ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, May 19, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Non-oil exports value declines by N399billion in third quarter

Ngozi Okonjo-Iweala

FG appoints board for Sovereign Wealth Fund

August 28, 2012
2 min read
Finance Minister, Ngozi Okonjo-Iweala

The Managing Director of the Sovereign Wealth Fund was a former MD at financial giant, JP Morgan.

Emmanuel Ogala & Ini Ekott

The Federal government has appointed Mahey Rasheed, a member of the Board of First Bank, to head the board of Nigeria’s Sovereign Wealth Fund.

The finance minister, Ngozi Okonjo-Iweala, announced the appointment on Tuesday in a statement.

The Global Coordinator and Head of U.S. Semiconductor Research, Uche Orji, was also appointed Managing Director/Chief Executive Officer of the Fund.

The minister said Mr. Orji’s appointment followed his top performance in the contest for the position. His appointment is for a term of five years.

Mr. Orji, who is also a Co-Head of U.S. Tech Sector Research, at global investment bank, UBS, also previously served as Managing Director at JP Morgan.

Other members of the board include: Arnold Ekpe, Jide Zeitlin, Bili Awosika, Bisi Soyebo, Hassan Usman, and Stella Ojekwe-Onyejeli, who will also serve as Chief Risk Officer.

The Fund will have no investment officer yet.

“Upon completion of due diligence, the candidate for Chief Investment Officer has been dropped and the position will be re-advertised shortly,” Mrs. Okonjo-Iweala said.

“In all, 730 applications were received for three executive positions – Chief Executive Officer, Executive Director (Investments), and Executive Director (Risk). 40 of these were long listed by KPMG which assisted in sourcing suitable candidates, 16 candidates were short listed before the final three were selected,” the minister added.

1X Bet AD

The new MD/CEO, Mr. Orji, will assume duties in October, the ministry added.

Implementation of the Sovereign Wealth Fund will commence with an initial fund of $1 billion. The Fund will be managed by the Nigerian Investment Authority (NSIA).

Mrs. Okonjo-Iweala described the establishment of the Sovereign Wealth Fund as “a victory for all Nigerians and a credit to the President who assented to the Bill in May last year.”

“We have started putting together a quality team to ensure that we realize the objectives that inspired the establishment of the SWF,” Mrs Okonjo-Iweala, said. “I am sure the team realizes 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.”

President Goodluck Jonathan assented to the bill on May 27, 2012.

State Governors initially opposed the Fund, describing it as illegal, and saying it would deny them the opportunity to have enough money to develop their states.

The fund is to replace the Excess Crude Account, which holds the differential in oil revenues above annual benchmark price.

A controversial and illicit account, the ECA has been trailed by transparency and accountability concerns with its balance – reaching $20 billion in 2007- arbitrarily shared between the federal and state governments.

The account currently holds about $5 billion despite years of record high oil prices.

The Sovereign wealth fund will provide 20 percent apiece, of its total for a future generation savings, infrastructure development and the stabilization of the economy respectively.

Nigeria was one of only three OPEC member states without a sovereign wealth fund.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (6)
premiumtimes





PT Mag Campaign AD

Previous Post

Inauguration of Osun schools calisthenics programme

Next Post

NASA’s rover, Curiosity, sends home first image from Mars

More News

Governor of Sokoto State, Aminu Tambuwal, Chairman of the PDP governor's forum [PHOTO CREDIT: @AWTambuwal]

2023: Don’t mortgage your children’s future, Tambuwal tells Lagos PDP delegates

May 19, 2022
An APC Flag

APC clears 31 House of Assembly aspirants in Ekiti

May 19, 2022
The Nigeria Police Force Headquarters, Louis Edet House Abuja.

Police react to video of officer screaming for help in vehicle

May 19, 2022
David Mark [PHOTO CREDIT: @SenDavidABMark]

PDP National Convention: Mark assures aspirants of transparent process

May 19, 2022
FILE PHOTO: An Illegal Refinery

Military destroys 167 illegal refineries, arrests 18 alleged oil thieves

May 19, 2022
Rotimi Amaechi and Abdullahi Ganduje

2023 Presidency: Amaechi was persecuted for asking us to join APC – Ganduje

May 19, 2022
Next Post
Mars Curiosity First Image of Mars

NASA's rover, Curiosity, sends home first image from Mars

Tinubu, Fashola clash at birthday colloquium

Tinubu appointed LAUTECH Chancellor

Read All Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,841,300 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.