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Sovereign Wealth Fund

Using coronavirus donations to give charity a bad name

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.

Saudi takeover promises new dawn for Newcastle at a cost

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 countries among the most hard-hit as oil price plunges

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 prosecutors close in on former president’s children

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 defends son over embezzlement charge

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 wealth fund in talks to buy Newcastle United for £340 million

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.
Malaysia’s former prime minister Najib Razak arrives for his trial at the High Court in Kuala Lumpur on November 11, 2019. (Photo by Mohd RASFAN - AFP)

Malaysian ex-premier’s first 1MDB trial to proceed

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.
(FILES) In this file photo taken on December 15, 2014, general manager of Alarab TV, Jamal Khashoggi, looks on during a press conference in the Bahraini capital Manama. - US President Donald Trump said October 11, 2018 he was not yet prepared to limit arms sales to Saudi Arabia over journalist Jamal Khashoggi's disappearance, but he faced mounting pressure from concerned American lawmakers. Saudi Arabia is one of the world's largest arms purchasers, with most of them coming from the United States.Khashoggi, a contributor to The Washington Post, vanished more than a week ago during a visit to the Saudi consulate in Istanbul. Turkish government sources say he was murdered there, a claim Riyadh denies. (Photo by MOHAMMED AL-SHAIKH / AFP)

Uber chief calls Jamal Khashoggi killing a ‘mistake’, then backtracks

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.
national assembly abuja

Senate panel rejects central bank team at investigative hearing

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.
President Muhammadu Buhari returned to Abuja on Friday after a three-day official visit to South Africa.

Presidency: President Buhari’s trips are justified by outcomes

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.

Senate summons central bank chief over exchange rates for infrastructure projects

The Senate Committee on Finance has summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, to appear before it on Monday.
President of the Senate, Ahmad Lawan, presiding over the plenary in the upper chamber on Thursday, 3rd October, 2019.

Central bank governor to appear before Senate committee today

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

Nigeria needs $3 trillion for infrastructure

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.

Angola begins ex-president son’s fraud trial September 25

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.
Governor of Edo State, Mr. Godwin Obaseki

Governor Obaseki advocates channelling domestic savings to development financing

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

IMF clarifies report on Nigeria’s Sovereign Wealth Fund

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.

Federal government commits to improved funding of NSIA

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).

Federal government rejects IMF report on sovereign wealth fund

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.

Recent Stories

Court sentences two labourers to four years imprisonment each for stealing cell phone

An Upper Area Court sitting in Kasuwan Nama in Jos on Tuesday sentenced two labourers to four years each imprisonment for stealing a cell phone.
Dollar

Dollar slips after political wrangling slows rally

A dollar rebound faltered on Tuesday as political wrangling over a United States relief plan and the gloomy outlook weighed on the currency.

Senator Sani: Southern Kaduna killings threat to peace in Nigeria

A former Senator, who represented Kaduna Central senatorial district, Shehu Sani, has warned that the killings in the southern part of Kaduna State is a threat to the peaceful coexistence in Nigeria.
Niger Delta Development Commission (NDDC)

NDDC invites President Buhari to commission signature project, stands by list Senator Akpabio submitted...

The Niger Delta Development Commission, NDDC, has invited President Muhammadu Buhari to commission the 29-kilometre Ogbia-Nembe Road in Bayelsa State. The road, built in conjunction with the Shell Petroleum Development Company, SPDC, creates a land link to the ancient city of Nembe for the first time.
Malam Ismaila Isa Funtua

President Buhari: Isa Funtua was pillar of support to my government

President Muhammadu Buhari has once again lamented the loss of the late publisher and businessman, Mallam Isma’ila Isa Funtua, describing his demise as a major national loss.