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Nairaland Forum / Nairaland / General / Politics / Orji Heads Sovereign Wealth Fund (9659 Views)
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Orji Heads Sovereign Wealth Fund by OAM4J: 4:43am On Aug 30, 2012 |
Nigeria: FG Appoints Ex-JP Morgan MD to Head Sovereign Fund Former Managing Director of JP Morgan Uche Orji has been appointed to run the Nigerian Sovereign Wealth Fund (NSWF) for the next five, the Minister of Finance said yesterday. Dr. Ngozi Okonjo-Iweala also said at a press briefing in Abuja that Alhaji Mahey Rasheed will serve as chairman of the board with six other members. Alhaji Rasheed was a former deputy governor of the Central Bank of Nigeria and a member of the Board of First Bank. The minister also named Mrs. Stella Ojekwe-Onyejeli as Chief Risk Officer of the fund. Other members of the board include; Mr. Arnold Ekpe, Mr. Jide Zeitlin, Mrs. Bili Awosika, Barrister Bisi Soyebo and Alhaji Hassan Usman. The position of the Chief Investment Officer was not announced yesterday because, "upon completion of due diligence, the candidate for Chief Investment Officer has been dropped and the position will be re-advertised shortly," the minister said. The management team will commence work on October 2, with $1 billion set aside for it. Okonjo-Iweala said the SWF will run side by side with the Excess Crude Account, which currently has a balance of $7.35 billion. The initial idea was to close the Excess Crude Account when the SWF takes effect. Governors had initially opposed the establishment of the SWF but later gave their approval. The governors normally pressurize the president to take certain amounts from the Excess Crude Account for them to share. The management team were chosen after a process that lasted almost a year. Before the team was selected, 730 applications were received for three executive positions - Chief Executive Officer, Executive Director (Investments) and Executive Director, (Risk). Forty of these were listed by KPMG which assisted in sourcing suitable candidates and 16 candidates were short listed before the final three were selected. With this development, the country is firmly on the path to reaping the benefits of this tried and tested strategy for achieving fiscal prudence and economic transformation. "The establishment of an institutional foundation for the Sovereign Wealth Fund is a victory for all Nigerians and a credit to the President who assented to the Bill in May last year," the Minister said. The SWF has three components - Future Generations Fund; Nigerian Infrastructure Fund and Stabilization Fund. Each of the fund will attracts 20 percent of any SWF finding, while "the remaining 40 percent will be decided by the macroeconomic condition of the economy." http://allafrica.com/stories/201208290764.html |
Re: Orji Heads Sovereign Wealth Fund by OAM4J: 4:45am On Aug 30, 2012 |
Looks like he has a good resume and fit for the job. Hope he delivers. Congrats and good luck. |
Re: Orji Heads Sovereign Wealth Fund by Bawss1(m): 3:54pm On Aug 30, 2012 |
What are the perks that come with managing these types of funds |
Re: Orji Heads Sovereign Wealth Fund by Nebeuwa(m): 3:58pm On Aug 30, 2012 |
He was the Managing Director of UBS Investment Bank. And was previously a Managing Director of JP Morgan and Executive Director of Goldman Sach Asset Management. Now that is an impressive resume. 1 Like |
Re: Orji Heads Sovereign Wealth Fund by Willy7(m): 3:59pm On Aug 30, 2012 |
Wish him well and best of lucks.Just hope we wont get to hear conflict of interests or commitee set up to probe SWF mismanagement as is the norm this days.God bless Nigeria |
Re: Orji Heads Sovereign Wealth Fund by maclatunji: 4:01pm On Aug 30, 2012 |
I am not going to jump for joy because of his "international" banking experience. I don't want to read about him and some multi-billion dollar fraud in the future. |
Re: Orji Heads Sovereign Wealth Fund by talktrue1(m): 4:01pm On Aug 30, 2012 |
JP Morgan Uche Orji has been appointed to run the Nigerian Sovereign Wealth Fund (NSWF) Pls, who is the head among the 2? |
Re: Orji Heads Sovereign Wealth Fund by Nobody: 4:04pm On Aug 30, 2012 |
Hope he does his job fine. |
Re: Orji Heads Sovereign Wealth Fund by Nobody: 4:06pm On Aug 30, 2012 |
SWF is what catapulted China to the Economic giant it is now, I have confidence that GEJ has gotten it right by institutionalizing Sovereign Wealth Fund. The greedy governors will henceforth desist from asking that the funds be shared to them. 1 Like |
Re: Orji Heads Sovereign Wealth Fund by Okijajuju1(m): 4:09pm On Aug 30, 2012 |
I know this thread will get hotter than this soon.. The Yoruba Ninjas are yet to notice that he is an Igbo Man. 5 Likes |
Re: Orji Heads Sovereign Wealth Fund by billante(m): 4:11pm On Aug 30, 2012 |
talk true: The board is the head! And d chairman can't take a final decision without the majority of d boards approval! the board should include both the MD, chairman and other members! |
Re: Orji Heads Sovereign Wealth Fund by Nebeuwa(m): 4:14pm On Aug 30, 2012 |
Billyonaire: SWF is what catapulted China to the Economic giant it is now, I have confidence that GEJ has gotten it right by institutionalizing Sovereign Wealth Fund. The greedy governors will henceforth desist from asking that the funds be shared to them. Sovereign wealth funds can be used to bolster a country's economic clout. One can simply look at the Abu Dhabi Investment Authority, Government of Singapore Investment Corporation and the Qatar Investment Authority and see how these countries have benefited from their Sovereign wealth funds. |
Re: Orji Heads Sovereign Wealth Fund by PROUDIGBO(m): 4:19pm On Aug 30, 2012 |
Okija_juju: I know this thread will get hotter than this soon.. ^^^You're kidding me......Orji?; it doesn't get any more Igbo than that . Could be the Ninjas are out for lunch . |
Re: Orji Heads Sovereign Wealth Fund by irecruit(m): 4:21pm On Aug 30, 2012 |
If we want to progress, we should leave corruption. So if he has to head this department set up by GEJ, he should do it with all his heart and God almighty will be with him . I wish him luck.[b][/b] |
Re: Orji Heads Sovereign Wealth Fund by sambos994(m): 4:34pm On Aug 30, 2012 |
Not some elite, not a general, not a prince of his village, but well educated man who has a great background. Nice move GEJ 1 Like |
Re: Orji Heads Sovereign Wealth Fund by Nobody: 4:40pm On Aug 30, 2012 |
If SWF goes public, I will be the first to buy the shares, I trust Orji to put his excellent experiences to bear. I need GEJ to enact a law that makes it illegal for any politician to have influences on how the funds are executed and appointment into the position should not be by political nominations but purely based on academic and work experience. Its time to take the steering of this country from Politicians to technocrats. 3 Likes |
Re: Orji Heads Sovereign Wealth Fund by DANILSA(m): 4:42pm On Aug 30, 2012 |
Okija_juju: I know this thread will get hotter than this soon..I taught you have repented nmuo okija, why the tribal sentiments, pls leave yorubas alone and face the topic. The yorubas also head many world organisations, u should be talking about the tribe that keeps on killing others and managing cbn but can't work in any international firm. 3 Likes |
Re: Orji Heads Sovereign Wealth Fund by Nebeuwa(m): 4:45pm On Aug 30, 2012 |
Billyonaire: If SWF goes public, I will be the first to buy the shares, I trust Orji to put his excellent experiences to bear. I need GEJ to enact a law that makes it illegal for any politician to have influences on how the funds are executed and appointment into the position should not be by political nominations but purely based on academic and work experience. Its time to take the steering of this country from Politicians to technocrats. That is an excellent idea if Nigeria is to progress. There still needs to be some oversight. |
Re: Orji Heads Sovereign Wealth Fund by Dondbuzor: 4:45pm On Aug 30, 2012 |
Okija_juju: I know this thread will get hotter than this soon.. Must u say everything u see 1 Like |
Re: Orji Heads Sovereign Wealth Fund by miztapheek(m): 4:45pm On Aug 30, 2012 |
PROUD-IGBO: You dumbasses always bring tribalism to the fore in everything,its a pity...stupid dickhead |
Re: Orji Heads Sovereign Wealth Fund by Nobody: 4:49pm On Aug 30, 2012 |
miztapheek:Just ignore the guy. Seriously, if some people are not silly, who will be our security guards ? 5 Likes |
Re: Orji Heads Sovereign Wealth Fund by DANILSA(m): 4:51pm On Aug 30, 2012 |
Good move GEJ, pls kill God fatherism in Nigeria, I think that is the only process that can guarantee more Nnajis in Government. |
Re: Orji Heads Sovereign Wealth Fund by AK481(m): 4:56pm On Aug 30, 2012 |
Okija_juju: I know this thread will get hotter than this soon..Let them come,I have my fully loaded AK 48 and uzi on standby. Hope u re ready? |
Re: Orji Heads Sovereign Wealth Fund by Nebeuwa(m): 4:58pm On Aug 30, 2012 |
To everyone who is talking about their "tribe," my question for you is what have you done for your tribe? Or are you simply living in someone else's shadow? 1 Like |
Re: Orji Heads Sovereign Wealth Fund by kutchs: 5:00pm On Aug 30, 2012 |
Okija_juju: I know this thread will get hotter than this soon..Bia nwokem o gini bu nsogbu gi.? What have u achieved with this? Lets dwell on the issue at hand and leave out all this nonsense about tribe pls. Orji was appointed not bc he is Igbo but bc of his experience and supposed clouts. His being Igbo doesnt add anything to the job and it will surely not help him if he wants to succeed or fail. 3 Likes |
Re: Orji Heads Sovereign Wealth Fund by Afam4eva(m): 5:01pm On Aug 30, 2012 |
I advice that man to stay wherever he is because in a few years his face will appear on EFCC list of wanted NIgerians. Nigerian government just want to turn everyone in sight to a thief. 1 Like |
Re: Orji Heads Sovereign Wealth Fund by Cargoed: 5:07pm On Aug 30, 2012 |
Good move i will say now we can think as a nation on what can we invest? I don't like the hero worship e.g this is the man in charge e.t.c its a primitive way of thinking or are we still in military rule "Na wahoo" What we should be addressing is what are they going to invest in, or what will they do with the funds to protect, promote our interests and assets. Okay so far (NSIA) Nigerian Sovereign Investment Authority, is number 76 on the list of international SWF with a start of capital of USD1billion. After 6mths lets see where NSIA will be, will they have climbed up that list or not. That is the true way to measure their performance. Here is a link to the list http://en.wikipedia.org/wiki/Sovereign_wealth_fund Please mention[b]Possible investments[/b] that this body can make and the returns expected thank you. 1 Like |
Re: Orji Heads Sovereign Wealth Fund by Okijajuju1(m): 5:08pm On Aug 30, 2012 |
kutchs: Bia nwokem o gini bu nsogbu gi.? What have u achieved with this? Lets dwell on the issue at hand and leave out all this nonsense about tribe pls. Orji was appointed not bc he is Igbo but bc of his experience and supposed clouts. His being Igbo doesnt add anything to the job and it will surely not help him if he wants to succeed or fail. Wait and see.. |
Re: Orji Heads Sovereign Wealth Fund by sheyguy: 5:12pm On Aug 30, 2012 |
I hope a large SWF saving does not the "OBJ power contract" way one day. |
Re: Orji Heads Sovereign Wealth Fund by ifihearam: 5:33pm On Aug 30, 2012 |
afam4eva: I advice that man to stay wherever he is because in a few years his face will appear on EFCC list of wanted NIgerians. Nigerian government just want to turn everyone in sight to a thief. What have u said now? |
Re: Orji Heads Sovereign Wealth Fund by Afam4eva(m): 5:34pm On Aug 30, 2012 |
ifihearam:Nothing. Can't you see that the post is empty, so you're quoting an empty post. |
Re: Orji Heads Sovereign Wealth Fund by slimming: 5:43pm On Aug 30, 2012 |
I pray this will not end the usually way. |
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