×

Reps move to keep Sovereign Wealth Fund with Nigerian banks

The House of Representatives has taken steps to keep the planned nation’s Sovereign Wealth Fund (SWF) with the Central Bank of Nigeria (CBN) and other … Continue reading Reps move to keep Sovereign Wealth Fund with Nigerian banks


The House of Representatives has taken steps to keep the planned nation’s Sovereign Wealth Fund (SWF) with the Central Bank of Nigeria (CBN) and other investment and commercial banks.

This is to discourage plans on the management of the fund with foreign banks.

The move was initiated following the debate on a motion by Aminu Suleiman, who said unless contributors to the Sovereign Wealth Fund (SWF) were compelled to keep their funds in local viable banks, other governments may deviate from the original aim of the sovereign investment fund.

While some lawmakers felt the Act setting up the fund must be amended to affect the change needed, the lawmakers still supported the motion.

Committees on commerce, banking and finance have been mandated to conduct a public hearing to explore the possibilities of keeping the funds in first class commercial banks in the country so as to guarantee the correct usage of the fund.