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

Nigeria: SWF - Governors ask South Court to abort FG’s plan to withdraw $2 bln

Posted on 30 May 2012

Legal tussle over the proposed creation of a “Sovereign Wealth Fund” assumed a fresh dimension, yesterday, as Governors of the 36 states of the federation approached the Supreme Court, asking it to abort plans by the Federal Government to withdraw $2 billion from the “Excess Crude Account.”
The governors made the request on a day they told a seven-man panel of Justices of the apex court, presided by Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, why they failed to reach agreement with the Federal Government, regarding its plans to transfer $1 billion from the “Excess Crude Account” to a new account to be known as the “Sovereign Wealth Fund.”……………………………………….Full Article: Source


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