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Sovereign wealth fund: Out of court settlement deal Impossible

Posted on 26 November 2012

After months of intense horse-trading between the Federal Government and governors of the 36 states of the federation on the possibility of reaching a consensus over plans by the Federal Government to transfer $1 billion from the Excess Crude Account to a new account to be known as the “Sovereign Wealth Fund,” the parties, yesterday, told the Supreme Court that the out-of-court settlement option failed to yield any dividend.
The governors had in a suit they filed before the apex court on October 23, 2011, sought an order declaring the planned creation of the “Sovereign Wealth Fund”, as illegal and unconstitutional………………………………………..Full Article: Source


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