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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

FG seek out of court settlement for sovereign wealth fund

Posted on 28 March 2012

The Federal Government asked the 36 state governors for an out of court settlement in a lawsuit instituted by them, challenging the legality of the Excess Crude Account and the decision to transfer $1bn from the account to the Sovereign Wealth Funds (SWF).
The request contradicted the Federal Government’s earlier stance on the matter. The Supreme Court panel headed by the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, could not hide its anger at the inconsistent positions of the Federal Government in the case three years after it started………………………………………..Full Article: Source


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