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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Profile/New Launches, Market

Towards a resolution of Nigeria’s sovereign wealth fund controversy

Posted on 31 May 2012

The cat-and-mouse game between the federal government (FG) and the 36 state governments (SGs) over the Excess Crude Oil Account (ECA) and the Nigeria Sovereign Wealth Fund (NSWF) is gradually coming to a climax. After listening to the arguments of both parties in the case filed by the SGs against the FG over the ECA/NSWF, the Chief Justice of the Federation (CJN) on May 21, 2012 decided to adjourn the case to September 25, 2012 for what may be the final decision on the case.
It will be recalled that since President Obasanjo unilaterally established the ECA in 2004, there has been a raging controversy between the FG and the 36 SGs over the constitutionality of the ECA………………………………………..Full Article: Source


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