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The Federal Government of Nigeria has selected 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF), established by the Federal Ministry of Industry, Trade, and Investment.
According to a presentation document seen by newsmen, the fund aims to attract both international and local capital into critical sectors of the Nigerian economy.
The selection of fund managers followed a rigorous evaluation process overseen by the Securities Exchange Commission (SEC), and include prominent names such as Coronation Asset Management, Stanbic IBTC, AIICO Capital, and more.
These fund managers will each oversee specific sub-funds within the NGIF, structured to house 14 sub-funds each tasked with raising an average of $50 million and 49 individual funds.
The 14 sub-funds under the NGIF will focus on priority sectors such as Automotive/Light Manufacturing, Agriculture, Pharmaceuticals/Healthcare, Oil & Gas, Energy, Fintech/Banking, Heavy Industries, Real Estate, Mines/Solid Minerals, Creative Economy/Tourism, Aviation, Infrastructure, Education, and IT.
The United Arab Emirates has stated that it is closely monitoring the case of Pavel Durov, the founder and CEO of the Telegram messaging app, who was recently arrested in France. In a statement released on Tuesday, the UAE’s Ministry of Foreign Affairs confirmed it is following Durov’s case closely and has requested that the French government provide him with all necessary consular services, emphasizing that caring for its citizens […]
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