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Just in: Trump launches first US sovereign wealth fund
U.S. President Donald Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok.
If created, the sovereign wealth fund could place the U.S. alongside numerous other countries, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government dollars.
The text of the executive order was sparse on details, and simply directed the Treasury and Commerce Departments to submit a plan for such a fund within 90 days, including recommendations on “funding mechanisms, investment strategies, fund structure, and a governance model.”
Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.
“We’re going to create a lot of wealth for the fund,” Trump told reporters. “And I think it’s about time that this country had a sovereign wealth fund.”
Trump had previously floated such a government investment vehicle as a presidential candidate, saying it could fund “great national endeavors” like infrastructure projects such as highways and airports, manufacturing, and medical research.
Administration officials did not say how the fund would operate or be financed, but Trump has previously said it could be funded by “tariffs and other intelligent things.”
Treasury Secretary Scott Bessent told reporters the fund would be set up within the next 12 months.
“We’re going to monetize the asset side of the U.S. balance sheet for the American people,” Bessent said. “There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.”
One approach would be to convert the U.S. International Development Finance Corp (DFC) to function similar to a sovereign wealth fund, which the Trump administration reportedly considered in recent months, Bloomberg News reported. The DFC is a government agency that currently partners with private parties to finance projects in the developing world.
Trump announced Friday he was nominating Benjamin Black to head that development agency. Black, a managing partner at investment firm Fortinbras Enterprises, is the son of Leon Black, the co-founder of asset management firm Apollo Global Management.
The Biden administration also was considering establishing such a fund prior to Trump’s election in November, according to The New York Times and Financial Times.
But precisely how such a fund would be structured, and funded, remained unclear. Several experts said Congress would likely need to authorize new funding given the lack of an existing surplus to tap. The order directed officials to review any need for legislation.
Clemence Landers, a former Treasury official who is now with the Center for Global Development, said there has been talk of repurposing the DFC but setting up such a fund would require Congress.
“Obviously you can’t establish an institution by executive order and more to the point is you can’t fund an institution by executive order,” she said.
Investors said the news came as a surprise.
“Creating a sovereign wealth fund suggests that a country has savings that will go up and can be allocated to this,” said Colin Graham, head of multi-asset strategies at Robeco in London. “The economic rules of thumb don’t add up.”
There are over 90 such funds across the world managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds.
Numerous U.S. states, including Alaska, Texas and New Mexico also have their own wealth funds, which help fund various priorities, including education and tax relief. They frequently rely on revenue raised by natural resources, like oil or land.
In another surprise twist, Trump suggested the wealth fund could buy TikTok, whose fate has been up in the air since a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.
Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.
Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February. The popular app has about 170 million American users.
“We’re going to be doing something, perhaps with TikTok, and perhaps not,” Trump said. “If we make the right deal, we’ll do it. Otherwise, we won’t…we might put that in the sovereign wealth fund.”
Five Nigerian soldiers were reportedly killed on Friday, April 17, 2026, when suspected fighters of the Islamic State West Africa Province (ISWAP) attacked a military base in Mussa village, Borno State.
According to militia sources who spoke to AFP, the insurgents stormed the base before being repelled by troops. Following the attack, clashes were also reported in nearby Leho village.
However, the Armed Forces of Nigeria (AFN) have recorded significant operational successes across multiple theatres of operation between April 10 and 16, 2026, as troops sustained coordinated offensives against Boko Haram, ISWAP, JAS, violent extremist groups, kidnappers, and secessionist armed elements nationwide.
According to a statement issued by the Directorate of Defence Media Operations, the operations led to the arrest of several suspects, rescue of kidnapped victims, interception of terrorist logistics supplies, and neutralisation of armed criminals in ongoing efforts to create a safer and more secure environment across the country.
Troops of Operation HADIN KAI in the North East also maintained sustained pressure on insurgent networks across Borno, Yobe, and Adamawa States, recording multiple arrests and seizures.
In Gubio Local Government Area of Borno State, a suspect who confessed to supplying Premium Motor Spirit (PMS) to terrorists for about 10 years was arrested, with 60 litres of fuel, a mobile phone, and cash recovered.
In Adamawa State, 20 suspects were apprehended during raids on criminal hideouts in Mubi North, with items including electronics, cash totaling over ₦2.1 million, and other materials recovered.
In Yobe State, troops arrested three suspected informants linked to monitoring troop movements.
However, the Nigerian military had also in recent times suffered set backs in the fight against insurgency in the North East. Nigeria Tourism Guide
Suspected fighters of Islamic State West Africa Province (ISWAP) had last week attacked a military formation, killing a colonel, I.A. Mohammed, and other soldiers.
Also Brigadier General Oseni Omoh Braimah and 6 soldiers paid the supreme price early in a coordinated attacks by suspected members of the Islamic State of West Africa Province (ISWAP) on military formations in Benisheikh, Kaga Local Government Area, as well as Ngamdu and Pulka town in the Gwoza LGA of Borno state.
Former Nigerian Petroleum Minister Diezani Alison-Madueke told a UK court that her role in approving oil contracts was largely routine, stating that major decisions were already taken before documents reached her desk.
Speaking at Southwark Crown Court in London, she explained that the structure of Nigeria’s oil sector meant she had limited direct control, as key operations were handled by the leadership of the Nigerian National Petroleum Corporation (NNPC).
“The system was already in motion before files came to me,” she said, adding that the size and complexity of the industry made it difficult for a minister to oversee everything directly.
She said she rarely declined contract approvals because they had already passed through detailed technical and regulatory checks.
“I was, in many instances, a rubber stamp in the process,” she said.
Diezani also recounted a 2014 incident in which she discovered a questionable crude oil deal allegedly linked to businessman Igho Sanomi. She said the matter came to light following a whistleblower report, prompting her to cancel the arrangement.
However, she told the court that powerful individuals opposed her decision and escalated complaints to then President Goodluck Jonathan.
On allegations that $20 billion in oil revenue went missing, she disagreed with former Central Bank Governor Lamido Sanusi, insisting the reports were inaccurate.
“There were no missing funds as widely reported,” she said, explaining that audits and legislative reviews later showed the money was tied to subsidy payments and operational costs.
She acknowledged serious challenges in the fuel subsidy system, including multiple claims by some marketers, but said reforms were introduced to reduce fraud.
According to her, these efforts came with risks. She said she faced security threats, including the kidnapping of family members, which she linked to her attempts to challenge powerful interests in the sector.
She also said politicians and business figures frequently pressured her office for preferential treatment in oil allocations.
“I declined requests that did not follow due process,” she said.
Addressing questions about her personal finances, Diezani said she used Nigerian bank cards even during foreign trips, in line with rules preventing public officials from holding foreign accounts.
She added that the cards sometimes failed abroad, forcing others to temporarily cover expenses.
The court also examined records of her official trips between 2011 and 2015.
She said she usually travelled with about 30 officials, including aides, security personnel, and protocol staff.
“All movements were documented and archived in ministry records,” she said, noting that both commercial and chartered flights were used depending on official requirements.
Despite the allegations against her, Diezani insisted her time in office focused on increasing local participation in the oil sector and improving transparency, saying she has been unfairly portrayed.
She is currently on trial alongside Olatimbo Ayinde and Doye Agama on five counts related to bribery.
All the defendants have pleaded not guilty, and the case is ongoing in London.
Brig.-Gen. Uche Nnabuihe has raised concern over low enlistment from the South-East, revealing Anambra recorded only 117 applications out of 38,000 nationwide.
Nnabuihe led an Army delegation to sensitise youths in Awka, noting the figure was recorded on April 7, before a nationwide awareness campaign began.
He said the exercise aimed to encourage more youths from Anambra and the South-East to join the 91 Regular Recruits Intake before the May 27 deadline.
“We observed with concern that out of 38,000 applications received nationwide, only 117 came from Anambra as of April 7.
“This sensitisation is to correct that imbalance and encourage our youths to take advantage of opportunities in the Nigerian Army,” he said.
Nnabuihe urged eligible youths to apply, noting the Army offers a structured career path and opportunities for national service.
Lt.-Col. Ogbemudia Osawe, member of the sensitisation delegation, said training infrastructure had expanded, with new institutions in Abakaliki and Osogbo to accommodate incoming recruits.
Osawe listed benefits, including career progression, regular pay, continuous military education, specialised training, and exposure to diverse cultures.
He added personnel enjoy welfare packages, free medical care for families, pensions, gratuities, and opportunities for international assignments.
The Permanent Secretary, Anambra Ministry of Youths, Ifeatu Emodi, commended the initiative, describing military enlistment as crucial for South-East youths.
Emodi said declining interest among youths stemmed from misconceptions and misinformation about the Army.
Traditional ruler, Igwe Michael Okeke-Uche of Enugwu-Agidi, praised the Army’s welfare structure and urged youths to enlist for better regional representation.
The sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people.
ISWAP attacks military base in Borno, kill five soldiers
Nigerian oil governance, Contracts: ‘I was a rubber stamp, Diezani tells UK Court
Army raises alarm over low South-East recruitment
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