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

Nigeria: Excess Crude Account - Governors give FG fresh condition for settlement

Posted on 27 September 2012

Governors of the 36 states of the federation, yesterday, returned to the Supreme Court to challenge what they termed “massive illegal deductions” from the Excess Crude Account by the Federal Government.
The governors are, among other things, contending that “the establishment and operation of, and unilateral deductions from the Excess Crude Account during the period 2004-2007, were inconsistent with the provisions of section 162 of the 1999 Constitution of the Federal Republic of Nigeria.”……………………………………….Full Article: Source


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