The account currently holds about $5 billion despite years of record high oil prices. Mr. Zeitlin holds an A.B. “Upon completion of due diligence, the candidate for Chief Investment Officer has been dropped and the position will be re-advertised shortly,” Mrs. Okonjo-Iweala said. He attended Ahmadu Bello University Zaria, School of Basic Studies between 1973 and 1974, and between 1974 and 1977 he obtained a B.Sc. Sovereign wealth funds can be derived from a variety of sources and used for a variety of … Watch Queue Queue. This is the reserve amount which the federation account allocation committee agreed not to … He served as Vice President and Head of Africa Trade and Corporate Finance for Sub-Sahara Africa for Citibank. President Recep Tayyip Erdogan's son-in-law quit as the deputy head of Turkey's huge sovereign wealth fund, completing a fall from grace that began with … Agbaeze E. K. and Onwuka I. O (2014) Sovereign Wealth Fund – A Paradigm Shift for Nigeria, Sky Journal of Business Administration and Management , Vol. The leadership of the Nigeria Sovereign Investment Authority NSIA established to manage the nations Sovereign Wealth Fund SWF faces a Herculean task given the con. His appointment is for a term of five years. The first task before the board is to prove that the Fund is indeed independent as enshrined in its enabling act namely the Nigeria Sovereign Investment Authority (NSIA) Act 2011. She is also the Chief Operating officer of NSIA. degree in Economics from the same University. Despite the present fiscal constraints, the Buhari administration has increased it’s commitment to the National Sovereign Wealth Fund by 50 percent, committing an additional 500 million dollars.. Acting President Yemi Osinbajo made the disclosure while inaugurating the second board of the Nigeria Sovereign Investment Authority at the Presidential Villa in Abuja. Former JP Morgan head; Orji was the Managing Director in the technology group of UBS Investment Bank. Mr. Orji is the Managing Director/CEO of the Nigeria Sovereign Investment Authority. In recent years a new cohort of Sovereign Development Funds, SDFs, have arrived on the scene seeking to catalyse investment and growth in their own economies. He started his career in the New Nigeria Development Company (NNDC) Kaduna as an Investment Executive (1978 – 1980) and rose to the level of Principal Investment Executive between 1983 and 1985. By continuing to use this website you are giving consent to cookies being used. Jide was nominated by the Obama White House to represent the U.S.A. on financial reforms at the United Nations. Nigeria has so far invested in the SWF $1 billion, then $500 million, and a further $650 million. ... Sovereign wealth fund: Task before the Rasheed led board. Yet Albayrak still held on to his post as deputy head of the sovereign wealth fund, which was created in 2016 and now manages state assets officially valued at $22.6 billion. Board Director of First Bank of Nigeria Plc was born in Katsina in 1951. Ibukun independently established an ultra-modern furniture facility - Furniture Manufacturers' Mart in Ikeja, Lagos in the latter part of 2006. Given Nigeria's dependence on oil, its economy is susceptible to shifts in oil prices. Box 18782, Ikeja, Lagos, Nigeria. In the case of Nigeria, the sovereign wealth fund is aimed at having good management of the nation's oil windfall. ... the country would be actually taking that money and hopefully creating some sort of strong governance board and management to supervise- invest and grow the fund for days of shortfall in oil revenue. Other members of the board include: Arnold Ekpe, Jide Zeitlin, Bili Awosika, Bisi Soyebo, Hassan Usman, and Stella Ojekwe-Onyejeli, who will also serve as Chief Risk Officer. The NSIA operations are professional and transparent. He worked with Citibank and the Financial Markets Division of Arthur Andersen S.C. London. Nigeria has so far invested in the SWF $1 billion, then $500 million, and a further $650 million. He was Chairman, Nigeria Security Printing and Minting Plc 2003. Ekpe served as Chief Executive Officer for Ecobank Transnational, Inc. from 1996 to 2001. President Goodluck Jonathan assented to the bill on May 27, 2012. COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund / IMF Ranks Nigeria Second Worst In The World In Use Of Sovereign Wealth Fund / Sovereign Wealth Fund: More Lies From Presidency At Ramadan – Reno Omokri (1) Sovereign Wealth Funds Briefing - Categorized | Financials Nigeria: TCN board seeks funding from Excess Crude Account. She is the Founder ad Chairman of The Chair Centre Ltd, a market leader in the office furniture and banking security industries. As at the end of 2013, all capital had been deployed in accordance with the allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and Credit Suisse (Corporate Bond mandates). The legal framework for the Nigeria Sovereign Investment Authority (NSIA) is the NSIA Act 2011. The finance minister, Ngozi Okonjo-Iweala, announced the appointment on Tuesday in a statement. He urged Federal Government to urgently consider funding the East-West road from the Sovereign Wealth Fund to guarantee its completion by 2022 as being taunted by the Minister of the Niger Delta. CHAIRMAN of BOARD - Mahey Rafindadi Rasheed. With the board and management in place, the SWF is set to begin operations. The Act was signed into law by the President of the Federal Republic of Nigeria on May 28, 2011. Post was not sent - check your email addresses! 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A controversial and illicit account, the ECA has been trailed by transparency and accountability concerns with its balance – reaching $20 billion in 2007- arbitrarily shared between the federal and state governments. READ ALSO Tony Blair to deliver 2020 Kofi Annan Speakers’ Lecture She said she hoped more money would be paid in later, adding that 20 percent of the fund would go to each of its three targets and the board would decide how to invest the other 40 percent. He also serves on the Board of Directors and Audit Committee of Coach, Inc., a designer and marketer of premium handbags and accessories. You would be the first to know the latest happenings around the Financial Market on, Proshare is Nigeria’s Premier Financial, Business and Economic Information Hub (since 2006), Registered Office: Plot 590B, Lekan Asuni Close, Omole Phase II, Isheri LGA, P.O. Initiatives of shareholder engagement must take into consideration the modern, complex nature of share ownership. Implementation of the Sovereign Wealth Fund will commence with an initial fund of $1 billion. Frank Ikpefan, Abuja. The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilisation Fund, according to Act signed by President Goodluck Jonathan on May 27, 2012. She recently bagged the International Women Entrepreneurial Challenges Award, courtesy of Manhattan Chambers of Commerce and the United States Government. 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A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.Sovereign wealth funds invest globally. “I am sure the team realizes what is at stake and is ready to do the necessary work so that the country can start enjoying the benefits as soon as possible.”. She is married with three children. TEXT AD: To advertise here . NIGERIA’S SOVEREIGN WEALTH FUND I n 2004, the administration of former President Olusegun Obasanjo es-tablished the Excess Crude Account (ECA) into which oil revenues sold above budgetary benchmark were paid. Nigeria sovereign wealth fund has only $1billion as take-off fund. Mr. Zeitlin currently serves as Chairman of the Board of Trustees at Amherst College and is a member of the Boards of Milton Academy, the Harvard Business School Board of Dean's Advisors, Teach for America, Doris Duke Charitable Foundation, Montefiore Medical Center, Playwrights Horizons and Common Ground Community. Call Willie +2347088095401... if (screen && screen.width > 1024){var script=document.createElement('script'); script.src='//served-by.pixfuture.com/www/delivery/headerbid.js'; script.setAttribute("slotId","20018x300x600x3423x_ADSLOT9"); script.setAttribute("refreshInterval",30); script.setAttribute("refreshTime",5); document.getElementById("20018x300x600x3423x_ADSLOT9").appendChild(script);}. The Nigeria Sovereign Investment Authority is the manager of Nigeria’s Sovereign Wealth Fund. Nigeria will announce in August the management team for its sovereign wealth fund (SWF), which it expects to launch by the end of this year, the finance minister told Reuters on Monday. Mr. Ekpe joined United Bank for Africa in 2001, where he served as the Chief Executive Officer from 2002 to 2004. Wed, Nov 25, 2020. He held positions in Nigeria with Diamond Bank Ltd. and Arthur Andersen LLP. He urged Federal Government to urgently consider funding the East-West road from the Sovereign Wealth Fund to guarantee its completion by 2022 as being taunted by the Minister of the Niger Delta. The theme of the Webinar was “Nigerian Sovereign Wealth Fund and the urgency for economic diversification.” Aganga said that the country needs to start shifting it’s focus from oil to non-oil sector in order to effectively achieve economic development. “I think the sovereign wealth fund will make Nigeria more attractive for investors,” she said. The Federal government has appointed Mahey Rasheed, a member of the Board of First Bank, to head the board of Nigeria’s Sovereign Wealth Fund. The future sovereign fund will be designed to underpin Ivory Coast's strategic development over the next thirty years - a project being overseen by Patrick Achi. The new MD/CEO, Mr. Orji, will assume duties in October, the ministry added. The minister said Mr. Orji’s appointment followed his top performance in the contest for the position. Today, around 52 SDFs manage approximately $1.6 trillion in assets, says Diego López, managing director, Global Sovereign Wealth Fund Capital in New York. The fund is to replace the Excess Crude Account, which holds the differential in oil revenues above annual benchmark price. Need to Patronise Domestic Markets However, stockbrokers have said the domestic market should be considered when the decision to invest the fund would be made. He has over 26 years of African and international banking experience having also worked in Europe, South Africa and West Africa for Citibank and First Chicago. Ekpe has been Group Chief Executive Officer of the bank since 2005. He served as Director on the Boards of Nidogas Ltd, Lagos, Nigeria, Ceramic Manufacturers Ltd, Kano, Nigeria; Cotton Agricultural Processors Ltd, Zaria, Nigeria; Dorman Long Amalgamated Engineering Co. Ltd. Lagos, Nigeria; Cement Company of Northern Nigeria Ltd, Sokoto; and Kano citizens Trading Co., Kano (a Textile Company).He was Assistant Director, Foreign Operations Department of the Central Bank of Nigeria (CBN) between 1985 – 1987. He formerly served as a partner at The Goldman Sachs Group, Inc., where his career included a number of senior management positions in the investment banking division; he focused on the industrial, consumer and healthcare industries. He has served on the boards of major corporations, including NITEL. The NSIA operations are professional and transparent. Nigeria Sovereign Investment Authority (NSIA) is a Sovereign Wealth Fund located in Abuja Nigeria, Africa, and was founded in 2012. Telephone: 0700 PROSHARE (070077674273), Some of our Trademarks are: WebTV, TheAnalyst, Proshare, Personal Finance, The Nigerian Capital Market Reports, Money Africa, The Nigerian Investor, Making Money in the Nigerian Capital Market, Investor Relations Service, Proshare Investment Clubs, DIGITALTV, Islamic Finance, The Market Opening Gong. Fund Mandates NSIA Funds: Three Separate & Ring-fenced Investment Funds. The Global Coordinator and Head of U.S. Semiconductor Research, Uche Orji, was also appointed Managing Director/Chief Executive Officer of the Fund. The ECA was not backed by law; consequently since its establishment there has been a raging controversy Current Assets for NSIA is $1,781,510,000 and SWFI has 7 periods of historical assets, 18 subsidiaries, 75 transactions, 4 Opportunities/RFPs, 41 personal contacts available for … He was an Analyst and Fund Manager with Goldman Sachs Asset Management based in London. Future Generations Fund The FGF has a long investment time horizon of greater than 20 years, effectively spanning multiple economic and market cycles. The government then seeded the investment with $1bn USD and announced that it would start investing via 3 sub-funds: 32.5 percent in the Future Generations Fund, 32.5 percent in the Nigeria Infrastructure Fund and 20 percent in the Stabilization Fund . THE ECONOMICS OF NIGERIA’S SOVEREIGN WEALTH FUND. 40 of these were long listed by KPMG which assisted in sourcing suitable candidates, 16 candidates were short listed before the final three were selected,” the minister added. Nigerian Government Appoints Man of Questionable Character as Board Chair of Sovereign Wealth Fund In December 2009, Mr. Jide Zeitlin withdrew his nomination as … The Federal government has appointed Mahey Rasheed, a member of the Board of First Bank, to head the board of Nigeria’s Sovereign Wealth Fund. The banker offered to manage Nigeria’s sovereign wealth fund — and Jonathan agreed. Sovereign wealth funds (SWFs), like other endowments, are designed to preserve wealth for future generations. The government then seeded the investment with $1bn USD and announced that it would start investing via 3 sub-funds: 32.5 percent in the Future Generations Fund, 32.5 percent in the Nigeria Infrastructure Fund and 20 percent in the Stabilization Fund . Mrs. Okonjo-Iweala described the establishment of the Sovereign Wealth Fund as “a victory for all Nigerians and a credit to the President who assented to the Bill in May last year.”, “We have started putting together a quality team to ensure that we realize the objectives that inspired the establishment of the SWF,” Mrs Okonjo-Iweala, said. Had it been that we established the Sovereign Wealth Fund 50 years ago, we would have gone very far,” he said. Belo-Olusoga joined the board of Access Bank in November 2007 and was the chairman of the bank’s credit and finance committee until her appointment as the Chairman of the Board … Nigeria joined most oil exporting countries on August 29th and set up a fund to direct oil revenues into longer‐term investment. Petroleum exports account for approximately 90 percent of its foreign revenue and 80 percent of government revenue. 001 – 010 March, To receive our NEW investment newsletter containing intelligent investing news, data, analysis and research, type in your e-mail address. The Nigeria Labour Congress (NLC) has warned state governors to shun the temptation to borrow from the N17 trillion pension fund for infrastructure. A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.Sovereign wealth funds invest globally. In fact, the bill for the Act states in its Preamble that: Member, Board of Directors, British – American Insurance Company Ltd, 1984 -1986; Member, FGN Budget Review Committee (1991 – 94); and Nigerian Government Representative in Liquefied Natural Gas (NLNG) project. Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns, while relying more on artificial intelligence to … It was established as independent agency by an act of the National Assembly in May 2011. He covered large-cap semiconductor companies. On March 9, 2019, the Nigerian President confirmed the appointment of two Executive Directors to the NSIA Board (Nigeria Sovereign Investment Authority). Sovereign Wealth Fund kicks off as board is unveiled. This, coupled with the Fund's payout requirements, allows management to gain exposure to certain asset classes that are less liquid and can therefore attain greater risk-adjusted returns. The bill was assented to by the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan on May 26, 2011 and subsequently gazette on June 3, 2011. A sovereign wealth fund (SWF) is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments.Sovereign wealth funds are entities that manage the national savings for the purposes of investment. What happens, though, when the claims of the present are more pressing? Nigeria’s dependence on crude oil revenue makes its economy subject to the vagaries of the international oil market. Mr. Zeitlin joined Goldman Sachs in 1987, became a partner in 1996 and retired from the firm in December 2005. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. 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. Related News: FG picks management team for sovereign wealth fund, CHAIRMAN of BOARD - Mahey Rafindadi Rasheed. Posted on 30 August 2013 Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. var adx_size="300x250"; Ibukun is currently the chairman of Intermarc Consulting Limited. This website makes use of cookies to maximise functionality and improve your experience on the website. Need to Patronise Domestic Markets However, stockbrokers have said the domestic market should be considered when the decision to invest the fund would be made. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Nigeria’s Sovereign Wealth Fund was an upgrade on the ECA. With the board and management in place, the SWF is set to begin operations. He also served in the firm’s executive office. The first task before the board is to prove that the Fund is indeed independent as enshrined in its enabling act namely the Nigeria Sovereign Investment Authority (NSIA) Act 2011. He joined NSIA as CEO in October 2012, from Switzerland’s largest bank, UBS Securities, where he was Managing Director in the New York branch of its Equities Division. A sovereign wealth fund is a state-owned investment fund. Orji holds an MBA from Harvard Business School and a bachelor’s degree in engineering from the University of Port Harcourt. 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. var adx_adsvr_adspace_vAppRoot="https://ads.dochase.com/adx-dir-d/"; Mr. Orji, who is also a Co-Head of U.S. Tech Sector Research, at global investment bank, UBS, also previously served as Managing Director at JP Morgan. A A A. This problem is heightened by the mismanagement of public funds and the absence of adequate infrastructure to meet the needs of Nigeria’s ever-increasing population. She worked with Akintola Williams & Co. before establishing Qubees Limited in 1989 and The Chair Centre in 1997. Prior to becoming CEO of ASO, Hassan served as Executive Director (Investments) at Abuja Investment and Property Development Company Ltd., the Federal Capital Territory’s premier development agency. He was a Deputy Governor, Central Bank of Nigeria in 1999. Jide J. Zeitlin is a private investor with investments in telecommunications infrastructure and life sciences. Stella Ojekwe-Onyejeli has been reappointed as Executive Director for a second term. The Federal government has appointed Mahey Rasheed, a member of the Board of First Bank, to head the board of Nigeria’s Sovereign Wealth Fund. 2(1), pp. He brings a wealth of global experience in the financial services sector to his role as MD/CEO. International advocacy organization Global Citizen and the Nigeria Sovereign Investment Authority (NSIA) have partnered to create the Nigeria Solidarity Support Fund (NSSF), a fund for Nigerians by Nigerians to combat the devastating effects brought on the people of Nigeria by COVID-19 and its associated restrictions. He has also headed key units of the Bureau of Public Enterprises, including Petrochemicals and Gas, Transport Sector Reform and Telecommunications. “In all, 730 applications were received for three executive positions – Chief Executive Officer, Executive Director (Investments), and Executive Director (Risk). There has been a significant transformation of […] The Sovereign wealth fund will provide 20 percent apiece, of its total for a future generation savings, infrastructure development and the stabilization of the economy respectively. var adx_adsvr_adspace_id="3985"; Nigeria is the most populous country on the African continent with an estimated 203,452,505 million people. ... “I think the sovereign wealth fund will make Nigeria more attractive for investors,” she said. NIGERIA: Sovereign Wealth Fund NIGERIA: Sovereign Wealth Fund 2012-10-01 00:00:00 It is hoped the fund will provide a firmer legal basis to ring‐fence savings. This video is unavailable. NIGERIA SOVEREIGN WEALTH FUND: A ROAD MAP TO AVOID THE OIL CURSE. She is the host of a telecast, Business - His Way, where she shares ethical business values and principles, distilled from the word of God, with business people and professionals in Nigeria and neighboring countries. Sovereign wealth funds can be derived from a variety of sources and used for a variety of … He attended Ahmadu Bello University Zaria, School of Basic Studies between 1973 and 1974, and between 1974 and 1977 he obtained a B.Sc. var adx_custom=""; This is a short guide to sovereign wealth funds. NSIA was established by an act of the National Assembly in May 2011. The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. A sovereign wealth fund is a state-owned investment fund. Shareholders can no longer be considered as a single group, instead the shareholder base may include a range of institutional investors, hedge funds, private equity funds, sovereign wealth funds and other activist investors. Sovereign Wealth Fund kicks off as board is unveiled Following a rigorous and transparent process which lasted almost a year, the much anticipated Sovereign Wealth Fund (SWF) has become a reality with the announcement of the Board of the institution which will provide guidance for the operations of the Nigerian Investment Authority (NSIA). Watch Queue Queue Nigeria sovereign wealth fund has only $1billion as take-off fund. Nigeria Sovereign Investment Authority is a Sovereign Wealth Fund created by the government of Nigeria in 2013. No other bank in the world was asked to tender for this profitable work. Board Director of First Bank of Nigeria Plc was born in Katsina in 1951. The Fund will be managed by the Nigerian Investment Authority (NSIA). Nigeria was one of only three OPEC member states without a sovereign wealth fund. Ekpe is the Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI). Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches Nigeria announces board to manage proposed $1bln SWF fund … State Governors initially opposed the Fund, describing it as illegal, and saying it would deny them the opportunity to have enough money to develop their states. The Fund will have no investment officer yet. The Nigeria Sovereign Wealth Fund (NSWF) legislation is necessitated by the depletion and the non-renewable nature of the hydrocarbon resources in the country and the need to develop critical infrastructure that would attract investment and diversify the economy. https://republic.com.ng/.../political-economy-of-nigerias-sovereign-wealth-fund The Managing Director, Nigerian Sovereign Investments Authority (NSIA), Mr. Uche Orji, has faulted the International Monetary Fund’s (IMF) ranking of Nigeria as the second worst country in the world in the use of Sovereign Wealth Funds (SWF). Hassan is the Managing Director and Chief Executive Officer, ASO Savings and Loans Limited. Headquartered in Beijing, China Investment Corporation (CIC) was founded on 29 September 2007 as China's sovereign wealth fund incorporated in accord with China's Company Law, with registered capital of … Recent additions to her entrepreneurial exploits are the expansion of The Chair Centre Ltd by opening outlets offices in Accra, Tinapa and Calabar. This is the reserve amount which the federation account allocation committee agreed not to … Nigeria’s Sovereign Wealth Fund was an upgrade on the ECA. There is an official definition of a sovereign wealth fund, written by sovereign wealth funds themselves in 2008 and published in Appendix I of the Santiago Principles.In short, this defines sovereign wealth funds as having three key characteristics: degree in Economics and English from Amherst College and an M.B.A. degree from Harvard University. He brings a wealth of global experience in the financial services sector to his role as MD/CEO. Related News: FG picks management team for sovereign wealth fund . The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. Nigeria is one of only three OPEC member states that do not have an SWF, and the new fund is being keenly watched by global markets and investors in the country. Had it been that we established the Sovereign Wealth Fund 50 years ago, we would have gone very far,” he said. Mr. Orji is the Managing Director/CEO of the Nigeria Sovereign Investment Authority. Before joining UBS, Mr. Orji worked at J.P. Morgan Securities in London, where he established the team as one of the top semiconductor teams in Institutional Investor’s “All-Europe Research Team.” He held top positions in the Thomson Reuters Extel Survey. The Managing Director of the Sovereign Wealth Fund was a former MD at financial giant, JP Morgan. 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Of the Chair Centre Ltd, a market leader in the latter part of 2006 Business Administration Manchester... Jonathan assented to the bill on May 28, 2011 650 million she recently bagged the international entrepreneurial. Positions in Nigeria with Diamond Bank Ltd. and Arthur Andersen LLP outlets offices Accra! Longer‐Term Investment $ 1billion as take-off fund Plc 2003 Act was signed into law by the Nigerian Investment Authority NSIA! Manage Nigeria ’ s Sovereign wealth fund kicks off as board is unveiled a leader! To preserve wealth for future generations financial giant, JP Morgan Head ; Orji was the Managing of... Consideration the modern, complex nature of share ownership, we would have gone very far, ” said! Minting Plc 2003 1996 to 2001 a Deputy Governor, Central Bank of Nigeria in 2013 dependence... 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