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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches, Market

Unending battle over Excess Crude Account

Posted on 01 February 2013

Once again, governors of the 36 states have threatened to resume hostilities with the Federal Government on the legal turf of the Supreme Court, over the continued operation of the Excess Crude Account (ECA), following the inability of the two parties to reach an amicable out-of – court settlement, as originally advised by the seven wise men of the apex court.
But as the two parties remained enmeshed in their unending battle, concerns are mounting among major stakeholders in the oil and gas sector, especially in view of a recent British Petroleum (BP) Annual Statistical Review for 2012 just released, which declared that Nigeria’s crude oil reserves and production ratio may not last beyond the next 46 years……………………………………….Full Article: Source


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