TAILIEUCHUNG - The Sovereign Wealth Fund Initiative March 2012: AN OVERVIEW OF THE NIGERIAN SOVEREIGN INVESTMENT AUTHORITY

While not considered here, purchase prices would be relevant in considering a sponsor’s ability to support since a sponsor would need adequate liquidity for the purchase in addition to the ability to absorb related losses. Notably, the Credit Suisse Institutional Money Market Fund Inc. disclosed sponsor purchases in the amount of $ billion during the year ended December 31, 2007. In December 2007, Janus Capital management purchased Stanfield Victoria Funding LLC positions from two Janus funds for over $100 million. Asserting that amortized cost approximated fair market value, neither MMMF disclosed any related losses or contributions from the sponsor, and. | The Fletcher . School TUFTS UNIVERSITY The Sovereign Wealth Fund Initiative March 2012 AN OVERVIEW OF THE NIGERIAN SOVEREIGN INVESTMENT AUTHORITY By John St. Claret Ezeani1 Nigeria officially joined the global sovereign wealth fund SWF fraternity on May 26 2011 when Nigeria s President Goodluck Jonathan signed into law the Nigeria Sovereign Investment Authority Act of 2011 the Act as passed earlier that month by the two houses of Nigeria s federal legislative body the National Assembly. By commencing the initiative Nigeria finally embraced an initiative that had become widely associated with nations whose economies are mostly if not solely dependent on the natural resource extraction sector. Indeed hitherto Nigeria was one of only three members of the Organization for the Petroleum Exporting Countries OPEC that did not have a The Act establishes the Nigeria Sovereign Investment Authority the Authority as a vehicle for the actualization of Nigeria s SWF aspirations. Those aspirations may be deciphered from the stated objectives of the Act and also from the functions and powers assigned to the Authority by the Act. The rationale for establishing the Authority may be found in the Commencement section of the Act where it is stated that the mandate of the Authority is necessary to prepare for the eventual depletion of Nigeria s bi-carbon resources . 1 John Ezeani is engaged in the practice of Public International Law and International Economic Law. He holds an . International Law Degree from the Fletcher School of Law and Diplomacy USA. He also holds two Masters Degrees in Law LLM and in International Law and Diplomacy MILD from the University of Lagos Nigeria and certificates in Infrastructure Management in a Market Economy from Harvard University s John F. Kennedy School of Government and Designing Legal Frameworks for Public Private Partnerships from the Institute of Public Private Partnerships IP3 Arlington VA 2 See Nigerian Governors Appeal to Block .

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