While the National Assembly and the Private Sector Commission (PSC) will be identifying one candidate each for the board of the Natural Resource Fund, President Irfaan Ali will select one and possibly three in his own deliberate judgement, possibly giving him total control over this all-important oversight body.
Such concentration of powers in the Executive Presidency for the fund which controls all oil revenues accruing to the country will raise severe concerns and offend best practices for Sovereign Wealth Funds (SWFs).
The Natural Resource Fund Act has been slated by critics for its poor construction and vagueness on the Board of Directors which will govern it. However, what has now become clear is that President Ali won’t only be appointing directors and selecting the chairman, he will also be picking at least one and possibly three of the directors.
