Sovereign Wealth Fund: Zoning stalls composition of members

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 BY INALEGWU SHAIBU

ABUJA-THE Senate yesterday suspended the consideration of the Sovereign Wealth Fund bill following divisions among senators on the composition of members of the Governing Council of the Fund.

Clause 8(h) of the bill stipulates the appointment of four reputable Nigerians as members, Governing Council.

But some senators were quick to point out that the provision failed to justify the diversity of the country in the make-up of the council.

The section read: “Four reputable individuals representing the private sector with cognate experience in finance, economics, investment or other related areas of expertise.”

Eight clauses of the bill were considered and passed at the Senate presided over by Senator David Mark. He was, however, compelled to halt further consideration of the bill when a consensus could not be reached on clause 8(h).

Senators Ahmed Lawan and Umar Hambagda both argued that restricting the number of board members to just four will violate the principle of zoning.

Senator Lawan, ANPP,  Yobe, in his argument, said “I would have expected section 8(h) to have taken into consideration the diversity of the country so that what happened in the composition of AMCON board where the South West had two members does not happen here.”

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