KPMG to manage Nigerian Sovereign Wealth Fund

ABUJA (Reuters): Nigeria has begun the implementation of its Sovereign Wealth Fund (SWF), which will be managed by global auditor and consultancy KPMG, the Finance Minister said on Tuesday.

Ngozi Okonjo-Iweala said the Board of the SWF would be confirmed by mid-December.

An initial $ 1 billion has been taken from the Excess Crude Account (ECA) to be used in the SWF. The ECA now contains around $ 5 billion, Okonjo-Iweala said.