Nigeria’s Finance Minister, Dr. Ngozi Okonjo Iweala has announced the Management team for the nation’s Sovereign Wealth Fund. The fund will launch with about $1 billion under management.
First Bank Board member, Mahey Rasheed has been selected as the fund’s Chairman while former JPMorgan and United Bank of Switzerland investment banker, Mr. Uche Orji has been selected as the fund’s Managing Director.
“I think the sovereign wealth fund will make Nigeria more attractive for investors,” Dr Okonjo Iweala said.”The battle was long but I think the country stands to gain and I think it was worth it.”
Nigeria currently has about $6 million in its Excess Crude Account. The Sovereign Wealth Fund is expected to replace the nation’s Excess Crude Account eventually.