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

SWF: S/Court gives FG, states time for settlement

Posted on 26 September 2012

The Supreme Court, on Tuesday, gave the Federal Government and the 36 state governments more time to resolve the legal tussle which arose from the decision of the Federal Government to transfer the sum of $1 billion from the Excess Crude Account to the recently created Sovereign Wealth Fund.
The apex court consequently fixed November 22 for reports of settlement. The 36 states of the federation had, through their counsel, Adegboyega Awomolo SAN, instituted a suit challenging the legality of the Federal Government’s action………………………………………..Full Article: Source

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