SUPREME COURT ADJOURNS SOVEREIGN WEALTH FUND SUIT
The Supreme Court has adjourned till March 8, 2016 the suit filed by the 36 states of the Federation against the Federal Government over the dispute arising from the maintenance of the Excess Crude Account and the transfer of 1 billion dollars from the account to the Sovereign Wealth Fund (SWF).
The Supreme Court had earlier granted a request by the parties to settle the matter out of court and to explore an amicable resolution of the disagreement.
At the resumed hearing, the Federal Government through its counsel, Wole Olanipekun (SAN) and Austin Alegeh’s Chambers informed the court that a new Attorney General of the Federation had just resumed in office and would need time to study the case file for necessary actions.
While adjourning the suit, the Chief Justice of Nigeria (CJN), Justice Mohammed Mahmud, who presided over the matter, urged the parties to try as much as possible to resolve the dispute before the next adjourned date or the court would go into full trial.
The CJN noted that the matter had lingered for long since 2008 and that such a matter was better resolved outside the court.
The 36 state governors are seeking an order declaring the proposed creation of the Sovereign Wealth Fund illegal and unconstitutional.