₦airaland Forum

How civilization goes around in circles.

Why is it that Scandinavia which is probably the last living space on Earth to be colonized by human beings is arguably the best run piece of Earth today?. The answer is God or providence makes everything go round. God does things to confound us mortals.

There were cities in Africa and South America when all of Europe was under ice. Yet Europe later produced Greece, Rome and lastly Britain with Britain having the most impact because of the industrial revolution.

In the future, all nations will have sovereign wealth funds and pension funds administered by administrators that invests the funds into the economy and God made sure the innovation started not in Europe but in Nigeria. It is a kind of return to the beginning while what is happening in Scandinavia is a start from the end. There were certainly cities in Nigeria when Europe was under ice and the most ancient calendar on Earth is the Yoruba calendar of West Africa which will be the year 10070 in AD 2026. The first sovereign wealth fund/hedge fund on Earth is the Western Nigeria Development Corporation WNDC established in 1959 by the western region government of Nigeria but now rechristened the Oodua group. The journey however started in 1955 as the Loans board. It was established without the government having excess. The first pension fund is also in Nigeria established during President Obasanjo’s regime.

Sovereign wealth funds allows the state to participate in profit seeking while pension funds compels all workers to be investors which is key to building a classless society and the next task before the nations of the world is to build classless societies where wealth distribution will be more equitable

Not again

Africans didn't build shi

illicit:
Not again

Africans didn't build shi

It seems that way because new technologies usually overshadow past technologies.

Cultures crumble, new ones develop.
(Nigeria was created by Europeans)

Look back 500 years and you'll find that countries of past era are only a shadow.

Ours will also be gone in another era.

fyi
Egypt in Africa contributed a lot to mathematics.

Someone invented the sword, right now, it's only used in games.

lawani:
How civilization goes around in circles.

Why is it that Scandinavia which is probably the last living space on Earth to be colonized by human beings is arguably the best run piece of Earth today?. The answer is God or providence makes everything go round. God does things to confound us mortals.

There were cities in Africa and South America when all of Europe was under ice. Yet Europe later produced Greece, Rome and lastly Britain with Britain having the most impact because of the industrial revolution.

In the future, all nations will have sovereign wealth funds and pension funds administered by administrators that invests the funds into the economy and God made sure the innovation started not in Europe but in Nigeria. It is a kind of return to the beginning while what is happening in Scandinavia is a start from the end. There were certainly cities in Nigeria when Europe was under ice and the most ancient calendar on Earth is the Yoruba calendar of West Africa which will be the year 10070 in AD 2026. The first sovereign wealth fund/hedge fund on Earth is the Western Nigeria Development Corporation WNDC established in 1957 by the western region government of Nigeria but now rechristened the Oodua group. It was established without the government having excess. The first pension fund is also in Nigeria established during President Obasanjo’s regime.

Sovereign wealth funds allows the state to participate in profit seeking while pension funds compels all workers to be investors which is key to building a classless society and the next task before the nations of the world is to build classless societies where wealth distribution will be more equitable

Interesting, very educative.

illicit:
Not again

Africans didn't build shi

Exhibition of ignorance with pride.

Burob:
Interesting, very educative.

My pleasure. Thanks

lawani:
How civilization goes around in circles.

Why is it that Scandinavia which is probably the last living space on Earth to be colonized by human beings is arguably the best run piece of Earth today?. The answer is God or providence makes everything go round. God does things to confound us mortals.

There were cities in Africa and South America when all of Europe was under ice. Yet Europe later produced Greece, Rome and lastly Britain with Britain having the most impact because of the industrial revolution.

In the future, all nations will have sovereign wealth funds and pension funds administered by administrators that invests the funds into the economy and God made sure the innovation started not in Europe but in Nigeria. It is a kind of return to the beginning while what is happening in Scandinavia is a start from the end. There were certainly cities in Nigeria when Europe was under ice and the most ancient calendar on Earth is the Yoruba calendar of West Africa which will be the year 10070 in AD 2026. The first sovereign wealth fund/hedge fund on Earth is the Western Nigeria Development Corporation WNDC established in 1957 by the western region government of Nigeria but now rechristened the Oodua group. It was established without the government having excess. The first pension fund is also in Nigeria established during President Obasanjo’s regime.

Sovereign wealth funds allows the state to participate in profit seeking while pension funds compels all workers to be investors which is key to building a classless society and the next task before the nations of the world is to build classless societies where wealth distribution will be more equitable

Before you write articles making bold claims, learn to make use of Google to find out simple facts of history.
Making bold claims that are rooted in falsehood in a bid to pose as a patriot or some glorified apostle of Nigerian supremacy is doing yourself a great disservice

Both SWF and Pension funds have existed before Nigeria started it. Pension funds is noted to have started in 1875 while SWF at least as known in its modern shape started in 2005 according to history.

Nigeria's SWF was forced on us by circumstances when the ruinous and prodigal govs led by Amaechi and Aregbe of the APC confrat insisted on decimating and pillaging the ECA. The ECA as at then was over $35bn. After it's looting, it was replaced by SWF of just $1bn. That's what you're gloating about when I'm reality, we should be dragging Amaechi and his fellow APC journeymen out into the streets and stöning them as he himself recommended. Nigeria's SWF today is less than $5bn. The least of resource rich countries in same class as Nigeria.

Nigeria's pension fund was started in 2004 but as at today, the hawks have really done a job on it. Who can forget Maina. What about others who have mismanaged or attempted to mismanage it. How many Nigerians can easily access their pensions funds in today's Nigeria without sweating blood and in some instances, paying bribes. Nigeria's pension fund is also among the least well regulated and mismanaged in the world.

So I don't understand what you're trying to do but boy are you far off the mark!! Instead of engaging in infantile self- praise and fake adulation, we should engage in sober reflections as to why well thought out ideas always die in the ocean of corruption and bitter politics in Nigeria.

Kukutente23:
Before you write articles making bold claims, learn to make use of Google to find out simple facts of history.
Making bold claims that are rooted in falsehood in a bid to pose as a patriot or some glorified apostle of Nigerian supremacy is doing yourself a great disservice

Both SWF and Pension funds have existed before Nigeria started it. Pension funds is noted to have started in 1875 while SWF at least as known in its modern shape started in 2005 according to history.

Nigeria's SWF was forced on us by circumstances when the ruinous and prodigal govs led by Amaechi and Aregbe of the APC confrat insisted on decimating and pillaging the ECA. The ECA as at then was over $35bn. After it's looting, it was replaced by SWF of just $1bn. That's what you're gloating about when I'm reality, we should be dragging Amaechi and his fellow APC journeymen out into the streets and stöning them as he himself recommended. Nigeria's SWF today is less than $5bn. The least of resource rich countries in same class as Nigeria.

Nigeria's pension fund was started in 2004 but as at today, the hawks have really done a job on it. Who can forget Maina. What about others who have mismanaged or attempted to mismanage it. How many Nigerians can easily access their pensions funds in today's Nigeria without sweating blood and in some instances, paying bribes. Nigeria's pension fund is also among the least well regulated and mismanaged in the world.

So I don't understand what you're trying to do but boy are you far off the mark!! Instead of engaging in infantile self- praise and fake adulation, we should engage in sober reflections as to why well thought out ideas always die in the ocean of corruption and bitter politics in Nigeria.

No joy kukutente23, as usual u Just rushed to come & yap nonsense based on deceitful hate.

Mr Armchair critic, or you prefer we tag u head coach of the Monday morning quarterback?

Kukutente23:
Before you write articles making bold claims, learn to make use of Google to find out simple facts of history.
Making bold claims that are rooted in falsehood in a bid to pose as a patriot or some glorified apostle of Nigerian supremacy is doing yourself a great disservice

Both SWF and Pension funds have existed before Nigeria started it. Pension funds is noted to have started in 1875 while SWF at least as known in its modern shape started in 2005 according to history.

Nigeria's SWF was forced on us by circumstances when the ruinous and prodigal govs led by Amaechi and Aregbe of the APC confrat insisted on decimating and pillaging the ECA. The ECA as at then was over $35bn. After it's looting, it was replaced by SWF of just $1bn. That's what you're gloating about when I'm reality, we should be dragging Amaechi and his fellow APC journeymen out into the streets and stöning them as he himself recommended. Nigeria's SWF today is less than $5bn. The least of resource rich countries in same class as Nigeria.

Nigeria's pension fund was started in 2004 but as at today, the hawks have really done a job on it. Who can forget Maina. What about others who have mismanaged or attempted to mismanage it. How many Nigerians can easily access their pensions funds in today's Nigeria without sweating blood and in some instances, paying bribes. Nigeria's pension fund is also among the least well regulated and mismanaged in the world.

So I don't understand what you're trying to do but boy are you far off the mark!! Instead of engaging in infantile self- praise and fake adulation, we should engage in sober reflections as to why well thought out ideas always die in the ocean of corruption and bitter politics in Nigeria.

Which sovereign wealth fund or even hedge fund existed before the WNDC anywhere in the world?.
In which country has there ever been contributory pension made compulsory for workers? And with the administrators of the funds investing it to achieve a minimum growth rate?

lawani:
Which sovereign wealth fund or even hedge fund existed before the WNDC anywhere in the world?.
In which country has there ever been contributory pension made compulsory for workers? And with the administrators of the funds investing it to achieve a minimum growth rate?

First of all, the WNDC was not a sovereign wealth fund because western Nigeria was not a sovereign state as at then. More importantly, WNDC was created for infrastructural and economic development of western Nigeria. This is not a cardinal reason for creating SWFs. SWF are created as long term investment vehicles to yield financial returns.

That said, the Kuwait investment fund is the first recognised SWF created and it was created in 1953. WNDC was created in 1959 and it was not even an SWF.

Pension funds have existed since the 19th century. The first state backed pension fund was by Germany in 1876.

I told you to use your Google

Burob:
No joy , as usual u Just rushed to come & yap nonsense based on deceitful hate.

Mr Armchair critic, or you prefer we tag u head coach of the Monday morning quarterback?

Stop crying
Joy is coming. Maga will soon pay after which na jail straight
Trump is watching

Burob:
Exhibition of ignorance with pride.

Ok pls build another couple of pyramids and silver Nigeria's electricity problem once and for all pls

Kukutente23:
First of all, the WNDC was not a sovereign wealth fund because western Nigeria was not a sovereign state as at then. More importantly, WNDC was created for infrastructural and economic development of western Nigeria. This is not a cardinal reason for creating SWFs. SWF are created as long term investment vehicles to yield financial returns.

That said, the Kuwait investment fund is the first recognised SWF created and it was created in 1953. WNDC was created in 1959 and it was not even an SWF.

Pension funds have existed since the 19th century. The first state backed pension fund was by Germany in 1876.

I told you to use your Google

The information is probably wrong. The site shows their first investment to be in 1986. What were they doing between 1953 and 1986?. Trust me the information is wrong. Then they stated that the fund was to save oil funds while WNDC was more intentionally founded. No oil money.
Then any fund owned by a government qualifies as a SWF even if it is a local government. It does not have to be a sovereign or national government. The principle is what matters.
You are talking of nineteenth century Germany?. Which country in the world today have pension funds which are invested into the economy? And which is compulsory for workers?
WNDC is the first sovereign wealth fund or even hedge fund on Earth while Nigeria is the only country with contributory pension scheme with funds managed by licensed administrators and with a mandate to grow at a minimum growth rate.

KIA made their first investment in 1986

https://en.wikipedia.org/wiki/Kuwait_Investment_Authority

The western Nigerian government did not need to have oil before knowing SWF is the right way to go

lawani:
The information is probably wrong. The site shows their first investment to be in 1986. What were they doing between 1953 and 1986?. Trust me the information is wrong. Then they stated that the fund was to save oil funds while WNDC was more intentionally founded. No oil money.
Then any fund owned by a government qualifies as a SWF even if it is a local government. It does not have to be a sovereign or national government. The principle is what matters.
You are talking of nineteenth century Germany?. Which country in the world today have pension funds which are invested into the economy? And which is compulsory for workers?
WNDC is the first sovereign wealth fund or even hedge fund on Earth while Nigeria is the only country with contributory pension scheme with funds managed by licensed administrators and with a mandate to grow at a minimum growth rate.

KIA made their first investment in 1986

https://en.wikipedia.org/wiki/Kuwait_Investment_Authority

The western Nigerian government did not need to have oil before knowing SWF is the right way to go

How is the information wrong? You're going to be arguing with them over their own investment now? Oya what year was WNDC's first investment?
SWF are used to invest money from natural resources of which oil is among
Even on principle WNDC cannot qualify as a SWF
A sovereign fund is usually backed by law to operate as a private equity enterprise both within and outside the country, while retaining the state's name and having the state as its owner. That's why it's called sovereign wealth. You can show me examples of sovereign wealth that are not owned by sovereign states.
You're yet to show evidence to your wild claim that Nigeria is the only country with pension funds. I've already told you that the first country to have a pension fund is Germany. To even claim that there was no pension fund all over the world until 2024 and no SWF until 2012 bothers on absurdity

Kukutente23:
How is the information wrong? You're going to be arguing with them over their own investment now? Oya what year was WNDC's first investment?
SWF are used to invest money from natural resources of which oil is among
Even on principle WNDC cannot qualify as a SWF
A sovereign fund is usually backed by law to operate as a private equity enterprise both within and outside the country, while retaining the state's name and having the state as its owner. That's why it's called sovereign wealth. You can show me examples of sovereign wealth that are not owned by sovereign states.
You're yet to show evidence to your wild claim that Nigeria is the only country with pension funds. I've already told you that the first country to have a pension fund is Germany. To even claim that there was no pension fund all over the world until 2024 and no SWF until 2012 bothers on absurdity

The first investment of the WNDC was not after 1986. They had investments in more or less all major companies in Nigeria from the onset.
Germany even today does not have a contributory pension system where administrators are mandated to grow at a minimum rate and workers are mandated to be part of Only Nigeria has that
Again if a local government council has a fund with equity in several companies and etc, it will be counted as a swf because there is no other umbrella you want to put it under.

The first SWF or hedge fund on Earth is the Western Nigeria loans board which became the WSIICC Western state industrial investments and credit corporation which became the WNDC Western Nigeria Development Corporation which became the Oodua group. I don't know why it is a problem for you to accept that. KIA may have envisioned the concept first and maybe not but their first investment was 1986. That is a junior brother even to the Norwegian fund.


There are pension funds all over but the scheme in Nigeria is different. The funds are invested and the administrators are mandated under license to grow at a minimum rate. Hope you understand now

lawani:
The first investment of the WNDC was not after 1986. They had investments in more or less all major companies in Nigeria from the onset.
Germany even today does not have a contributory pension system where administrators are mandated to grow at a minimum rate and workers are mandated to be part of Only Nigeria has that
Again if a local government council has a fund with equity in several companies and etc, it will be counted as a swf because there is no other umbrella you want to put it under.

The first SWF or hedge fund on Earth is the Western Nigeria loans board which became the WSIICC Western state industrial investments and credit corporation which became the WNDC Western Nigeria Development Corporation which became the Oodua group. I don't know why it is a problem for you to accept that. KIA may have envisioned the concept first and maybe not but their first investment was 1986. That is a junior brother even to the Norwegian fund.


There are pension funds all over but the scheme in Nigeria is different. The funds are invested and the administrators are mandated under license to grow at a minimum rate. Hope you understand now

You could name the first investment of KIA and the year according to you but you can't name that of WNDC. You only claimed "major companies" as their investments in 1959 Major companies na name of a company?

A LG cannot have investments outside Nigeria without the authorization of the Ministry of Finance. I already gave you the difference between SWF and those of sub-nationals in a Federation. Again, you did not say you were looking for equivalences when you wrote your OP. You said it like it was a fact that WNDC was a SWF. Now you are shifting post while arguing aimlessly.

And SWF is not a loans dispensing institution. It is an investment vehicle. I want to believe you know the difference between loans and investments. If not then World Bank will be the first SWF since it has been giving developmental loans since 1944!

The concept of SWF is older than KIA but it is the first officially recognized SWF. I'm sure you saw that fact boldly written on the link you provided.

There are pension funds all over the world that make investments and yield interests/dividends. Nothing is novel about the Nigerian case. Go and get properly educated on it

Kukutente23:
Stop crying
Joy is coming. Maga will soon pay after which na jail straight
Trump is watching

Same Criminal Trump that just pardoned a Honduras drug Kingpin is who u are waiting to come to your rescue?

You definitely need deliverance ASAP.

Burob:
Same Criminal Trump that just pardoned a Honduras drug Kingpin is who u are waiting to come to your rescue?

You definitely need deliverance ASAP.

Deliverance ke

Trump does not take prisoners when it comes to catching those who scam his fellow whites and hauling then into the deepest part of gaol especially if they are from a country he deems to be a disgrace

Be warned young man

Kukutente23:
You could name the first investment of KIA and the year according to you but you can't name that of WNDC. You only claimed "major companies" as their investments in 1959 Major companies na name of a company?

A LG cannot have investments outside Nigeria without the authorization of the Ministry of Finance. I already gave you the difference between SWF and those of sub-nationals in a Federation. Again, you did not say you were looking for equivalences when you wrote your OP. You said it like it was a fact that WNDC was a SWF. Now you are shifting post while arguing aimlessly.

And SWF is not a loans dispensing institution. It is an investment vehicle. I want to believe you know the difference between loans and investments. If not then World Bank will be the first SWF since it has been giving developmental loans since 1944!

The concept of SWF is older than KIA but it is the first officially recognized SWF. I'm sure you saw that fact boldly written on the link you provided.

There are pension funds all over the world that make investments and yield interests/dividends. Nothing is novel about the Nigerian case. Go and get properly educated on it

I don't need to name investments of WNDC. As at 1976 when they became Oodua group. They had over sixty companies apart from equity in companies on the stock exchange and etc. They even had a football club IICC.
The world bank is a bank and not a swf. A bank granting developmental loans with depositors funds is not a swf. The WNDC founded companies, had equity in big companies and etc. It is the true definition of a SWF. It started off however as a loans board in 1955 before it upgraded. Western Nigeria loans board 1955 then Western state Industrial investment and credit corporation in maybe 1957 that is obviously a hedge fund by its name, the first on Earth and then WNDC in 1959

As stated earlier KIA might be saving money starting from 1953 but they had no investments. Saving money is not the same thing as a swf or hedge fund. A Swf is a hedge fund owned by a government .The first investment of KIA was in 1986. That is younger than the Norwegian fund. WSICC later known as the WNDC is the first.

The first state owned company on Earth to go all out into the economy to amass wealth is the WSICC later WNDC and they did it without having excess revenue from oil and etc

The Nigerian pension fund administrators are statutorily mandated to grow at a minimum rate. Nothing like that in other places. It is not the same thing as just paying into a pension fund for you to be paid later. It is not the same thing as social security payments. The money in Nigeria's pension fund is also your own under your name unlike other places when you only get money if you are alive.
It is not the same thing.
The money in Nigerian pension funds is part of your estate. I hope you are clear now.

There was no concept of government holding investment and controlling profit yielding ventures for the masses before the industrial era. You are wrong that the concept of swf has always existed.


Again, any government that has an investment company has something that can be ranked with a swf. A swf is just an investment company owned by a government

Why does it bother you that Nigeria is first in these things?

If swf as a term is your problem then the first investment company on Earth owned by a government is the WNDC. I guess that is better

If we accept that a government must be sovereign to have a swf then we can say the WNDC was an investment company and not a swf and the WNDC is the first investment company on Earth to be owned by a government. All swfs are also investment companies or end up as one

lawani:
I don't need to name investments of WNDC. As at 1976 when they became Oodua group. They had over sixty companies apart from equity in companies on the stock exchange and etc. They even had a football club IICC.
The world bank is a bank and not a swf. A bank granting developmental loans with depositors funds is not a swf. The WNDC founded companies, had equity in big companies and etc. It is the true definition of a SWF. It started off however as a loans board in 1955 before it upgraded. Western Nigeria loans board 1955 then Western state Industrial investment and credit corporation in maybe 1957 that is obviously a hedge fund by its name, the first on Earth and then WNDC in 1959

As stated earlier KIA might be saving money starting from 1953 but they had no investments. Saving money is not the same thing as a swf or hedge fund. A Swf is a hedge fund owned by a government .The first investment of KIA was in 1986. That is younger than the Norwegian fund. WSICC later known as the WNDC is the first.

The first state owned company on Earth to go all out into the economy to amass wealth is the WSICC later WNDC and they did it without having excess revenue from oil and etc

The Nigerian pension fund administrators are statutorily mandated to grow at a minimum rate. Nothing like that in other places. It is not the same thing as just paying into a pension fund for you to be paid later. It is not the same thing as social security payments. The money in Nigeria's pension fund is also your own under your name unlike other places when you only get money if you are alive.
It is not the same thing.
The money in Nigerian pension funds is part of your estate. I hope you are clear now.

There was no concept of government holding investment and controlling profit yielding ventures for the masses before the industrial era. You are wrong that the concept of swf has always existed.


Again, any government that has an investment company has something that can be ranked with a swf. A swf is just an investment company owned by a government

Why does it bother you that Nigeria is first in these things?

If swf as a term is your problem then the first investment company on Earth owned by a government is the WNDC. I guess that is better

Still you're not able to name one company WNDC invested in nor the year they invested.

Claiming that KIA had no investment from 1953-1986, over 33 years is preposterous.

And for your info, WNDC was funded from cocoa proceeds cause you keep claiming they started from nothing

Just read up on SWF history and you'll be better informed of its evolution

As I've already told you, pension funds administration is not novel. In fact, Nigeria is not among the top ten funds administration country. Some countries have pension funds running into trillions of dollars and they are invested in various securities yielding lifetime guarantees for the contributors

I'm not bothered that Nigeria is first in these things. I'm just debunking your false claims about SWF and PFAs. The western govt did not have a SWF because it was not a sovereign state to start with

Kukutente23:
Still you're not able to name one company WNDC invested in nor the year they invested.

Claiming that KIA had no investment from 1953-1986, over 33 years is preposterous.

And for your info, WNDC was funded from cocoa proceeds cause you keep claiming they started from nothing

Just read up on SWF history and you'll be better informed of its evolution

As I've already told you, pension funds administration is not novel. In fact, Nigeria is not among the top ten funds administration country. Some countries have pension funds running into trillions of dollars and they are invested in various securities yielding lifetime guarantees for the contributors

I'm not bothered that Nigeria is first in these things. I'm just debunking your false claims about SWF and PFAs. The western govt did not have a SWF because it was not a sovereign state to start with

Go to Oodua group of companies page yourself and extract information to prove that WNDC had no investment prior to 1986. I will not spoonfeed you. The internet is there for all to use
You are just going round in circles. KIA might be called a swf that was inaugurated in 1953 if they were saving money starting from then and that is what publicly available record says but in the business of investing even the Norwegian trust fund is their senior. The most senior is the WNDC. I have already conceded to you that WNDC was not a sovereign fund but I was not wrong to classify it with sovereign funds because it was owned by a government. Again it is the first investment company on Earth to be owned by a government. I have changed English for you. Are you satisfied?. KIA had no investment until 1986. Do you agree that WNDC is the first investment company on Earth to be owned by a government?.

Then SW had cocoa, didn't SE have palm oil or didn't North have groundnut?. Didn't Ghana have cocoa? Cocoa, palm oil, groundnut etc were owned by farmers not the government and all regional governments in Nigeria had marketing boards for them. Therefore the North and the East could have done what the west did but they did not. Therefore the people that did it should be commended and they are Nigerians. My grandfather was among them as he was the organizing secretary of the AG. I am proud of him and others. Many countries produce cocoa but none did it.
The AG started the WNDC from nothing. Just vision

Peculiarities of the Nigerian pension fund

1. The fund administration is not managed by regular banks or insurance companies. It is managed by licensed administrators who are mandated to grow at a rate not lower than 5 percent per annum.
2. What you have in the fund is part of your estate. It is not just a life time asset. The fund makes you a player in the economy as an investor. For example some of them own MTN equity.

There are other peculiarities too and I have read an American author commend the system asking that it should be copied worldwide as an option for corporate funding.


https://www.hbs.edu/faculty/Pages/item.aspx?num=54159

lawani:
Go to Oodua group of companies page yourself and extract information to prove that WNDC has no investment prior to 1986. I will not spoonfeed you. The internet is there for all to use
You are just going round in circles. KIA might be called a swf that was inaugurated in 1953 if they were saving money starting from then and that is what publicly available record says but in the business of investing even the Norwegian trust fund is their senior. The most senior is the WNDC. I have already conceded to you that WNDC was not a sovereign fund but I was not wrong to classify it with sovereign funds because it was owned by a government. Again it is the first investment company on Earth to be owned by a government. I have changed English for you. Are you satisfied?. KIA had no investment until 1986. Do you agree that WNDC is the first investment company on Earth to be owned by a government?.

Then SW had cocoa, didn't SE have palm oil or didn't North have groundnut?. Cocoa, palm oil, groundnut were owned by farmers not the government and all regional governments had marketing boards for them. Therefore the North and the East could have done what the west did but they did not. Therefore the people that did it should be commended and they are Nigerians. My grandfather was among them as he was the organizing secretary of the AG. I am proud of him and others. Many countries produce cocoa but none did it.
The AG started the WNDC from nothing. Just vision

Peculiarities of the Nigerian pension fund

1. The fund administration is not managed by regular banks or insurance companies. It is managed by licensed administrators who are mandated to grow at a rate not lower than 5 percent per annum.
2. What you have in the fund is part of your estate. It is not just a life time asset. The fund makes you a player in the economy as an investor. For example some of them own MTN equity.

There are other peculiarities too and I have read an American author commend the system asking that it should be copied worldwide as an option for corporate funding.

Look at the link at the bottom of this article

https://www.nairaland.com/8527307/pension-funds-should-go-equity

But you spoonfed me that KIA started investing in 1986. Why did you now suddenly become stingy?
Spoonfeed me about WNDC investments too na.

You keep claiming that WNDC invested in "major companies" but name the companies for us to learn you suddenly become stingy. This is not fair o

If you're talking in terms of Devcos which is what WNDC was, NNDC which is its northern equivalent its much older than WNDC. It was started in 1949. So maybe you're right that a form of SWF first started in Nigeria but it is the north that owns that ace through nndc and not the west.

Lol. You mean average Nigerian pensioner is a shareholder in MTN now. Dude stop this joke abeg
So why are they always finding it difficult too access the funds even when they need it to survive if they are MTN shareholders? Some have not even seen their gratuities to collect till today yet you're here preaching false gospel.

Anyways, the fact remains that Nigeria is neither the first or only country to have a contributory pension scheme that invests. A whole host of other countries do so as well. Whether they have private fund managers or not is largely irrelevant

Kukutente23:
But you spoonfed me that KIA started investing in 1986. Why did you now suddenly become stingy?
Spoonfeed me about WNDC investments too na.

You keep claiming that WNDC invested in "major companies" but name the companies for us to learn you suddenly become stingy. This is not fair o

If you're talking in terms of Devcos which is what WNDC was, NNDC which is its northern equivalent its much older than WNDC. It was started in 1949. So maybe you're right that a form of SWF first started in Nigeria but it is the north that owns that ace through nndc and not the west.

Lol. You mean average Nigerian pensioner is a shareholder in MTN now. Dude stop this joke abeg
So why are they always finding it difficult too access the funds even when they need it to survive if they are MTN shareholders? Some have not even seen their gratuities to collect till today yet you're here preaching false gospel.

Anyways, the fact remains that Nigeria is neither the first or only country to have a contributory pension scheme that invests. A whole host of other countries do so as well. Whether they have private fund managers or not is largely irrelevant

You are now going back to agree with me that there is no point in separating an investment company owned by a government from a swf. However let us just keep it at investment company owned by a government. The first investment company owned by a government is the WNDC. It is not just a devco designed to churn out policies or maybe loan out money. It actually got dirty seeking profit in the economy. Actually a swf can just be saved money. You can't compare it to an investment company like WNDC that had sixty companies as at 1976.
How can the NNDC have a company in 1949 when they were not independent? The west became independent in 1957. Even Kuwait became independent in 1961. Are we now saying the British created something for them that they themselves did not have?
The said NNDC might have been a devco. The WNDC was not a mere devco. It was an investment company. An aggressive one.

The pension funds can own equity in any company and if your money is with them you are part owner of whatever they own. Nigerian pension funds are like swfs but they are mandated to grow at a minimum rate is the difference and the other difference I highlighted.
In the US you pay into social security but the money is not invested in the same way it is invested in Nigeria but it is still your money up until you are no more alive. It is not a real asset because a real asset should belong to your estate even after you die

lawani:
You are now going back to agree with me that there is no point in separating an investment company owned by a government from a swf. However let us just keep it at investment company owned by a government. The first investment company owned by a government is the WNDC. It is not just a devco designed to churn out policies or maybe loan out money. It actually got dirty seeking profit in the economy. Actually a swf can just be saved money. You can't compare it to an investment company like WNDC that had sixty companies as at 1976.
How can the NNDC have a company in 1949 when they were not independent? The west became independent in 1957. Even Kuwait became independent in 1961. Are we now saying the British created something for them that they themselves did not have?
The said NNDC might have been a devco. The WNDC was not a mere devco. It was an investment company. An aggressive one.

The pension funds can own equity in any company and if your money is with them you are part owner of whatever they own. Nigerian pension funds are like swfs but they are mandated to grow at a minimum rate is the difference and the other difference I highlighted.
In the US you pay into social security but the money is not invested in the same way it is invested in Nigeria but it is still your money up until you are no more alive. It is not a real asset because a real asset should belong to your estate even after you die

Where did I agree with you on anything? SWF are owned by sovereign states. I'm not aware of any SWF not owned by sovereign entities. You can bring examples if you have

You seem to have conveniently forgotten that you claimed the WNDC started as WISSC in 1955. Now you're asking how the north could have had a company in 1949 when it didn't have independence when you already gave the West a company in 1955! You're simply twisting facts to a certain narrative. You're not even interested in the sacred nature of facts. You're only interested in your narrative which is obviously aimed at ethnic prick rising, a shameful and tardy venture I must confess. There's nothing the WNDC was that the NNDC wasn't.

Pension funds are invested in the US. Go and do your findings properly. American express pension funds is in excess of billions and has invested in stocks and equities both foreign and local.

And that does not make the pension contributors part owners. If you claim so, show us the dividends they receive as part owners or their share certificates.

Kukutente23:
Where did I agree with you on anything? SWF are owned by sovereign states. I'm not aware of any SWF not owned by sovereign entities. You can bring examples if you have

You seem to have conveniently forgotten that you claimed the WNDC started as WISSC in 1955. Now you're asking how the north could have had a company in 1949 when it didn't have independence when you already gave the West a company in 1955! You're simply twisting facts to a certain narrative. You're not even interested in the sacred nature of facts. You're only interested in your narrative which is obviously aimed at ethnic prick rising, a shameful and tardy venture I must confess. There's nothing the WNDC was that the NNDC wasn't.

Pension funds are invested in the US. Go and do your findings properly. American express pension funds is in excess of billions and has invested in stocks and equities both foreign and local.

And that does not make the pension contributors part owners. If you claim so, show us the dividends they receive as part owners or their share certificates.

You stated that the NNDC could be considered a swf and Nigeria could be credited but credit goes to North. Those were your words which made me wonder if you were agreeing with me that any investment company owned by a government is a swf.

Then the AG was formed in 1951, four years before 1955. Awo was premier from 1952 to 1959 before going to the federal parliament. The problem is that the NPC was formed in 1949 June. Who established your NNDC ? and direct us to the site. At the most it was a devco established maybe by the British or the NPC. The WNDC was not a mere devco. It was an investment company. Do you agree?.

Do you have any problem with me being proud of what my ancestors achieved?. If so, that's your problem. I have no problem with anyone being happy with their ancestors and being proud of their achievements. If that is your problem, sorry.

Again, in the US, pension fund administrators are not mandated to grow at any minimum rate and what you have there is not a real asset as it does not belong to your estate. The managers in any other country are not charged like the Nigerian managers. If other countries pension funds are like Nigeria's, they will be major investors in their economies but that is not the case. In Nigeria your pension fund assets belongs to your estate. What they do in other countries is just pay you pension until you die and Nigeria was doing that even without having a pension fund.
As a worker, in other countries you have no real asset under your name in a pension fund but in Nigeria it is different. What does not belong to your estate is not a real asset. Don't be confused with the similarity in name. I hope you get it this time.

Why will you say workers are not part owners in a company where their funds manager invested their monies?. Who is then the owner? Would you say the shareholders of Berkshire Hathaway are not part owners of a company acquired by Berkshire Hathaway?. Your logic is strange to me.

lawani:
You stated that the NNDC could be considered a swf and Nigeria could be credited but credit goes to North. Those were your words which made me wonder if you were agreeing with me that any investment company owned by a government is a swf.

Then the AG was formed in 1951, four years before 1955. Awo was premier from 1952 to 1959 before going to the federal parliament. The problem is that the NPC was formed in 1949 June. Who established your NNDC ? and direct us to the site. At the most it was a devco established maybe by the British or the NPC. The WNDC was not a mere devco. It was an investment company. Do you agree?.

Do you have any problem with me being proud of what my ancestors achieved?. If so, that's your problem. I have no problem with anyone being happy with their ancestors and being proud of their achievements. If that is your problem, sorry.

Again, in the US, pension fund administrators are not mandated to grow at any minimum rate and what you have there is not a real asset as it does not belong to your estate. The managers in any other country are not charged like the Nigerian managers. If other countries pension funds are like Nigeria's, they will be major investors in their economies but that is not the case. In Nigeria your pension fund assets belongs to your estate. What they do in other countries is just pay you pension until you die and Nigeria was doing that even without having a pension fund.
As a worker, in other countries you have no real asset under your name in a pension fund but in Nigeria it is different. What does not belong to your estate is not a real asset. Don't be confused with the similarity in name. I hope you get it this time.

Why will you say workers are not part owners in a company where their funds manager invested their monies?. Who is then the owner? Would you say the shareholders of Berkshire Hathaway are not part owners of a company acquired by Berkshire Hathaway?. Your logic is strange to me.

I wasn't agreeing with you. I was only pointing out that even if it was your standard we were to adopt, that accolade will go to the north and not West but then you went about reducing the NNDC in a bid to ensure your narrative remains intact.

Look at the history you're giving above for example. How does it detract from the fact that the NNDC was created in 1949? Same way you began claiming that KIA that is acknowledged worldwide as the 1st SWF couldn't have been because you didn't see any mention of any particular investment on their Wikipedia page until 1986.

Meanwhile, even on Odua investment page, there's no particular mention of any investment and even you can't mention any. Should we then believe that WNDC had no investment and its successor has none as well? At least that's the metric you adopted to disregard KIA.

I have no problem with you being proud of your ancestors. Everyone should be proud of theirs. Every Yoruba should be proud of Awo's achievement and greatness but it shouldn't be built on lies and falsehood and certainly not on pulling others down and taking accolades that belong to them like that of KIA

Again, all your rigmarole does not make any meaningful difference. Pension funds are invested in other countries if the world too with returns. Investing pension funds in a company does not make pensioners shareholders in the company. You're simply mixing things up. Your claim is like saying anyone who has money in a mutual trust fund is a shareholder of any company the trust fund invests in. Take your time to know what it means to be a shareholder.

If the Nigerian pension scheme is so wonderful as you paint it why are pensioners crying and carrying placards all over the country? Some are paid as low as 20k as pensions and it's not even regular in some circumstances. Why do Nigerian pensioners have to sometimes bribe their PFA before they can access their pensions?

Kukutente23:
I wasn't agreeing with you. I was only pointing out that even if it was your standard we were to adopt, that accolade will go to the north and not West but then you went about reducing the NNDC in a bid to ensure your narrative remains intact.

Look at the history you're giving above for example. How does it detract from the fact that the NNDC was created in 1949? Same way you began claiming that KIA that is acknowledged worldwide as the 1st SWF couldn't have been because you didn't see any mention of any particular investment on their Wikipedia page until 1986.

Meanwhile, even on Odua investment page, there's no particular mention of any investment and even you can't mention any. Should we then believe that WNDC had no investment and its successor has none as well? At least that's the metric you adopted to disregard KIA.

I have no problem with you being proud of your ancestors. Everyone should be proud of theirs. Every Yoruba should be proud of Awo's achievement and greatness but it shouldn't be built on lies and falsehood and certainly not on pulling others down and taking accolades that belong to them like that of KIA

Again, all your rigmarole does not make any meaningful difference. Pension funds are invested in other countries if the world too with returns. Investing pension funds in a company does not make pensioners shareholders in the company. You're simply mixing things up. Your claim is like saying anyone who has money in a mutual trust fund is a shareholder of any company the trust fund invests in. Take your time to know what it means to be a shareholder.

If the Nigerian pension scheme is so wonderful as you paint it why are pensioners crying and carrying placards all over the country? Some are paid as low as 20k as pensions and it's not even regular in some circumstances. Why do Nigerian pensioners have to sometimes bribe their PFA before they can access their pensions?

KIA obviously was just saving money starting from 1953. They were saving budget surplus. They started investing in 1986. It is right there on their page. I am not downplaying their achievement but they were not an investment company in 1953. Oodua started it's journey in 1955 as the WSICC. It is okay for you to say and believe whatever you want. The facts can't be buried. Oodua had companies in the fifties. They are a main shareholder of Lafarge and recently sold their one percent stake in Guinness which was a bad decision. Some of the pioneer hotels in the country are owned by them but why don't you extract whatever you want to extract by yourself?. In 1976 when they became Oodua group they had over sixty companies apart from associate companies. You now want to compare them to KIA that made its first investment in 1986?. KIA can use it's savings to qualify as the first swf but it was not the first investment company owned by a government
Yes the pension fund is like a mutual fund and if you have money in a mutual fund then you are a part owner of whatever the fund has invested into. If a mutual fund owns shares in a company then those shares belong to the subscribers of the mutual fund indirectly. They don't need to be issued any certificate. Their fortunes are tied together. Who would you say owns the properties of a mutual fund?.

A major problem of the pension fund in Nigeria is inflation. As time goes on it will get better. Then if your salary was low then your pension asset will be low. All those are issues but it does not remove from the overall quality of the policy

You keep saying pension funds are invested in other countries too when I have pointed out to you that whatever you have in those funds in other countries is not part of your estate. What is important is increasing the estate of ordinary workers.

NNDC that you keep mentioning without pointing us to any link and which does not exist today was obviously a devco. It was not an investment company. There will be many such devcos

Go and argue with KIA website that puts their first investment in 1986. I am done with you

lawani:
Go and argue with KIA website that puts their first investment in 1986. I am done with you

Go and argue with these websites that have a list of SWFs all over the world and don't list WNDC. I am also done with you

https://ifswf.org/member-profiles/kuwait-investment-authority

https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund