FG Cannot Be Trusted to Manage Sovereign Wealth Fund – Gov. Babatunde Raji Fashola.

According to Fashola, “These really are the issues. It is not that the governors are up in arms against the idea of savings. But we are asking what the rules of engagement are and do those rules of engagement work within the rules that bind all of us?”

He added: “Which funds are you saving? Are they yours or are they mine? Before you save on my behalf, there is also the need to address the issue of trust. How efficiently have you managed the funds that the federation has put in your trust? And what makes you the better saver and better investors. “

Fashola also questioned the legal framework behind the Sovereign Wealth Fund highlighting the fact that the account lacked constitutional backing.

He posed, “Is the saving done within an expectable framework of the constitution?… The excess crude account has no constitutional legality. And I think in trying to find a way around that, we create another solution that will be subject to constitutional scrutiny. And indeed, can we, therefore, build an economy whose constitutional scrutiny is questionable? And until these issues are resolved, there are risk issues for investors.”..~Businessnews

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