Connect with us

Nigerian Sovereign Investment Authority Moves Forward With 1 Billion

Published

on

According to the press release, “Implementation of the SWF will commence with an initial fund of $1 billion.

Speaking on the issue, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala stated that ‘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”. She added that it also demonstrates the determination of the Federal Government to improve the lives of Nigerians through far sighted policies and initiatives. “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.’

It will be recalled that the Act establishing the Authority received presidential assent on May 27, 2012 as an independent statutory corporation with a mandate to:

  • Build a savings base for future generations of Nigerians;
  • Enhance the development of Nigerian infrastructure
  • Promote fiscal stability for the country in times of economic stress; and
  • Carry out such other matters as may be necessary in furtherance of these objectives

The process that led to the emergence of the new team kicked off on September 8 last year when the CME set up a six-man Implementation Task Force headed by distinguished banker and philanthropist Mr Fola Adeola with a mandate to assist in determining concrete steps to be taken by the Federal Government to actualise the Nigerian Sovereign Investment Authority (NSIA).

Following the recommendation of the Task Force, an Executive Nomination Committee (ENC) composed of six Nigerians with integrity, independence, proven qualification and tested market experience from the six geopolitical zones of the country was established. The Committee had the responsibility to assist with the selection of members of members of the Board, a key plank of the governance structure of the institution.”

Read more: Press Release

Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

Published

on

Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Norway SWF Adds to Existing Investment in Central London

Published

on

On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Crown Property Bureau Moves Assets to Thailand King Under 2017 Law

Published

on

In December 2016, Crown Prince Maha Vajiralongkorn became King of Thailand, succeeding his father King Bhumibol Adulyadej who passed away in October 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.