Sovereign Wealth Fund

Global response to the outbreak of the Coronavirus in Africa has been remarkable, especially following fears that should the virus take hold, its impact on the continent could be catastrophic.

Newcastle United fans have long dreamed of ridding the club from owner Mike Ashley, but a potential £300 million ($377 million) takeover backed by the Saudi sovereign wealth fund presents fans on Tyneside with a different dilemma.

African oil-producing and reliant countries have been among the most hard hit by the COVID-19 pandemic and declining oil price. Oil price crashed below $20 dollars on Monday, the lowest in 18 years. In particular, Senegal, Nigeria and Angola continue to face new challenges each day amid the threat of economic fallout.

Angola’s former first son Jose Filomeno dos Santos has spent hours contemplating the marble floor and wood-panelled walls of Luanda’s Supreme Court where he has been on trial since December.

Angola’s ex-president has defended his son and a former central bank governor who are accused of embezzling $500 million from the country’s sovereign wealth fund, court documents showed on Tuesday.

Saudi Arabia’s sovereign wealth fund is in talks to buy English football club Newcastle United for about 340 million pounds (about N156.4 billion), a source familiar with the situation told Reuters.

Malaysian ex-leader Najib Razak’s first trial linked to the 1MDB scandal will proceed after a judge ruled Monday prosecutors had made a sufficient case, boosting efforts to bring him to justice over the mammoth fraud.

The chief executive officer of Uber has expressed regret after calling the gruesome killing of Saudi journalist Jamal Khashoggi a "mistake" by Saudi Arabia's government and comparing it to a fatal self-driving crash involving one of the ride-hailing firm's cars.

The Senate Committee on Finance on Monday prevented the representatives of the Central Bank of Nigeria Governor, Godwin Emefiele, from addressing it on the issue of exchange rates for funding key projects.

Senior Special Assistant to the President on Media and Publicity, Garba Shehu, has declared that President Muhammadu Buhari’s foreign trips are not for ‘sightseeing’, but justified by outcomes.

The Senate Committee on Finance has summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, to appear before it on Monday.

The Senate Committee on Finance has summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, to appear before it on Monday (today).

Nigeria requires a whopping $3 trillion to bridge its infrastructure gap over a 30-year period, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said on Monday.

The trial of the son of former Angolan president Jose Eduardo dos Santos for allegedly trying to steal $1.5 billion (1.3 billion euros) from the country’s sovereign wealth fund will start on September 25, a court said Saturday.

Edo State Governor, Mr Godwin Obaseki, has made a case for channelling domestic savings to development financing instruments to spur development.

The International Monetary Fund (IMF) on Friday clarified its categorisation of Nigeria as one of the countries with the worst use of the Sovereign Wealth Fund.

The Federal Government says it will use revenue accrued in the Excess Crude Account (ECA) to improve the funding of the Nigeria Sovereign Investment Authority (NSIA).

The latest report by the International Monetary Fund (IMF) ranking Nigeria as the world’s second worst user of sovereign wealth funds is “fundamentally flawed”, the federal government says.