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Litigants from the UK and the US target Nigerian Sovereign Investment Authority’s funds
| November 07, 2014
The Nigerian Sovereign Investment Authority (NSIA) has alerted the federal government of Nigeria that foreign litigants, particularly from the UK and the US, are targeting its assets, which are managed by foreign interests, to receive payment for outstanding obligations of the Federal government. Mr. Uche Orji, Managing Director and CEO of NSIA, told members of the House of Representatives Committee on Finance that due to the federal government’s failure to meet their obligations, the plaintiffs have taken it upon themselves to enlist the help of the District Court of Columbia in the US, and are targeting the assets of the NSIA and other agencies in the custody of JP Morgan. He explained that the NSIA is concerned there are cases that could be ruled against the government and affect the profitability of the NSIA. He gave an example of a case in the UK where judgement was given against the Minister of Interior and the Attorney General of the Federation. Orji reaffirmed that the objective of the NSIA is to judiciously manage seed capital and he affirmed the transparent nature of NSIA activities.

(2) Comment


"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
OMOTAYO, J. A.    Eldoret, KENYA    November 10, 2014
Is this the beginning of the failure of the so-called "robust economy" of the Mr. Goodluck Ebele Jonathan's administration? Is it not too early that this is happening while the super-Minister extraordinary, Mrs. Ngozi Okonjo-Iweala is still in office? I am grateful to God that I have refused to be misled by the rhetoric of the duo. The dawn of reality is very close by.
God save Nigeria.
OMOTAYO, J. A.    Eldoret, KENYA    November 10, 2014
Can anyone believe that both Messrs Goodluck Ebele Jonathan and Ngozi Okonjo-Iweala are holders of Phd? Perhaps theirs were Paper Handling Degrees (Phd) not the usual Doctor of Philosophy (Phd) other intellectuals obtain from the university. The mismanagement of the country (economic, political, social, educational etc deterioration) attested to their collective lack of knowledge required to lead. They are both a disgrace to Nigeria and Nigerians.

The reason why Mr. Obasanjo redeployed Mrs. Okonjo-Iweala from the Finance Ministry to Foreign Affairs Ministry is now self-evident. The reason why Mr. Goodluck Ebele Jonathan could not be considered for employment immediately after his interview at the Niger Delta Commission (as the Secretary of the Commission had to wait for another three months after his interview) is now self-evident. Unfortunately, these are the people at the helm of affairs in Nigeria.
I have just read that the exchange rate has deteriorated from N150 - N160 : $1.00 to over N170 : $1.00. We are getting to the dawn of reality. Very soon, the fantasy will disappear and Nigerians will realize that they have been deceived by a group of conmen in position of power.

God save Nigeria
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