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

Sovereign wealth fund: Out of court settlement hits brickwall

Posted on 23 May 2012

Following the collapse of the Federal Government’s proposed out of court settlement in the disputed N1 billion deducted from the Excess Crude Account to fund the Sovereign Wealth Fund, SWF, the Supreme Court on Monday fixed 25 September, 2012 for definite hearing of a case instituted by the 36 states of the federation.
The states are challenging the legality of the Federal Government’s transfer of the said amount to the Sovereign Wealth Funds. The Presidency had earlier asked the Supreme Court for an adjournment to enable it explore the out of court settlement option with the 36 state governments………………………………………..Full Article: Source


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