable segments of the economy and will deliver tangible value to the Nigerian people.”

Lagos-based Dunn Loren Merrifield was the transaction advisor and issuing house in the deal.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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