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BMO berates IMF ‘contradicting’ stance on Nigeria’s Sovereign Wealth Fund

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IMF raises alarm about 'storm clouds' over world economy

The Buhari Media Organisation (BMO) has considered as shallow and lacking credibility the stance of the International Monetary Fund (IMF) on how Nigeria manages her Sovereign Wealth Fund (SWF).

BMO expressed disappointment that the global financial institution relied on secondary data before giving an assessment of the management of the country’s sovereignty fund.

It recalled that IMF had in a statement credited to its Director of Strategy and Communications made satisfactory remarks on the fund but wondered how it was giving a contradicting comment a year after.

BMO, in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, on Friday, said, “One would expect the International Monetary Fund to take a cue from her position.’’

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It said, “A situation where the IMF depended on secondary sources for gathering of data in ranking an important country like Nigeria is unacceptable.”

“How does the IMF expect Nigerians to take its ranking seriously when it relied on secondary data without conducting an interview with the management of Nigeria Sovereign Investment Authority for information on the management of the sovereign wealth fund”, the group wondered.

“The NSIA is structured in three separate investment funds; Stabilization Fund, Future Generation Fund, and Nigeria Infrastructure Fund. Two of those Funds are invested globally while the Nigerian Infrastructure Fund of the Sovereign Wealth Fund is being invested in the development of critical infrastructure like the second Niger Bridge, Lagos-Ibadan Expressway, East-West Road, and the Mambilla Hydro Project.”

“What parameters did the secondary data source use in reaching such conclusions?. On Governance, Nigerian Sovereign Investment Authority has a governing board which plays its supervisory role in the management of the Funds and the activities of the fund are transparent, accountable and verifiable.’’

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